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Question :
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
$361,800
Capital assets
640,200
Accumulated depreciation on capital assets
354,000
Accrued interest on bonds and long-term notes payable
1,500
Bonds and long-term notes payable
174,800
Unamortized premium on bonds payable
1,000
Compensated absences
13,900
Total governmental fund balances
158,600
Total net position of governmental activities
615,400
Required
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 Finds to the Statement of Net
June 30, 20
Total fund balances-governmental funds $ 158.600
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not Mandel resources and therefore are not reported by funds.
Other assets used in governmental activities are not financial resources and therefore are not reported by funds.
Long-term liabilities, inducing bonds payable. we not due and payable in the current period and therefore we not repotted in the funds.
Accrued interest payable is not due in the current period and therefore is not included in the funds. (1.500)
Net position of governmental activities $ 157.100
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