On the statement of net position prepared at June 30, 20X5, what amount should be reported for
Question:
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position, unrestricted?
a. $1,685,000
b. $1,689,000
c. $1,035,000
d. $1,031,000
The Village of Hampton reported the following data for its governmental activities for the year ended June 30, 20X5:
Transcribed Image Text:
Item Cash & cash equivalents Receivables Capital assets Accumulated depreciation Accounts payable Long-term liabilities. Amount $ 1,880,000 459,000 14, 250,000 1,750,000 650,000 5,350,000 Additional data: All of the long-term debt was used to acquire capital assets. Cash of $654,000 is restricted for debt service.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
To calculate the unrestricted net position we first need to determine the net position and ...View the full answer
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
Question Posted:
Students also viewed these Business questions
-
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position invested in capital assets net of related debt? a. $8,839,000 b. $7,804,000 c. $7,150,000...
-
On the statement of net position prepared at June 30, 20X5, what amount should be reported for total net position? a. $8,839,000 b. $7,804,000 c. $7,150,000 d. $8,189,000 The Village of Hampton...
-
Select the correct response to each of the following. 1. The government-wide financial statements use the a. Economic resources measurement focus and the accrual basis of accounting. b. Current...
-
Access various employment Web sites (for example, www.monster.com and www.dice.com ) and find several job descriptions for a database administrator. Are the job descriptions similar? What are the...
-
If you were Shane, what type of research design would you use to test this program? Why?
-
How should Dr. Lopez approach the development of a budget for the expenses associated with CVPCAs five- to eleven-year-old patients? Note: You do not need to prepare a budget, but rather should...
-
9 BMW introdujo hace poco su primer vehculo deportivo utilitario, el X6, para competir con otros populares vehculos 44, como el Mercedes-Benz R-class. Disee un programa de marketing directo para...
-
Bridgeport Delivery Service is owned and operated by Jerome Foley. The following selected transactions were completed by Bridgeport Delivery Service during February: 1. Received cash from owner as...
-
6) Keller Company has the following income statement for the year ending December 31, 2016: Sales $1,562 Cost of goods sold 806 Gross profit 756 Operating expenses: Wage expense 160 Depreciation...
-
Which of the following funds can be major assuming they meet the appropriate tests? a. The parking meter special revenue fund and the water utility enterprise fund. b. The fire station capital...
-
For which fund category is a statement of cash flows prepared? a. Governmental. b. Proprietary. c. Fiduciary. d. None of the above.
-
An MRI scanner is based on a solenoid magnet that produces a large magnetic field. The magnetic field doesn't stop at the solenoid's edge, however, but extends into the area around the magnet....
-
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing...
-
1. Start with the temperature at 1000 K. In the data table below, record the peak wavelength. Then, increase the temperature by 1000 K up to 10000 K and record the peak wavelength. Temperature (K)...
-
PROUT COMPANY AND SUBSIDIARYConsolidated Statements WorkpaperFor the Year Ended December 31, 2025Prout SextonEliminationsNoncontrollingConsolidatedCompanyCompanyDebitCreditInterestBalancesINCOME...
-
It is know that 4000 automobile trips are generated in a large residential area from noon to 1:00 P.M. on Saturdays fro shopping purposes. Four major shopping centers have the following...
-
dy 1. Find and simplify. dx tanx (a) y= (3 marks) (b) y x cosh (In x) (3 marks) (c) + sinh 2y = y - cosh 2x (4 marks)
-
The Dover Direct Insurance Agency began operations on June 1, 2015. In the month of June, the following transactions occurred: June 2: Dover Directs owner invested $ 80,000 (the par value of the...
-
Define the essential properties of the following types of operating systems: a. Batch b. Interactive c. Time sharing d. Real time e. Network f. Parallel g. Distributed h. Clustered i. Handheld
-
Left and Right are partners. Their capital accounts during 20X1 were as follows: Partnership net income is $50,000 for the year. The partnership agreement provides for the division of income as...
-
Left and Right are partners. Their capital accounts during 20X1 were as follows: Partnership net income is $50,000 for the year. The partnership agreement provides for the division of income as...
-
Left and Right are partners. Their capital accounts during 20X1 were as follows: Partnership net income is $50,000 for the year. The partnership agreement provides for the division of income as...
-
Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett. He earns a monthly salary of $11,100. He is single and claims 1 deduction. Before this payroll, Barretts cumulative...
-
Bass Accounting Services expects its accountants to work a total of 26,000 direct labor hours per year. The company's estimated total indirect costs are $ 260,000. The company uses direct labor hours...
-
The Balance Sheet has accounts where the accountant must make estimates. Some situations in which estimates affect amounts reported in the balance sheet include: Allowance for doubtful accounts....
Study smarter with the SolutionInn App