Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following alphabetic listing displays selected balances in the governmental activities accounts of Westover Village as of June 30, 2017. Assume that beginning net position
The following alphabetic listing displays selected balances in the governmental activities accounts of Westover Village as of June 30, 2017. Assume that beginning net position is $1,833 (in thousands) and that there were no changes in net position during the year other than those reflected in the selected account balances shown. For simplicity, assume that the village does not have business-type activities or component units. |
WESTOVER VILLAGE | ||
Governmental Activities | ||
Selected Account Balances (in thousands) | ||
For the Year Ended June 30, 2017 | ||
Debits | Credits | |
ExpensesCulture and Recreation | 12,542 | |
ExpensesGeneral Government | 9,761 | |
General RevenuesProperty Taxes | 56,490 | |
General RevenuesUnrestricted Grants and Contributions | 1,390 | |
ExpensesHealth and Sanitation | 7,118 | |
ExpensesInterest on Long-term Debt | 6,258 | |
General RevenuesInvestment Earnings | 2,148 | |
ExpensesPublic Safety | 35,034 | |
Program RevenueCulture and RecreationCharges for Services | 4,185 | |
Program RevenueCulture and RecreationOperating Grants | 2,640 | |
Program RevenueGeneral GovernmentCharges for Services | 3,336 | |
Program RevenueGeneral GovernmentOperating Grants | 1,033 | |
Program RevenueHealth and SanitationCharges for Services | 5,802 | |
Program RevenuePublic SafetyCapital Grants | 81 | |
Program RevenuePublic SafetyCharges for Services | 1,388 | |
Program RevenuePublic SafetyOperating Grants | 1,497 | |
Special ItemGain on Sale of Park Land | 3,663 | |
Prepare a (partial) statement of activities. (Enter your answers in thousands.) WESTOVER VILLAGE Statement of Activities (Partial) For the Year Ended June 30, 2017 (in thousands) Program Revenues Net (Expense) Revenue and Changes in Net Assets Functions/Programs Expenses Charges for Services Operating Grants Capital Grants Primary Government: Total Governmental Activities $ 0 $ 0 $ General Revenues: Total general revenues Total general revenues and special items Change in net position Net positionJuly 1, 2016 Net positionJune 30, 2017
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