Question

In: Accounting

The following information is available for the preparation of the government-wide financial statements for the City...

The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities $ 380,000 Cash and cash equivalents, business-type activities 800,000 Receivables, governmental activities 450,000 Receivables, business-type activities 1,330,000 Inventories, business-type activities 520,000 Capital assets, net, governmental activities 13,500,000 Capital assets, net, business-type activities 7,100,000 Accounts payable, governmental activities 650,000 Accounts payable, business-type activities 559,000 General obligation bonds, governmental activities 7,800,000 Revenue bonds, business-type activities 3,210,000 Long-term liability for compensated absences, governmental activities 359,000 Required: From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2017. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $554,000 for governmental activities and $190,000 for business-type activities. (Negative amounts should be indicated by a minus sign.) Please explain how to calculate the Unrestricted "Plug" amount

Essential of accounting for governmental and not for profit organizations

Solutions

Expert Solution


Related Solutions

The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 580,000 Cash and cash equivalents, business-type activities 1,220,000 Receivables, governmental activities 690,000 Receivables, business-type activities 2,033,000 Inventories, business-type activities 800,000 Capital assets, net, governmental activities 20,763,000 Capital assets, net, business-type activities 10,920,000 Accounts payable, governmental activities 993,000 Accounts payable, business-type activities 859,000 General obligation bonds, governmental activities 11,983,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 470,000 Cash and cash equivalents, business-type activities 989,000 Receivables, governmental activities 558,000 Receivables, business-type activities 1,648,000 Inventories, business-type activities 646,000 Capital assets, net, governmental activities 16,770,000 Capital assets, net, business-type activities 8,819,000 Accounts payable, governmental activities 806,000 Accounts payable, business-type activities 694,000 General obligation bonds, governmental activities 9,684,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 520,000 Cash and cash equivalents, business-type activities 1,094,000 Receivables, governmental activities 618,000 Receivables, business-type activities 1,823,000 Inventories, business-type activities 716,000 Capital assets, net, governmental activities 18,585,000 Capital assets, net, business-type activities 9,774,000 Accounts payable, governmental activities 891,000 Accounts payable, business-type activities 769,000 General obligation bonds, governmental activities 10,729,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities $ 380,000 Cash and cash equivalents, business-type activities 800,000 Receivables, governmental activities 450,000 Receivables, business-type activities 1,330,000 Inventories, business-type activities 520,000 Capital assets, net, governmental activities 13,500,000 Capital assets, net, business-type activities 7,100,000 Accounts payable, governmental activities 650,000 Accounts payable, business-type activities 559,000 General obligation bonds, governmental activities 7,800,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities $ 450,000 Cash and cash equivalents, business-type activities 947,000 Receivables, governmental activities 534,000 Receivables, business-type activities 1,577,000 Inventories, business-type activities 618,000 Capital assets, net, governmental activities 16,043,000 Capital assets, net, business-type activities 8,437,000 Accounts payable, governmental activities 771,000 Accounts payable, business-type activities 664,000 General obligation bonds, governmental activities 9,265,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2017: Expenses:    General Government $12,060,000    Public Safety 25,118,000    Public Works 11,866,000    Health and Sanitation 6,316,000    Culture and Recreation 4,621,000    Interest on long-term debt, governmental type 757,000    Water and Sewer System 11,244,000    Parking System 428,000 Revenues:    Charges for services, general government 1,372,000    Charges for services, public...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities $410,000 Cash and cash equivalents, business-type activities 863,000 Receivables, governmental activities 486,000 Receivables, business-type activities 1,436,000 Inventories, business-type activities 562,000 Capital assets, net, governmental activities 14,590,000 Capital assets, net, business-type activities 7,673,000 Accounts payable, governmental activities 702,000 Accounts payable, business-type activities 604,000 General obligation bonds, governmental activities 8,428,000 Revenue bonds,...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2017: Expenses: General government $ 9,950,000 Public safety 23,592,000 Public works 12,503,000 Health and sanitation 6,369,000 Culture and recreation 4,306,000 Interest on long-term debt, governmental type 1,047,000 Water and sewer system 11,845,000 Parking system 430,000 Revenues: Charges for services, general government 1,139,000 Charges for services, public safety 1,242,000 Operating grant, public safety 716,000 Charges for...
2-9 The following General Fund information is available for the preparation of the financial statements for...
2-9 The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2017: Revenues: Property taxes ----- $27,020,000 Sales taxes --------- 13,316,000 Fees and Fines------ 1,324,000 Licenses and permits 1,721,000 Intergovernmental ---- 2,368,000 Investment earning --- 654,000 Expenditures: Current: General Government 11,725,000 Public safety 24,444,000 Public works 6,211,000 Health and Sanitation 1,163,000 Culture and recreation 2,154,000 Transfers to capital project fund 1,119,000 Special--Item proceeds from...
The City of Gurnee is preparing its Government-Wide financial statements for the year. Its accountant must...
The City of Gurnee is preparing its Government-Wide financial statements for the year. Its accountant must prepare a number of journal entries to recognize assets and liabilities previously omitted from the Fund financial statements and to recognize revenues and expenses for the year under accrual accounting that were not recognized under the current financial resources measurement focus and the modified accrual basis of accounting used to prepare the Statement of Revenues, Expenditures, and Changes in Fund Balances for its Funds....
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT