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Question - Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i.e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a government-wide statement of net assets and a statement of activities.
TOWN OF FREAZ Pre-Closing Trial Balance As of June 30, 2011 (000s omitted)
Debits
Credits
Cash
$3,639
Investments
7,299.00
Taxes Receivable - Delinquent
5,788.00
Estimated Uncollectible Delinquent Taxes
$49
Due from Other funds
645.00
Due from other governments
6,343.00
land
8,720.00
buildings
25,680.00
Accumulated depreciation - buildings
8,021
Infrastructure
85,768.00
Accumulated depreciation - infrastructure
45,603
machinery & Equipment
28,720.00
Accumulated depreciation - machinery & equipment
13,785
accounts payable
7,764
accrued liabilities
4,765
due to other funds
748
current portion of long-term debt
8,600
bonds payable
28,700
net assets - invested in capital assets,
net of related debt
44,179
net assets - restricted for debt service
2,123
net assets - unrestricted
7,678
program revenues - general government-
4,411
charges for services
program revenues - public safety
996
program revenues - parks & recreation
359
operating grants & contributions
307
program revenues - public works
capital grants & contributions
1,680
Genaral revenues- property taxes
13,665
general revenues - interest & penalties
746
general revenues - interest income
345
expenses - general government
2,468.00
expenses - public safety
11,577.00
expenses - public works
5,311.00
expenses - parks and recreation
1,817.00
expenses - interest on long-term debt
749.00
$194,524
Required: Using the trial balance provided by the town, prepare a government-wide statement of activities and a statement of net assets. Restricted net asets for debt service increase $ 87 (000s omitted) for the period.
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