4 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. 2.5 points eBook Credits - Reference $ 49 6,343 8,021 45,603 TOWN OF FREAZ Pre-closing Trial Balance As of June 30, 2020 (000s omitted) Debits Cash $ 3,639 Investments 7,299 Taxes Receivable-Delinquent 5, 788 Allowance for Uncollectible Delinquent Taxes Due from Other Funds 645 Due from Other Governments Land Land 8,720 Buildings 25,680 Accumulated Depreciation-Buildings Infrastructure 85, 768 Accumulated Depreciation-Infrastructure Machinery & Equipment 28, 720 Accumulated Depreciation-Machinery & Equipment Accounts Payable Accrued Liabilities Due to Other Funds Current Portion of Long-term Debt Bonds Payable Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service Net Position-Unrestricted Program Revenues-General Government-Charges for Services Program Revenues-Public Safety-Charges for Services Program Revenues-Culture & Recreation-Charges for Services Program Revenues-General Government-operating Dans Grants & Contributions Program Revenues-Public Works-Capital Grants & Contributions 40 General Revenues-Property Taxes evenu General Revenues-Interest & Penalties cenes General Revenues-Interest Income Expenses-General Government 2,468 Expenses-Public Safety 11,577 Expenses-Public Works 5,311 Expenses-Culture & Recreation 1,817 Expenses-Interest on Long-term Debt 749 $194,524 13,785 7,764 4,765 748 8,600 28,700 45,259 2,123 6,598 4,411 996 359 307 1,680 13,665 746 345 $ 194,524 The restricted net position for debt service increased $87 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,080 that was allocated to the functions of government, or the town's decision to designate $900 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.) Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.) TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (000s Omitted) Assets Current Assets: 0 Total Current Assets Capital Assets: Other Capital Assets (Net of Depreciation) 0 0 Total Capital Asstes Total Assets Liabilities Current Liabilities: 0 Total Current Liabilities Long-Term Liabilities: 0 Total Liabilities Net Position Net Investment in Capital Assets Restricted Debt Service Unrestricted: DesignatedStreet Repair Undesignated Total Net Position $ Using the trial balance provided by the town, prepare a government-wide statement of activities. (Enter your answers in thousands. Negative amounts should be indicated by a minus sign.) TOWN OF FREAZ Statement of Activities For the Year Ended June 30, 2020 (000s Omitted) Governmental Program Revenues Activities Net Charges (Expenses) Operating Capital Revenues Functions Expenses for Grants and Grants and Services Contributions Contributions and Changes in Net Position Primary Government: Total Governmental Activities $ 0 $ 0 $ 0 $ 0 $ 0 General Revenues: 0 0 Total General Revenues Increase in Unrestricted Net Position Net Position, July 1, 2019 Net Position, June 30, 2020 $ 0 4 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. 2.5 points eBook Credits - Reference $ 49 6,343 8,021 45,603 TOWN OF FREAZ Pre-closing Trial Balance As of June 30, 2020 (000s omitted) Debits Cash $ 3,639 Investments 7,299 Taxes Receivable-Delinquent 5, 788 Allowance for Uncollectible Delinquent Taxes Due from Other Funds 645 Due from Other Governments Land Land 8,720 Buildings 25,680 Accumulated Depreciation-Buildings Infrastructure 85, 768 Accumulated Depreciation-Infrastructure Machinery & Equipment 28, 720 Accumulated Depreciation-Machinery & Equipment Accounts Payable Accrued Liabilities Due to Other Funds Current Portion of Long-term Debt Bonds Payable Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service Net Position-Unrestricted Program Revenues-General Government-Charges for Services Program Revenues-Public Safety-Charges for Services Program Revenues-Culture & Recreation-Charges for Services Program Revenues-General Government-operating Dans Grants & Contributions Program Revenues-Public Works-Capital Grants & Contributions 40 General Revenues-Property Taxes evenu General Revenues-Interest & Penalties cenes General Revenues-Interest Income Expenses-General Government 2,468 Expenses-Public Safety 11,577 Expenses-Public Works 5,311 Expenses-Culture & Recreation 1,817 Expenses-Interest on Long-term Debt 749 $194,524 13,785 7,764 4,765 748 8,600 28,700 45,259 2,123 6,598 4,411 996 359 307 1,680 13,665 746 345 $ 194,524 The restricted net position for debt service increased $87 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,080 that was allocated to the functions of government, or the town's decision to designate $900 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.) Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.) TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (000s Omitted) Assets Current Assets: 0 Total Current Assets Capital Assets: Other Capital Assets (Net of Depreciation) 0 0 Total Capital Asstes Total Assets Liabilities Current Liabilities: 0 Total Current Liabilities Long-Term Liabilities: 0 Total Liabilities Net Position Net Investment in Capital Assets Restricted Debt Service Unrestricted: DesignatedStreet Repair Undesignated Total Net Position $ Using the trial balance provided by the town, prepare a government-wide statement of activities. (Enter your answers in thousands. Negative amounts should be indicated by a minus sign.) TOWN OF FREAZ Statement of Activities For the Year Ended June 30, 2020 (000s Omitted) Governmental Program Revenues Activities Net Charges (Expenses) Operating Capital Revenues Functions Expenses for Grants and Grants and Services Contributions Contributions and Changes in Net Position Primary Government: Total Governmental Activities $ 0 $ 0 $ 0 $ 0 $ 0 General Revenues: 0 0 Total General Revenues Increase in Unrestricted Net Position Net Position, July 1, 2019 Net Position, June 30, 2020 $ 0