Prepare a government-wide statement of activities

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Reference no: EM131795897

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



charges for services


996

program revenues - parks & recreation



charges for services


359

program revenues - general government-



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

$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.

Reference no: EM131795897

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