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$ 440,000Cash and cash equivalents, business-type activities926,000Receivables, governmental activities522,000Receivables, business-type activities1,542,000Inventories, business-type activities604,000Capital assets, net, governmental activities15,680,000Capital assets, net, business-type activities8,246,000Accounts payable, governmental activities754,000Accounts payable, business-type activities649,000General obligation bonds, governmental activities6,080,000Revenue bonds, business-type activities3,726,000Long-term liability for compensated absences, governmental activities417,000Required: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 issued to acquire capital assets and restricted assets total $267,000 for governmental activities and $220,000 for business-type activities.

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Answered: 2. The following information is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 outstanding bonds were issued to acquire capital assets and restricted assets total $267,000 for governmental activities and $220,000 for business-type activities.

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