Question
P13-1(Reporting Equity) Prepare the net position section for governmental activities in the government-wide Statement of Net Position for the city of Josiah at June 30,
P13-1(Reporting Equity) Prepare the net position section for governmental activities in the government-wide Statement of Net Position for the city of Josiah at June 30, 20X6, given the following information as of that date.
General Fund Committed Fund Balances
$ 2,000,000
General Fund Assigned Fund Balance
3,500,000
General Fund Unassigned Fund Balance
2,500,000
Total Special Revenue Funds Restricted Fund Balances
2,000,000
Capital Projects Funds Restricted Fund Balances*
400,000
Capital Projects Funds Assigned Fund Balances
400,000
Total Debt Service Funds Restricted Fund Balances
2,000,000
General capital assets
12,000,000
Accumulated depreciation on general capital assets
5,000,000
Deferred outflows of resources:
Deferred refunding amount (capital-asset-related)
70,000
General long-term liabilities:
Bonds payable (capital-asset-related)
3,000,000
Long-term claims and judgments payable
1,750,000
Long-term compensated absences payable
750,000
Internal Service Funds (serving only general government departments):
Total assets (30% capital assets)
3,000,000
Total liabilities (25% capital-asset-related debt)
1,100,000
Total equity
1,900,000
*$300,000 is unexpended bond proceeds.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started