Following is the governemental 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 governement-wide statement of net assets and a statement of activities.

TOWN OF FREAZ

Pre-Closing Trial Balance

As of June 30, 2011

(000s omitted)

Debits

Cash

Investments

Taxes Receivable - Delinquent

Estimated Uncollectible Delinquent Taxes

Due from Other funds

Due from other governments

land

buildings

Accumulated depreciation - buildings

Infrastructure

Accumulated depreciation - infrastructure

machinery & Equipment

Accumulated depreciation - machinery & equipment

accounts payable

accrued liabilities

due to other funds

current portion of long-term debt

bonds payable

net assets - invested in capital assets,

net of related debt

net assets - restricted for debt service

net assets - unrestricted

program revenues - general governmentcharges for services

program revenues - public safety

charges for services

program revenues - parks & recreation

charges for services

program revenues - general governmentoperating grants & contributions

program revenues - public works

capital grants & contributions

Genaral revenues- property taxes

general revenues - interest & penalties

general revenues - interest income

expenses - general government

expenses - public safety

expenses - public works

expenses - parks and recreation

expenses - interest on long-term debt Credits

$3,639

7,299.00

5,788.00

$49

645.00

6,343.00

8,720.00

25,680.00

8,021

85,768.00

45,603

28,720.00

13,785

7,764

4,765

748

8,600

28,700

44,179

2,123

7,678

4,411

996

359

307

1,680

13,665

746

345

2,468.00

11,577.00

5,311.00

1,817.00

749.00

$194,524 $194,524 Required:

Using the trial balance provided by the town, prepare a government-wide statement of activities and a statement

of net assets. Restricted net asets for debt service increase $ 87 (000s omitted) for the period.

Government-wide statement of activities and a statement of net assets