ACC 460 Wk 3 - Apply: Exercise 8-7 | eBooks | Education

ACC 460 Wk 3 - Apply: Exercise 8-7

ACC 460 Wk 3 - Apply: Exercise 8-7 PLDZ-13970 Free
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ACC 460 Wk 3 - Apply: Exercise 8-7 

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

$

490,000

 

Cash and cash equivalents, business-type activities

 

1,031,000

 

Receivables, governmental activities

 

582,000

 

Receivables, business-type activities

 

1,718,000

 

Inventories, business-type activities

 

674,000

 

Capital assets, net, governmental activities

 

17,496,000

 

Capital assets, net, business-type activities

 

9,201,000

 

Accounts payable, governmental activities

 

840,000

 

Accounts payable, business-type activities

 

724,000

 

General obligation bonds, governmental activities

 

10,102,000

 

Revenue bonds, business-type activities

 

4,156,000

 

Long-term liability for compensated absences, governmental activities

 

466,000

 

 

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 $716,000 for governmental activities and $255,000 for business-type activities. (Negative amounts should be indicated by a minus sign) 

 

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