Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for the preparation of the government-wide financial statements of the City of Aurora as of June 30, 2017: Accounts payable,

The following information is available for the preparation of the government-wide financial statements of the City of Aurora as of June 30, 2017:

Accounts payable, business activities

$240,000

Accounts payable, governmental activities

610,000

Capital assets, net, business activities

10,300,000

Capital assets, net, governmental activities

10,400,000

Cash and cash equivalents, business activities

1,900,000

Cash and cash equivalents, governmental activities

1,600,000

Inventories, business activities

600,000

Net Position, restricted for debt service, business activities

640,000

Net Position, restricted for debt service, governmental activities

930,000

Net Position, net investment in capital assets, business activities

Net Position, net investment in capital assets,, governmental activities

Noncurrent liabilities, business activities

4,760,000

7,050,000

5,190,000

Noncurrent liabilities, governmental activities

3,150,000

Receivables, business activities

1,430,000

Receivables, governmental activities

400,000

Assume all long-term liabilities were incurred in the acquisition of capital assets.

Required:From the information given above, prepare, in good form, a Statement of Net Position for the City of Aurora as of June 30, 2017.Include the unrestricted net position, which is to be computed from the information presented above.Include a total column.Aurora has no component units. (12 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

16th Edition

1337913103, 9781337913102

More Books

Students also viewed these Accounting questions

Question

what will happen if operating system is not present

Answered: 1 week ago