Answered step by step
Verified Expert Solution
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: From
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: 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 $583,000 for governmental activities and $200,000 for business-type activities. (Negative amounts should be indicated by a minus sign) \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ ( Answer is complete but not entirely correct. } \\ \hline \multicolumn{5}{|c|}{ CITY OF SOUTHERN SPRINGS } \\ \hline \multicolumn{5}{|c|}{ Statement of Net Position } \\ \hline \multicolumn{5}{|c|}{ As of April 30, 2020} \\ \hline & & \begin{tabular}{l} Governmental \\ Activities \end{tabular} & \begin{tabular}{c} Business-Type \\ Activities \end{tabular} & Total \\ \hline \multicolumn{5}{|l|}{ Assets: } \\ \hline Cash and Cash Equivalents & & 400,000 & 842,000 & $1,242,000 \\ \hline Receivables & & 474,000 & 1,401,000 & 1,875,000 \\ \hline Inventories & & & 548,000 & 548,000 \\ \hline \multirow[t]{2}{*}{ Capital Assets, Net } & & 14,227,000 & 7,482,000 & 21,709,000 \\ \hline & & & & 0 \\ \hline Total Assets & & 15,101,000 & 10,273,000 & 25,374,000 \\ \hline \multicolumn{5}{|l|}{ Liabilities: } \\ \hline Accounts Payable & & 685,000 & 589,000 & 1,274,000 \\ \hline Bonds Payable & & 8,219,000 & 3,382,000 & 11,601,000 \\ \hline \multirow[t]{2}{*}{ Compensated Absences Payable } & & 378,000 & & 378,000 \\ \hline & & & & 0 \\ \hline Total Liabilities & & 9,282,000 & 3,971,000 & 13,253,000 \\ \hline \multicolumn{5}{|l|}{ Net Position: } \\ \hline Net Investment in Capital Assets & 0 & 5,819,000x & 6,302,000 & 12,121,000 \\ \hline Restricted & 0 & 583,000 & 200,000 & 783,000 \\ \hline \multirow[t]{2}{*}{ Unrestricted } & (2) & 0 & 0 & 0 \\ \hline & & & & 0 \\ \hline Total Net Position & & 6,402,000 & 6,502,000 & $12,904,000 \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started