Question
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
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 | $ | 470,000 | |
Cash and cash equivalents, business-type activities | 989,000 | ||
Receivables, governmental activities | 558,000 | ||
Receivables, business-type activities | 1,648,000 | ||
Inventories, business-type activities | 646,000 | ||
Capital assets, net, governmental activities | 16,770,000 | ||
Capital assets, net, business-type activities | 8,819,000 | ||
Accounts payable, governmental activities | 806,000 | ||
Accounts payable, business-type activities | 694,000 | ||
General obligation bonds, governmental activities | 9,684,000 | ||
Revenue bonds, business-type activities | 3,984,000 | ||
Long-term liability for compensated absences, governmental activities | 446,000 | ||
From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $686,000 for governmental activities and $235,000 for business-type activities. (Negative amounts should be indicated by a minus sign)
Here is what I have but I don't think it is correct. can someone please help fix the errors or parts I am unable to figure?
CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities Total $ Assets: Cash and Cash Equivalents Receivables Inventories Capital Assets, Net 470,000 $ 558,000 989,000 $ 1,459,000 1,648,000 2,206,000 46,000 46,000 8,819,000 25,589,000 16,770,000 0 17,798,000 11,502,000 29,300,000 Total Assets Liabilities: Accounts Payable Compensated Absences Payable Bonds Payable 694,000 806,000 446,000 9,684,000 3,984,000 1,500,000 446,000 13,668,000 0 15,614,000 10,936,000 4,678,000 7,086,000 Total Liabilities Net Position: Net Investment in Capital Assets Restricted Unrestricted Bonds Payable Total Net Position 7,086,000 686,000 686,000 0 0 686,000 $ 7,772,000 $ 7,086,000 $Step by Step Solution
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