In: Accounting
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 bonds, business-type activities | 4,414,000 | ||
Long-term liability for compensated absences, governmental activities | 496,000 | ||
From the preceding information, prepare a Statement of Net Position
for the City of Southern Springs as of April 30, 2020. Assume that
outstanding bonds were issued to acquire capital assets and
restricted assets total $761,000 for governmental activities and
$285,000 for business-type activities.
Below is the net position statement as at April 30, 2020:
Assets | $ Amount | Remarks |
Cash and cash equivalents, governmental activities | 5,20,000 | |
Cash and cash equivalents, business-type activities | 10,94,000 | |
Receivables, governmental activities | 6,18,000 | |
Receivables, business-type activities | 18,23,000 | |
Inventories, business-type activities | 7,16,000 | |
Capital assets, net, governmental activities | 1,85,85,000 | Refer Assumption below |
Capital assets, net, business-type activities | 97,74,000 | |
Total Assets | 3,31,30,000 | A |
Accounts payable, governmental activities | 8,91,000 | |
Accounts payable, business-type activities | 7,69,000 | |
General obligation bonds, governmental activities | 1,07,29,000 | |
Revenue bonds, business-type activities | 44,14,000 | |
Long-term liability for compensated absences, governmental activities | 4,96,000 | |
Total Liabilities | 1,72,99,000 | B |
Net Position as at April 30, 2020 | 1,58,31,000 | A - B |
Assumption: It is assumed that the outstanding bonds issued for acquiring capital and restricted assets for amounts $ 761000 and $285000 is already included in the Capitals assets government activities and business type activities values above |