Need assistance calculating the Net Position values.
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 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 government-wide statement of net position and a statement of activities. Credits 68 8,040 45,641 TOWN OF FREAZ Pre-closing Trial Balance As of June 30, 2017 (000s omitted) Debits Cash $ 3,658 Investments 7.318 Taxes ReceivableDelinquent 5,807 Allowance for Uncollectible Delinquent taxes Due from other Funds 664 Due from other Governments 6,381 Land 8,815 Buildings 25,870 Accumulated depreciation Buildings Infrastructure 85,806 Accumulated depreciationInfrastructure Machinery & Equipment 28,910 Accumulated Depreciation Machinery & Equipment Accounts Payable Accrued liabilities Due to other Funds Current portion of Long-term Debt Bonds Payable Net Position Net Investment in Capital Assets Net PositionRestricted for Debt Service Net Position unrestricted Program Revenues General Government Charges for Services Program RevenuesPublic Safety Charges for Services Program RevenuesCulture & Recreation Charges for Services Program Revenues General Government Operating Grants & Contributions Program Revenues Public Works, Capital Grants & Contributions General RevenuesProperty Taxes General Revenues Interest & Penalties General Revenues Interest Income Expenses General Government 2,506 ExpensesPublic Safety 11,634 ExpensesPublic Works 5,330 ExpensesCulture & Recreation 1,874 ExpensesInterest on Long-term Debt 768 13,880 6,804 4,860 786 8,790 29,650 45,060 2,218 6,636 4,430 1,072 378 326 1,718 13,760 784 440 $195,341 $195,341 The restricted net position for debt service increased $125 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,660 that was allocated to the functions of government, or the towns decision to designate $1,090 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.) 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 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 government-wide statement of net position and a statement of activities. Credits 68 8,040 45,641 TOWN OF FREAZ Pre-closing Trial Balance As of June 30, 2017 (000s omitted) Debits Cash $ 3,658 Investments 7.318 Taxes ReceivableDelinquent 5,807 Allowance for Uncollectible Delinquent taxes Due from other Funds 664 Due from other Governments 6,381 Land 8,815 Buildings 25,870 Accumulated depreciation Buildings Infrastructure 85,806 Accumulated depreciationInfrastructure Machinery & Equipment 28,910 Accumulated Depreciation Machinery & Equipment Accounts Payable Accrued liabilities Due to other Funds Current portion of Long-term Debt Bonds Payable Net Position Net Investment in Capital Assets Net PositionRestricted for Debt Service Net Position unrestricted Program Revenues General Government Charges for Services Program RevenuesPublic Safety Charges for Services Program RevenuesCulture & Recreation Charges for Services Program Revenues General Government Operating Grants & Contributions Program Revenues Public Works, Capital Grants & Contributions General RevenuesProperty Taxes General Revenues Interest & Penalties General Revenues Interest Income Expenses General Government 2,506 ExpensesPublic Safety 11,634 ExpensesPublic Works 5,330 ExpensesCulture & Recreation 1,874 ExpensesInterest on Long-term Debt 768 13,880 6,804 4,860 786 8,790 29,650 45,060 2,218 6,636 4,430 1,072 378 326 1,718 13,760 784 440 $195,341 $195,341 The restricted net position for debt service increased $125 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,660 that was allocated to the functions of government, or the towns decision to designate $1,090 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.)
