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 $ 3,656 7,316 5,805 $ 66 662 6,377 8,805 25,850 8,038 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 85,802 45,637 28,890 13,870 6,904 4,850 782 8,770 29,550 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 29,550 45,082 2, 208 6,632 4,428 1,064 376 324 1,714 13,750 780 430 2,502 11,628 5,328 1,868 766 $195,255 $195, 255 The restricted net position for debt service increased $121 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,600 that was allocated to the functions of government, or the town's decision to designate $1,070 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 Using the trial balance provided by the town, prepare a government-wide statement of net position. thousands.) & Answer is not complete. TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (000s Omitted) Assets Current Assets Cash Investments Taxes Receivable (Net) Due from Other Governments Total Current Assets 0 0 Total Current Assets Capital Assets: Land Other Capital Assets (Net of Depreciation) Buildings (Net) Machinery and Equipment (Net) 0 0 Total Capital Asstes Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Due to Other Funds (Net) Due to Other Funds (Net) Current Portion of Long-Term Debt 0 Total Current Liabilities Long-Term Liabilities: Bonds Payable 0 Total Liabilities Net Position Net Investment in Capital Assets Restricted Debt Service Unrestricted: DesignatedStreet Repair Undesignated Total Net Position $ 0 0 Total Current Assets Capital Assets: Land Other Capital Assets (Net of Depreciation) Buildings (Net) Machinery and Equipment (Net) 0 0 Total Capital Asstes Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Due to Other Funds (Net) Due to Other Funds (Net) Current Portion of Long-Term Debt 0 Total Current Liabilities Long-Term Liabilities: Bonds Payable 0 Total Liabilities Net Position Net Investment in Capital Assets Restricted Debt Service Unrestricted: DesignatedStreet Repair Undesignated Total Net Position $ 0 Net Investment in Capital Assets RestrictedDebt 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.) Answer is not complete. TOWN OF FREAZ 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.) X Answer is not complete. TOWN OF FREAZ Statement of Activities For the Year Ended June 30, 2020 (000s Omitted) Gove Program Revenues Functions Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions (Ex Reve Cha Net Primary Government: General Government prepare a government-wide statement of activities. (cnter your answers in thousands. unts should be indicated by a minus sign.) X Answer is not complete. 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 ment: nment Primary Government: General Government Public Safety Public Works Culture and Recreation Interest on Debt Total Governmental Activities 0 $ 0 $ 0 $ 0 $ General Revenues: Property Taxes Levied for General Purposes Interest and Penalties on Delinquent Taxes Interest Income Total General Revenues Increase in Unrestricted Net Position Return to question ntal Activities $ 0 $ 0 0 0 $ 0 General Revenues: Property Taxes Levied for General Purposes Interest and Penalties on Delinquent Taxes Interest Income 0 Total General Revenues Increase in Unrestricted Net Position 0 Net Position, July 1, 2019 Net Position, June 30, 2020 $ 0 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 $ 3,656 7,316 5,805 $ 66 662 6,377 8,805 25,850 8,038 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 85,802 45,637 28,890 13,870 6,904 4,850 782 8,770 29,550 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 29,550 45,082 2, 208 6,632 4,428 1,064 376 324 1,714 13,750 780 430 2,502 11,628 5,328 1,868 766 $195,255 $195, 255 The restricted net position for debt service increased $121 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,600 that was allocated to the functions of government, or the town's decision to designate $1,070 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 Using the trial balance provided by the town, prepare a government-wide statement of net position. thousands.) & Answer is not complete. TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (000s Omitted) Assets Current Assets Cash Investments Taxes Receivable (Net) Due from Other Governments Total Current Assets 0 0 Total Current Assets Capital Assets: Land Other Capital Assets (Net of Depreciation) Buildings (Net) Machinery and Equipment (Net) 0 0 Total Capital Asstes Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Due to Other Funds (Net) Due to Other Funds (Net) Current Portion of Long-Term Debt 0 Total Current Liabilities Long-Term Liabilities: Bonds Payable 0 Total Liabilities Net Position Net Investment in Capital Assets Restricted Debt Service Unrestricted: DesignatedStreet Repair Undesignated Total Net Position $ 0 0 Total Current Assets Capital Assets: Land Other Capital Assets (Net of Depreciation) Buildings (Net) Machinery and Equipment (Net) 0 0 Total Capital Asstes Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Due to Other Funds (Net) Due to Other Funds (Net) Current Portion of Long-Term Debt 0 Total Current Liabilities Long-Term Liabilities: Bonds Payable 0 Total Liabilities Net Position Net Investment in Capital Assets Restricted Debt Service Unrestricted: DesignatedStreet Repair Undesignated Total Net Position $ 0 Net Investment in Capital Assets RestrictedDebt 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.) Answer is not complete. TOWN OF FREAZ 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.) X Answer is not complete. TOWN OF FREAZ Statement of Activities For the Year Ended June 30, 2020 (000s Omitted) Gove Program Revenues Functions Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions (Ex Reve Cha Net Primary Government: General Government prepare a government-wide statement of activities. (cnter your answers in thousands. unts should be indicated by a minus sign.) X Answer is not complete. 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 ment: nment Primary Government: General Government Public Safety Public Works Culture and Recreation Interest on Debt Total Governmental Activities 0 $ 0 $ 0 $ 0 $ General Revenues: Property Taxes Levied for General Purposes Interest and Penalties on Delinquent Taxes Interest Income Total General Revenues Increase in Unrestricted Net Position Return to question ntal Activities $ 0 $ 0 0 0 $ 0 General Revenues: Property Taxes Levied for General Purposes Interest and Penalties on Delinquent Taxes Interest Income 0 Total General Revenues Increase in Unrestricted Net Position 0 Net Position, July 1, 2019 Net Position, June 30, 2020 $ 0