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 (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. Credits $ Debits 3,658 7,318 5,807 $ 6B 664 6,381 8,815 25,870 8,040 85,806 45,641 28,910 TOWN OF FREAZ Pre-closing Trial Balance As of June 30, 2020 (000s omitted) 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 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 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 2,506 11,634 5,330 1,874 76B $195,341 $195,341 The restricted net position for debt service increased $125 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,660 that was allocated to the functions of government, or the town's decision to designate $1,090 for street repair. (All OoOs omitted.) Answer is complete but not entirely correct. TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (0 Omitted Assets Current Asset Cash Is OOOO Taas Receivable Net Due from Other Gavements 7,318 5,739 6,381 23,096 OS 8,815 Total Current Assets Capital Assets Land Other Capital Aseta (Nut of Depreciation) Infrastucture Nat) Buildings (No Machinery and Equipment (Nor) OOOO 40,165 17,830 15,030 B1,840 104,936 Total Capital Asses Total Asset Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Due to Other Funds (Net) Current Portion of Long-Term Debt 6,804 4,850 oooo 122 8,790 20,578 Total Current Liabide Long-Term Labs Bonds Payable ol 29,650 50,220 43,400 2,343 Total Liabilities Net Position Net Investment in Capital Assets Restricted Debt Service Unrestricted Designated_Street Repair Undesignated Total Nat Position Oo olol 1,090 51.273 98,106 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 Statement of Activities For the Year Ended June 30, 2020 (000s Omitted) Governmental Program Revenues Activities Functions Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Net (Expenses) Revenues and Changes in Net Position Primary Government: Total Governmental Activities $ 0 $ 0 $ 0 0 $ 0 General Revenues: 0 0 Total General Revenues Increase in Unrestricted Net Position 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. Credits $ Debits 3,658 7,318 5,807 $ 6B 664 6,381 8,815 25,870 8,040 85,806 45,641 28,910 TOWN OF FREAZ Pre-closing Trial Balance As of June 30, 2020 (000s omitted) 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 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 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 2,506 11,634 5,330 1,874 76B $195,341 $195,341 The restricted net position for debt service increased $125 for FY 2020. The net position accounts do not reflect FY 2020 depreciation of $1,660 that was allocated to the functions of government, or the town's decision to designate $1,090 for street repair. (All OoOs omitted.) Answer is complete but not entirely correct. TOWN OF FREAZ Statement of Net Position As of June 30, 2020 (0 Omitted Assets Current Asset Cash Is OOOO Taas Receivable Net Due from Other Gavements 7,318 5,739 6,381 23,096 OS 8,815 Total Current Assets Capital Assets Land Other Capital Aseta (Nut of Depreciation) Infrastucture Nat) Buildings (No Machinery and Equipment (Nor) OOOO 40,165 17,830 15,030 B1,840 104,936 Total Capital Asses Total Asset Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Due to Other Funds (Net) Current Portion of Long-Term Debt 6,804 4,850 oooo 122 8,790 20,578 Total Current Liabide Long-Term Labs Bonds Payable ol 29,650 50,220 43,400 2,343 Total Liabilities Net Position Net Investment in Capital Assets Restricted Debt Service Unrestricted Designated_Street Repair Undesignated Total Nat Position Oo olol 1,090 51.273 98,106 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 Statement of Activities For the Year Ended June 30, 2020 (000s Omitted) Governmental Program Revenues Activities Functions Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Net (Expenses) Revenues and Changes in Net Position Primary Government: Total Governmental Activities $ 0 $ 0 $ 0 0 $ 0 General Revenues: 0 0 Total General Revenues Increase in Unrestricted Net Position Net Position, July 1, 2019 Net Position, June 30, 2020 0