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The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided relates to financial information reported on the city's statement of net position and its total governmental funds balance. Deferred inflows of resources due to unavailability of resources to pay current expenditures Capital assets Accumulated depreciation on capital assets Accrued interest on bonds and long-term notes payable Bonds and long-term notes payable Unamortized premium on bonds payable Compensated absences Total governmental fund balances Total net position of governmental activities Required 5364,608 641,600 356,000 2,908 177,608 2,400 16,708 162,808 612,600 Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be indicated with a minus sign.) CITY OF ELIZABETH Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position Total fund balances governmental funds June 30, 20XX Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported by funds Deferred inflows of resources are recognized as revenues of governmental activities Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds. Accrued interest payable is not due in the current period and therefore is not included in the funds. Net position of governmental activities $ 0

The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided relates to financial information reported on the city's statement of net position and its total governmental funds balance. Deferred inflows of resources due to unavailability of resources to pay current expenditures Capital assets Accumulated depreciation on capital assets Accrued interest on bonds and long-term notes payable Bonds and long-term notes payable Unamortized premium on bonds payable Compensated absences Total governmental fund balances Total net position of governmental activities Required 5364,608 641,600 356,000 2,908 177,608 2,400 16,708 162,808 612,600 Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be indicated with a minus sign.) CITY OF ELIZABETH Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position Total fund balances governmental funds June 30, 20XX Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported by funds Deferred inflows of resources are recognized as revenues of governmental activities Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds. Accrued interest payable is not due in the current period and therefore is not included in the funds. Net position of governmental activities $ 0

FINANCIAL ACCOUNTING
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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The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided relates to financial information reported on the city's statement of net position and its total governmental funds balance. Deferred inflows of resources due to unavailability of resources to pay current expenditures Capital assets Accumulated depreciation on capital assets Accrued interest on bonds and long-term notes payable Bonds and long-term notes payable Unamortized premium on bonds payable Compensated absences Total governmental fund balances Total net position of governmental activities Required 5364,608 641,600 356,000 2,908 177,608 2,400 16,708 162,808 612,600 Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be indicated with a minus sign.) CITY OF ELIZABETH Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position Total fund balances governmental funds June 30, 20XX Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported by funds Deferred inflows of resources are recognized as revenues of governmental activities Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds. Accrued interest payable is not due in the current period and therefore is not included in the funds. Net position of govemmental activities $ 0
Transcribed Image Text:The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided relates to financial information reported on the city's statement of net position and its total governmental funds balance. Deferred inflows of resources due to unavailability of resources to pay current expenditures Capital assets Accumulated depreciation on capital assets Accrued interest on bonds and long-term notes payable Bonds and long-term notes payable Unamortized premium on bonds payable Compensated absences Total governmental fund balances Total net position of governmental activities Required 5364,608 641,600 356,000 2,908 177,608 2,400 16,708 162,808 612,600 Prepare reconciliation of the governmental fund balances to the net position of governmental activities. (Decreases should be indicated with a minus sign.) CITY OF ELIZABETH Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position Total fund balances governmental funds June 30, 20XX Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported by funds Deferred inflows of resources are recognized as revenues of governmental activities Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds. Accrued interest payable is not due in the current period and therefore is not included in the funds. Net position of govemmental activities $ 0
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