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, 2020 (000s omitted) Credits $ Debits 3,639 7,299 5,788 $ 49 645 6,343 8,720 25, 680 8,021 85,768 45,603 28, 720 Cash Investments Taxes Receivable-Delinquent Allowance for 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 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 Grants & Contributions Program Revenues-Public Works-Capital Grants & Contributions General Revenues-Property Taxes General Revenues-Interest & Penalties General Revenues-Interest Income Expenses-General Government Expenses-Public Safety Expenses-Public Works Expenses-Culture & Recreation Expenses-Interest on Long-term Debt 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 2,468 11,577 5,311 1,817 749 $ 194,524 $ 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.) TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (000s Omitted) Assets Current Assets: Total Current Assets 0 Capital Assets: Other Capital Assets (Net of Depreciation) 0 Total Capital Asstes Total Assets 0 Liabilities Current Liabilities: 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 $ 0 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) 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: 0 0 Total General Revenues Increase in Unrestricted Net Position Net Position, July 1, 2019 Net Position, June 30, 2020 $ 0
