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, 2017:

Expenses:
General government $ 9,700,000
Public safety 23,000,000
Public works 12,190,000
Health and sanitation 6,210,000
Culture and recreation 4,198,000
Interest on long-term debt, governmental type 1,021,000
Water and sewer system 11,550,000
Parking system 419,000
Revenues:
Charges for services, general government 1,110,000
Charges for services, public safety 1,210,000
Operating grant, public safety 698,000
Charges for services, health and sanitation 2,555,000
Operating grant, health and sanitation 1,210,000
Charges for services, culture and recreation 2,198,000
Charges for services, water and sewer 12,678,000
Charges for services, parking system 298,000
Property taxes 27,112,000
Sales taxes 20,698,000
Investment earnings, business-type 319,000
Special itemgain on sale of unused land, governmental type 1,250,000
Transfer from governmental activities to business-type activities 888,000
Net position, July 1, 2016, governmental activities 11,422,000
Net position, July 1, 2016, business-type activities 22,333,000

From the above information, prepare a Statement of Activities for the City of Northern Pines for the year ended June 30, 2017. Northern Pines has no component units. (Net Expenses should be entered as a negative.)

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

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

Recommended Textbook for

Surviving The OSHA Audit Common Sense Solutions To Your Most Feared OSHA Compliance Issues

Authors: David A. Casavant

1st Edition

0998743704, 978-0998743707

More Books

Students also viewed these Accounting questions

Question

1. Outline the listening process and styles of listening

Answered: 1 week ago

Question

4. Explain key barriers to competent intercultural communication

Answered: 1 week ago