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 issued to acquire capital assets and restricted assets total $268,000 for governmental activities and $375,000 for business-type activities. Note: Negative amounts should be indicated by a minus sign. Assets: Total Assets Liabilities: CITY OF SOUTHERN SPRINGS Statement of Net Position APRIL 30, 2024 Governmental Activities Primary Government Business-Type Activities Primary Government
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 issued to acquire capital assets and restricted assets total $268,000 for governmental activities and $375,000 for business-type activities. Note: Negative amounts should be indicated by a minus sign. Assets: Total Assets Liabilities: CITY OF SOUTHERN SPRINGS Statement of Net Position APRIL 30, 2024 Governmental Activities Primary Government Business-Type Activities Primary Government
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 issued to acquire capital assets and restricted assets total $268,000 for governmental activities and
$375,000 for business-type activities.
Note: Negative amounts should be indicated by a minus sign.
Assets:
Total Assets
Liabilities:
CITY OF SOUTHERN SPRINGS
Statement of Net Position
APRIL 30, 2024
Governmental
Activities
Primary Government
Business-Type
Activities
Primary
Government
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