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 $ 11,960,000
Public safety 23,900,000
Public works 11,290,000
Health and sanitation 6,010,000
Culture and recreation 4,198,000
Interest on long-term debt, governmental type 721,000
Water and sewer system 10,710,000
Parking system 409,000
Revenues:
Charges for services, general government 1,510,000
Charges for services, public safety 210,000
Operating grant, public safety 798,000
Charges for services, health and sanitation 2,355,000
Operating grant, health and sanitation 1,210,000
Charges for services, culture and recreation 1,998,000
Charges for services, water and sewer 11,588,000
Charges for services, parking system 388,000
Property taxes 27,112,000
Sales taxes 20,698,000
Investment earnings, business-type 325,000
Special itemgain on sale of unused land, governmental type 1,250,000
Transfer from business-type activities to governmental activities 700,000
Net position, July 1, 2019, governmental activities 5,800,000
Net position, July 1, 2019, business-type activities 4,600,000

image text in transcribedimage text in transcribed

Statement of Activities For the Year Ended June 30, 2020 Program Revenues Net (Expense) Revenue and Change in Net Position Functions/Programs Expenses Charges for Services Operating Grants Governmental Activities Business-Type Activities Total $ $ $ 1,510,000 210,000 798,000 Governmental Activities: General Government Public Safety Public Works Health and Sanitation Culture and Recreation Interest on Long-Term Debt 11,960,000 23,900,000 11,290,000 6,010,000 4,198,000 721,000 (10,450,000) (22,892,000) (11,290) (2,445,000) (2,200,000) (721,000) (10,450,000) (22,892,000) (11,290) (2,445,000) (2,200,000) (721,000) 1,210,000 2,355,000 1.998,000 58,079,000 6,073,000 2,008,000 (38,719,290) (38,719,290) Total Governmental Activities Business-Type Activities: Water and Sewer System Parking System $ $ 10,710,000 409,000 11,588,000 388,000 878,000 21,000 878,000 21,000 $ 0 Total Business-Type Activities Total 11,119,000 69,198,000 11,976,000 18,049,000 0 (38,719,290) 899,000 899,000 899,000 (37,820,290) $ $ 2,008,000 General Revenues: Property Taxes Sales Taxes Investment Earnings Special ItemGain on Sale of Unused Land 27,112,000 20,698,000 27,112,000 20,698,000 325,000 1,250,000 325,000 1,250,000 49,760,000 (375,000) 49,385,000 Total General Revenues, Special Items, and Transfers Change in Net Position Vet Position, July 1, 2019 Vet Position, June 30, 2020 0 0 0 $ 0 $

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