Question

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 bonds, business-type activities		3,812,000
Long-term liability for compensated absences, governmental activities		427,000

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 $657,000 for governmental activities and $225,000 for business-type activities. (Negative amounts should be indicated by a minus sign.)

Answer 1

Solution

Given That The acquire capital assets and restricted assets =$657000

Governmental activities $225000

Statement of net assets	Governmental Activities	Business Type	Total
Assets
Cash and Cash Equivalents	$450,000	$947,000	1397000
Receivables	$534,000	$1,577,000	2111000
Inventories		$618,000	618000
Capital Assets Net	$16,043,000	$8,437,000	24480000
Total Assets	$1,70,27,000	$1,15,79,000	28606000
Liabilities
Accounts Payable	$771,000	$664,000
Compensate absence payable	$427,000		427,000
Bonds Payable	$ 9265000	$3812000	13077000
Total liabilities	$10463000	$4476000	14939000