I have completed everything except for the unrestricted amounts. I can't seem to figure those out.
Can someone please help?
Problem:
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020:
|
|
|
|
Cash and cash equivalents, governmental activities |
$ |
420,000 |
|
Cash and cash equivalents, business-type activities |
|
884,000 |
|
Receivables, governmental activities |
|
498,000 |
|
Receivables, business-type activities |
|
1,471,000 |
|
Inventories, business-type activities |
|
576,000 |
|
Capital assets, net, governmental activities |
|
14,953,000 |
|
Capital assets, net, business-type activities |
|
7,864,000 |
|
Accounts payable, governmental activities |
|
719,000 |
|
Accounts payable, business-type activities |
|
619,000 |
|
General obligation bonds, governmental activities |
|
8,637,000 |
|
Revenue bonds, business-type activities |
|
3,554,000 |
|
Long-term liability for compensated absences, governmental activities |
|
398,000 |
|
|
From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $613,000 for governmental activities and $210,000 for business-type activities.(Negative amounts should be indicated by a minus sign)
Extracted text: CITY OF SOUTHERN SPRINGS Statement of Net Position As of April 30, 2020 Governmental Activities Business-Type Activities Total Assets: Cash and Cash Equivalents Inventories Receivables Capital Assets, Net 420,000 $ 884,000 $ 1,304,000 576,000 576,000 498,000 1,471,000 1,969,000 14,953,000 7,864,000 22,817,000 Total Assets 15,871,000 10,795,000 26,666,000 Liabilities: Accounts Payable Bonds Payable Compensated Absences Payable 719,000 619,000 1,338,000 8,637,000 398,000 3,554,000 12,191,000 398,000 Total Liabilities 9,754,000 4,173,000 13,927,000 Net Position: Net Investment in Capital Assets Restricted Unrestricted 6,316,000 4,310,000 10,626,000 613,000 210,000 823,000 Total Net Position 6,929,000 $4 4,520,000 $ 11,449,000