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Following is the governmental activities preclosing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has
Following is the governmental activities preclosing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds ie it uses no proprietary funds There are no component units. To complete the financial statements for its annual report, the town must prepare a governmentwide statement of net position and a statement of activities.
The restricted net position for debt service increased $ for FY The net position accounts do not reflect FY depreciation of $ that was allocated to the functions of government. All s omitted.
Required:
Using the trial balance provided by the town, prepare a governmentwide statement of net position. Enter your answers in thousands.
Required:
Using the trial balance provided by the town, prepare a governmentwide statement of activities. Enter your answers in thousands. Deductions should be indicated by a minus sign.
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