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, 2017 | ||||||||
(000s omitted) | ||||||||
Debits | Credits | |||||||
Cash | $ | 3,639 | ||||||
Investments | 7,299 | |||||||
Taxes ReceivableDelinquent | 5,788 | |||||||
Allowance for Uncollectible Delinquent Taxes | $ | 49 | ||||||
Due from Other Funds | 645 | |||||||
Due from Other Governments | 6,343 | |||||||
Land | 8,720 | |||||||
Buildings | 25,680 | |||||||
Accumulated DepreciationBuildings | 8,021 | |||||||
Infrastructure | 85,768 | |||||||
Accumulated DepreciationInfrastructure | 45,603 | |||||||
Machinery & Equipment | 28,720 | |||||||
Accumulated DepreciationMachinery & Equipment | 13,785 | |||||||
Accounts Payable | 7,764 | |||||||
Accrued Liabilities | 4,765 | |||||||
Due to Other Funds | 748 | |||||||
Current Portion of Long-term Debt | 8,600 | |||||||
Bonds Payable | 28,700 | |||||||
Net PositionNet Investment in Capital Assets | 45,259 | |||||||
Net PositionRestricted for Debt Service | 2,123 | |||||||
Net PositionUnrestricted | 6,598 | |||||||
Program RevenuesGeneral Government Charges for Services | 4,411 | |||||||
Program RevenuesPublic Safety Charges for Services | 996 | |||||||
Program RevenuesCulture & Recreation Charges for Services | 359 | |||||||
Program RevenuesGeneral Government Operating Grants & Contributions | 307 | |||||||
Program RevenuesPublic Works Capital Grants & Contributions | 1,680 | |||||||
General RevenuesProperty Taxes | 13,665 | |||||||
General RevenuesInterest & Penalties | 746 | |||||||
General RevenuesInterest Income | 345 | |||||||
ExpensesGeneral Government | 2,468 | |||||||
ExpensesPublic Safety | 11,577 | |||||||
ExpensesPublic Works | 5,311 | |||||||
ExpensesCulture & Recreation | 1,817 | |||||||
ExpensesInterest on Long-term Debt | 749 | |||||||
$ | 194,524 | $ | 194,524 | |||||
The restricted net position for debt service increased $87 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,080 that was allocated to the functions of government, or the towns 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 activities. (Enter your answers in thousands. Negative amounts should be indicated by a minus sign.)
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