Question
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
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) | ||||||||
Debits | Credits | |||||||
Cash | $ | 3,653 | ||||||
Investments | 7,313 | |||||||
Taxes ReceivableDelinquent | 5,802 | |||||||
Allowance for Uncollectible Delinquent Taxes | $ | 63 | ||||||
Due from Other Funds | 659 | |||||||
Due from Other Governments | 6,371 | |||||||
Land | 8,790 | |||||||
Buildings | 25,820 | |||||||
Accumulated DepreciationBuildings | 8,035 | |||||||
Infrastructure | 85,796 | |||||||
Accumulated DepreciationInfrastructure | 45,631 | |||||||
Machinery & Equipment | 28,860 | |||||||
Accumulated DepreciationMachinery & Equipment | 13,855 | |||||||
Accounts Payable | 7,054 | |||||||
Accrued Liabilities | 4,835 | |||||||
Due to Other Funds | 776 | |||||||
Current Portion of Long-term Debt | 8,740 | |||||||
Bonds Payable | 29,400 | |||||||
Net PositionNet Investment in Capital Assets | 45,115 | |||||||
Net PositionRestricted for Debt Service | 2,193 | |||||||
Net PositionUnrestricted | 6,626 | |||||||
Program RevenuesGeneral GovernmentCharges for Services | 4,425 | |||||||
Program RevenuesPublic Safety Charges for Services | 1,052 | |||||||
Program RevenuesCulture & Recreation Charges for Services | 373 | |||||||
Program RevenuesGeneral Government Operating Grants & Contributions | 321 | |||||||
Program RevenuesPublic Works Capital Grants & Contributions | 1,708 | |||||||
General RevenuesProperty Taxes | 13,735 | |||||||
General RevenuesInterest & Penalties | 774 | |||||||
General RevenuesInterest Income | 415 | |||||||
ExpensesGeneral Government | 2,496 | |||||||
ExpensesPublic Safety | 11,619 | |||||||
ExpensesPublic Works | 5,325 | |||||||
ExpensesCulture & Recreation | 1,859 | |||||||
ExpensesInterest on Long-term Debt | 763 | |||||||
$ | 195,126 | $ | 195,126 | |||||
The restricted net position for debt service increased $115 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,510 that was allocated to the functions of government, or the towns decision to designate $1,040 for street repair. (All 000s omitted.)
Required
Using the trial balance provided by the town, prepare a government-wide statement of net position.
Using the trial balance provided by the town, prepare a government-wide statement of activities.
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