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Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a...

Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i. e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a government-wide statement of net position and a statement of activities.

TOWN OF FREAZ
Pre-closing Trial Balance
As of June 30, 2017
(000s omitted)
Debits Credits
  Cash $ 3,644
  Investments 7,304
  Taxes Receivable—Delinquent 5,793
  Allowance for Uncollectible Delinquent Taxes $ 54
  Due from Other Funds 650
  Due from Other Governments 6,353
  Land 8,745
  Buildings 25,730
  Accumulated Depreciation—Buildings 8,026
  Infrastructure 85,778
  Accumulated Depreciation—Infrastructure 45,613
  Machinery & Equipment 28,770
  Accumulated Depreciation—Machinery & Equipment 13,810
  Accounts Payable 7,504
  Accrued Liabilities 4,790
  Due to Other Funds 758
  Current Portion of Long-term Debt 8,650
  Bonds Payable 28,950
  Net Position—Net Investment in Capital Assets 45,214
  Net Position—Restricted for Debt Service 2,148
  Net Position—Unrestricted 6,608
  Program Revenues—General Government                         Charges for Services 4,416
  Program Revenues—Public Safety—                                Charges for Services 1,016
  Program Revenues—Culture & Recreation—                      Charges for Services 364
  Program Revenues—General Government—                      Operating Grants & Contributions 312
  Program Revenues—Public Works—                                 Capital Grants & Contributions 1,690
  General Revenues—Property Taxes 13,690
  General Revenues—Interest & Penalties 756
  General Revenues—Interest Income 370
  Expenses—General Government 2,478
  Expenses—Public Safety 11,592
  Expenses—Public Works 5,316
  Expenses—Culture & Recreation 1,832
  Expenses—Interest on Long-term Debt 754
$ 194,739 $ 194,739

The restricted net position for debt service increased $97 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,240 that was allocated to the functions of government, or the town’s decision to designate $950 for street repair. (All 000s omitted.)
Required

Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.)
Taxes Receivable (Net)
TOWN OF FREAZ
Statement of Net Position
As of June 30, 2017
(000s Omitted)
Assets
Current Assets:
Cash
Investments
Taxes Receivable (Net)
Due from Other Governments
Total Current Assets 0
Capital Assets:
Land
Other Capital Assets (Net of Depreciation)
Buildings (Net)
Total Capital Asstes 0
Total Assets 0
Liabilities
Current Liabilities:
Total Current Liabilities 0
Long-Term Liabilities:
Total Liabilities 0
Net Position
Net Investment in Capital Assets
Restricted—Debt Service
Unrestricted:
Designated—Street Repair
Undesignated
Total Net Position $0
TOWN OF FREAZ
Statement of Activities
For the Year Ended June 30, 2017
(000s Omitted)
Program Revenues Governmental Activities
Functions Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Net (Expenses) Revenues and Changes in Net Position
Primary Government:
Total Governmental Activities $0 $0 $0 $0 $0
General Revenues:
Total General Revenues 0
Increase in Unrestricted Net Position 0
Net Position, July 1, 2016
Net Position, June 30, 2017 $0

Solutions

Expert Solution

TOWN OF FREAZ
STATEMENT OF NET POSITION
AS OF 30-06-2017
ASSETS AMOUNT AMOUNT
CURRENT ASSETS
CASH 3644
INVESTMENTS 7304
TAX RECEIVABLES (NET) 5739
DUE FROM OTHER FUNDS 650
DUE FROM OTHER GOVERNMENT 6353
TOTAL CURRENT ASSETS 23690
CAPITAL ASSETS
LAND 8745
INFRASTRUTURE 40165
MACHINERY AND EQUIPMENT 14960
BUILDINGS 17704
TOTAL CAPITAL ASSETS 81574
TOTAL ASSETS 105264
LIABILITIES
CURRENT LIABILITIES
ACCOUNT PAYABLE 7504
ACCRUED LIABILITIES 4790
DUE TO OTHER FUNDS 758
13052 13052
TOTAL CURRENT LIABILITIES
CURRENT PORTION OF LONG TERM DEBT 8650
BONDS PAYABLE 28950
37600 37600
TOTAL LIABILITIES
NET POSITION
NET INVETSMENT IN CAPITAL ASSETS 45214
RESTRICTED - DEBT SERVICE 2148
UNRESTRICTED- 6608
DESIGNATED STREET REPAIR 642
UNDESIGNATED 54612 54612
TOTAL NET POSITION
TOTAL LIABILITIES 105264
TOWN OF FREAZ
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2017
FUNCTIONS EXPENSES CHARGES FOR SERVICE OPERATING GRANTS AND CONTRIBUTIONS NET (EXPENSES) REVENUE AND CHARGES IN NET POSITION
PRIMARY GOVERNMENT GENERAL GOVERNMENT CHARGES FOR SERVICE 4416 4416
PUBLIC SAFETY- CHARGES FOR SERVICE 1016 1016
CULTURE & RECREATION 364 364
GENERAL GOVERNMENTOPERATING GRANTS AND CONTRIBUTIONS 312 312
PUBLIC WORKS - CAPITAL GRANTS AND CONTRIBUTIONS 1690 1690
TOTAL GOVERNMENTAL ACTIVITIES 7798
GENERAL REVENUE
PROPERTY TAXES 13690 13690
INTEREST AND PENALTY 756 756
INTEREST INCOME 370 370
14816
EXPENSES GENERAL GOVERNMENT 2478 -2478
PUBLIC SAFETY 11592 -11592
PUBLIC WORKS 5316 -5316
CULTURE & CREATION 1832 -1832
INTEREST ON LONG TERM DEBT 754 -754
-21972
TOTAL GENERAL RESERVES
INCREASE IN UNRESTRICTED NET POSITION 642
NET POSITION JULY 1, 2016 0
NET POSITION JUNE 30, 2017 642

ekkarill92 answered 1 year ago
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