Hi, please help with solving the attached question. From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume thatoutstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental activities and $245,000for business-type activities. (Negative amounts should be indicated by a minus sign)Assets:Total AssetsLiabilities:Total LiabilitiesNet Position:Total Net PositionCITY OF SOUTHERN SPRINGSStatement of Net PositionAs of April 30, 2020GovernmentalActivities$0Business-TypeActivities0 $00$$Total0000000000000000 The following information is available for the preparation of the government-wide financial statements for the City of Southern Springsas of April 30, 2020:Cash and cash equivalents, governmental activitiesCash and cash equivalents, business-type activitiesReceivables, governmental activitiesReceivables, business-type activitiesInventories, business-type activitiesCapital assets, net, governmental activitiesCapital assets, net, business-type activitiesAccounts payable, governmental activitiesAccounts payable, business-type activitiesGeneral obligation bonds, governmental activitiesRevenue bonds, business-type activitiesLong-term liability for compensated absences, governmental activities$480,0001,010,000570,0001,683,000660,00017,133,0009,010,000823,000709,0009,893,0004,070,000456,000From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume thatoutstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental activities and $245,000for business-type activities. (Negative amounts should be indicated by a minus sign)

Introduction: Usually cash and Cash Equivalents found as a line item on the top of the balance sheet…

From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 3 outstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental ac for business-type activities. (Negative amounts should be indicated by a minus sign) Assets: CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities $ Total 0

From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 3 outstanding bonds were issued to acquire capital assets and restricted assets total $701,000 for governmental ac for business-type activities. (Negative amounts should be indicated by a minus sign) Assets: CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities $ Total 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information is available for the preperation of the Government- wide financial statements for the City of Southren Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $480,000; Cash and cash equivalents, business- type activities $700,000; Receivables, Governemntal activities $450,000; Receivables, business-type activites $1,330,000; Inventories, business - type activities $520,000; Capitol assets, net governmental activities $12,500,000; Capitol Assets, net, business-type activities $7,200,000; Accounts payable, Governmental activites $650,000; Accounts payable, business - type activities $559,000; General obligation bonds, governmental activities $7,800,00; Revenue binds, business -type activities$3,210,000 Long term liability for compensated absences, governmental activities $359,000 From the preceeding information, prepare (in good form) a statement of Net Position for the City of Southern Springs as of April 30,2020. Assume that…
The basic financial statements of a state or local government include all of the following except: a. A MD&A. b. Government-wide financial statements. c. Fund financial statements. d. Notes to the financial statements.
es The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2024: 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 liability for compensated absences, governmental activities Required: $ 610,000 1,283,000 726,000 2,138,000 842,000 21,852,000 11,493,000 1,044,000 904,000 6,140,000 5,188,000 586,000 From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2024. Assume that outstanding bonds were…
The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the net change in governmental fund balances to the change in net position of governmental activities. Principal payment on long-term debt Net change in total governmental fund balances Change in net position of governmental activities Capital outlay reported as expenditures Depreciation expense $ 333,791 1,062,777 638,576 111,000 Accrued expenses that do not require use of current financial resources Revenues that do not provide current financial resources 49,059 5,650 34,119 Required Prepare reconciliation of the net change in governmental fund balances to the change in net position of governmental activities for the City of Edward. (Decreases should be indicated with a minus sign.) CITY OF EDWARD Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund…
2. The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2024: Cash and cash equivalents, governmental activities $ 440,000 Cash and cash equivalents, business-type activities 926,000 Receivables, governmental activities 522,000 Receivables, business-type activities 1,542,000 Inventories, business-type activities 604,000 Capital assets, net, governmental activities 15,680,000 Capital assets, net, business-type activities 8,246,000 Accounts payable, governmental activities 754,000 Accounts payable, business-type activities 649,000 General obligation bonds, governmental activities 6,080,000 Revenue bonds, business-type activities 3,726,000 Long-term liability for compensated absences, governmental activities 417,000 Required: From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2024. Assume that…
Which of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.
Justify the presentation of the required accounting and financial reports to a city, when it uses funds, such as Capital project funds or Debt services funds, including the notes to the reports?
ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…
187. Which of the following funds should be reported as part of local government's governmental activities column in its government-wide statements? a. Debt service b. Agency c. Private-purpose trust. d. Pension trust. 188. A nongovernmental not-for-profit organization's statement of activities is similar to which of the fol- lowing for-profit financial statements? a. Balance sheet. b. Statement of cash flows. c. Statement of retained earnings. d. Income statement.
Which of the following items are included in the governmental activities column of the government- wide financial statements through worksheet journal entries? A) General Capital Assets. B) General Long-Term Debt. C) Internal Service Funds servicing governmental departments. D) All of the choices are correct.
What is the composition of a state or local government’s comprehensive annual financial report (CAFR)?
The following information is available for the preparation of the government-wide financial statements for the City of Northren Pines fot 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 service, general governemnt $1,510,000; Charges for services, public safety $210,000; Operating grant, public safety $798,000; Charges for services health and sanitation $2,335,000; Operating grant, health and sanitation $1,210,000; Charges for service, culture and recreation $1,998,000; Charges for services, water and sewer $11,588,000; Changes for services, parking system $388,000; Property Taxes $27,112,000; Sales Taxes $20,698,000 investment earnings, business-type $325,000; Special Item - gain on sale of unused land,…