The Town of Portsmouth has at the beginning of the year a $213,000 Net Asset balance, and a $52,000 Fund Balance.
The following information relates to the activities within the Town of Portsmouth for the year of 2013.
Receipts:
Property Taxes					$400,000
Franchise Taxes					100,000
Charges for Public Safety					7,000
Charges for Sanitation					5,000
Payments:
Salaries
General Government					$54,000
Public Safety					43,000
Sanitation					36,000
Rent
General Government					$15,000
Public Safety					12,000
Sanitation					3,500
Maintenance
General Government					$4,000
Public Safety					2,000
Sanitation					1,500
Insurance
General Government					$1,000
Public Safety					2,500
Sanitation					4,500
Final Payment on Debt Principal					5,000
Payment for Interest on Debt					15,000
Receivables at the end of the year:
Property Taxes (80% estimated to be collectible)					$95,000
Payables at year-end: Salaries
General Government					$4,000
Public Safety					3,000
Sanitation					4,400
Other items at year-end
Cash					$130,900
Building					95,000
Equipment					80,000
Supplies Inventory					9,500
Investments					160,000
Compensated absences balance, expected to be
paid in 12 months					9,000
Required: Prepare a Statement of Net Assets