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 for the city of Southern Springs as of April 30, 2020: Cash

  1. The following information is available for the preparation of the government-wide financial statements for the city of Southern Springs as of April 30, 2020:
    Cash and cash equivalents, governmental activities $ 4,050,000
    Cash and cash equivalents, business-type activities 880,000
    Receivables, governmental activities 650,000
    Receivables, business-type activities 1,130,000
    Inventories, business-type activities 520,000
    Capital assets, net, governmental activities 10,600,000
    Capital assets, net, business-type activities 11,350,000
    Accounts payable, governmental activities 550,000
    Accounts payable, business-type activities 659,000
    Noncurrent liabilities, governmental activities 5,550,000
    Noncurrent liabilities, business-type activities 3,210,000
    Net position, net investment in capital assets, governmental activities 5,050,000
    Net position, net investment in capital assets, business-type activities 8,140,000
    Net position, restricted for debt service, governmental activities 754,000
    Net position, restricted for debt service, business-type activities 223,000

    From the preceding information, prepare, in good form, a Statement of Net Position for the city of Southern Springs as of April 30, 2020. Calculate and include the unrestricted net position. Include a total column.

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_2

Step: 3

blur-text-image_3

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: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

3rd Edition

0471372668, 978-0471372660

More Books

Students also viewed these Accounting questions