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Please help me with the Fund balances part (highlighted) Reconciliation of Governmental Funds Balance Sheet to Government-Wide Statement of Net Position Below is the June
Please help me with the Fund balances part (highlighted)
Reconciliation of Governmental Funds Balance Sheet to Government-Wide Statement of Net Position Below is the June 30,2024 , governmental funds balance sheet for Collins County (in thousands): Additional information related to governmental funds (in thousands): 1. Governmental funds have capital assets with original cost of $500,000 and accumulated depreciation of $200,000. 2. Total accrued compensated absences are $50,000. 3. Total bonds payable outstanding is $320,000. 4. Accrued interest payable on bonds is $5,000. 5. Total pension and OPEB liability is $450,000. Internal service fund net position is $(8,000). Required Prepare a reconciliation of governmental funds fund balances to governmental activities net position as of June 30, 2024. Note: Use a negative sign with your answers, when necessary to reconcile between "Fund balances" and "Net position." Reconciliation of Governmental Funds Balance Sheet to Government-Wide Statement of Net Position Below is the June 30,2024 , governmental funds balance sheet for Collins County (in thousands): Additional information related to governmental funds (in thousands): 1. Governmental funds have capital assets with original cost of $500,000 and accumulated depreciation of $200,000. 2. Total accrued compensated absences are $50,000. 3. Total bonds payable outstanding is $320,000. 4. Accrued interest payable on bonds is $5,000. 5. Total pension and OPEB liability is $450,000. Internal service fund net position is $(8,000). Required Prepare a reconciliation of governmental funds fund balances to governmental activities net position as of June 30, 2024. Note: Use a negative sign with your answers, when necessary to reconcile between "Fund balances" and "Net positionStep by Step Solution
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