Answered step by step
Verified Expert Solution
Link Copied!

Question

00
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: Cash

image text in transcribed
image text in transcribed
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 Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business.type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business.type activities General obligation bonds, governmental activities Revenue bonds, business-type activities Long-term libility for compensated absences, governmental activities 420.000 84,000 498,000 1.471.000 576,000 14,953,000 7.864,000 719,000 619.000 3,037,000 3.564,000 398,089 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 $613,000 for governmental activities and $210,000 for business-type activities. (Negative amounts should be indicated by a minus sign) CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities Total Assets: Total Assets Liabilities: Total Liabilities Net Position

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