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, 2017

(000s omitted)

Debits

Credits

Cash

$

3,646

Investments

7,306

Taxes ReceivableDelinquent

5,795

Allowance for Uncollectible Delinquent Taxes

$

56

Due from Other Funds

652

Due from Other Governments

6,357

Land

8,755

Buildings

25,750

Accumulated DepreciationBuildings

8,028

Infrastructure

85,782

Accumulated DepreciationInfrastructure

45,617

Machinery & Equipment

28,790

Accumulated DepreciationMachinery & Equipment

13,820

Accounts Payable

7,404

Accrued Liabilities

4,800

Due to Other Funds

762

Current Portion of Long-term Debt

8,670

Bonds Payable

29,050

Net PositionNet Investment in Capital Assets

45,192

Net PositionRestricted for Debt Service

2,158

Net PositionUnrestricted

6,612

Program RevenuesGeneral Government Charges for Services

4,418

Program RevenuesPublic Safety Charges for Services

1,024

Program RevenuesCulture & Recreation Charges for Services

366

Program RevenuesGeneral Government Operating Grants & Contributions

314

Program RevenuesPublic Works Capital Grants & Contributions

1,694

General RevenuesProperty Taxes

13,700

General RevenuesInterest & Penalties

760

General RevenuesInterest Income

380

ExpensesGeneral Government

2,482

ExpensesPublic Safety

11,598

ExpensesPublic Works

5,318

ExpensesCulture & Recreation

1,838

ExpensesInterest on Long-term Debt

756

$

194,825

$

194,825

The restricted net position for debt service increased $101 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,300 that was allocated to the functions of government, or the towns decision to designate $970 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, 2017
(000s Omitted)
Assets
Current Assets:
Total Current Assets
Capital Assets:
Other Capital Assets (Net of Depreciation)
Total Capital Asstes
Total Assets
Liabilities
Current Liabilities:
Total Current Liabilities
Long-Term Liabilities:
Total Liabilities
Net Position
Net Investment in Capital Assets
RestrictedDebt 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, 2017
(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
	General Revenues:
	Total General Revenues
	Increase in Unrestricted Net Position
	Net Position, July 1, 2016
	Net Position, June 30, 2017

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