The following listing of selected balances in the Town of Freaz governmental act

Question

The following listing of selected balances in the Town of Freaz governmental activities accounts of as of June 30, 2017. Assume the beginning net position is $6,589 and that there were no changes in net positions during the year other than those reflected in the selected balances shown. For simplicity, assume that the Town of Freaz does not have business-type activities or component units.

Program Revenues – General Government -- Charges for Services               $ 4,411

Program Revenues – Public Safety – Charges for Services                                  996

Program Revenues – Culture & Recreation –Charges for Services                       359

Program Revenues – General Government – Operating Grants &

                                                                                    Contributions                     307

Program Revenues – Public Works – Capital Grants & Contributions               1,680

General Revenues – Property Taxes                                                                  13,665

General Revenues – Interest & Penalities                                                                746

General Revenues – Interest Income                                                                       345

Special Item—Gain on Sale of Park Land                                                            2,546

Expenses – General Government                                                        $ 2,468

Expenses – Public Safety                                                                    11,577

Expenses – Public Works                                                                      5,311

Expenses – Culture & Recreation                                                        1,817

Expenses – Interest on Lon-term Debt                                                      749

Expenses – Depreciation on Assets Benefiting all Functions                   567

Required: Prepare, in good form, a partial statement of activities.

Explanation / Answer

Tar Heel Council of Governments Statement of Activities For the Year Ended June 30, 2014 Program Revenues Net (Expense) Revenue and Changes in Net Position Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Governmental Activities Governmental activities: General government 2,468 4,411 307 2,250 Public safety 11,577 996 -10,581 Public Works 5,311 1,680 -3,631 Culture & Recreation 1,817 359 -1,458 Transportation Environmental protection Economic and physical development            - Technical Assistance j Human services Workforce Development Interest on Lon-term Debt 749 -749 Depreciation on Assets Benefiting all Functions 567 -567 Total governmental activities -14,736 General revenues: Property Taxes 13,665 Interest & Penalities 746 Interest Income 345 Local Governmental Dues k Grants and contributions not restricted to specific programs Investment earnings, unrestricted Miscellaneous, unrestricted Special Item-Gain on Sale of Park Land 2,546 Total general revenues 17,302 Change in net position 2,566 Net position - beginning 6,589 Net position - ending 9,155 The notes to the financial statements are an integral part of this statement. j Technical Assistance is a part of Economic and Physical Development. If you choose to separate this out, please do not include it in the total of Economic and Physical Development. k This item in the General Revenue Section includes the Economic Development and Technical Assistance Grant funds that we all receive from the Dept of Commerce (our Legislative funds).

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