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 Northern Pines for the year ended June 30,

The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2020:

Expenses:
General government $ 10,440,000
Public safety 24,000,000
Public works 12,890,000
Health and sanitation 6,310,000
Culture and recreation 4,307,000
Interest on long-term debt, governmental type 1,031,000
Water and sewer system 12,550,000
Parking system 428,000
Revenues:
Charges for services, general government 1,181,000
Charges for services, public safety 1,510,000
Operating grant, public safety 708,000
Charges for services, health and sanitation 2,455,000
Operating grant, health and sanitation 1,310,000
Charges for services, culture and recreation 2,241,000
Charges for services, water and sewer 13,778,000
Charges for services, parking system 300,000
Property taxes 28,212,000
Sales taxes 21,698,000
Investment earnings, business-type 320,000
Special itemgain on sale of unused land, governmental type 1,315,000
Transfer from governmental activities to business-type activities 873,000
Net position, July 1, 2019, governmental activities 13,222,000
Net position, July 1, 2019, business-type activities 23,333,000

From the above information, prepare a Statement of Activities for the City of Northern Pines for the year ended June 30, 2020. Northern Pines has no component units. (Negative entries should be entered with a minus sign and will appear in parenthesis.)

image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions