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 | $ | 3,656 | ||||||
Investments | 7,316 | |||||||
Taxes ReceivableDelinquent | 5,805 | |||||||
Allowance for Uncollectible Delinquent Taxes | $ | 66 | ||||||
Due from Other Funds | 662 | |||||||
Due from Other Governments | 6,377 | |||||||
Land | 8,805 | |||||||
Buildings | 25,850 | |||||||
Accumulated DepreciationBuildings | 8,038 | |||||||
Infrastructure | 85,802 | |||||||
Accumulated DepreciationInfrastructure | 45,637 | |||||||
Machinery & Equipment | 28,890 | |||||||
Accumulated DepreciationMachinery & Equipment | 13,870 | |||||||
Accounts Payable | 6,904 | |||||||
Accrued Liabilities | 4,850 | |||||||
Due to Other Funds | 782 | |||||||
Current Portion of Long-term Debt | 8,770 | |||||||
Bonds Payable | 29,550 | |||||||
Net PositionNet Investment in Capital Assets | 45,082 | |||||||
Net PositionRestricted for Debt Service | 2,208 | |||||||
Net PositionUnrestricted | 6,632 | |||||||
Program RevenuesGeneral GovernmentCharges for Services | 4,428 | |||||||
Program RevenuesPublic Safety Charges for Services | 1,064 | |||||||
Program RevenuesCulture & Recreation Charges for Services | 376 | |||||||
Program RevenuesGeneral Government Operating Grants & Contributions | 324 | |||||||
Program RevenuesPublic Works Capital Grants & Contributions | 1,714 | |||||||
General RevenuesProperty Taxes | 13,750 | |||||||
General RevenuesInterest & Penalties | 780 | |||||||
General RevenuesInterest Income | 430 | |||||||
ExpensesGeneral Government | 2,502 | |||||||
ExpensesPublic Safety | 11,628 | |||||||
ExpensesPublic Works | 5,328 | |||||||
ExpensesCulture & Recreation | 1,868 | |||||||
ExpensesInterest on Long-term Debt | 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 towns 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 thousands.)
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