I need to complete both Statements. Thanks Following is the govemmental activiti
ID: 2554542 • Letter: I
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I need to complete both Statements. Thanks
Following is the govemmental 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., t 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 position and a statement of activities TOWN OF FREAZ Pre-closing Trial Balance As of June 30, 2017 (000s omitted) Credits Debits $ 3,654 7,314 5,803 Cash Investments Taxes Receivable Delinquent Allowance for Uncollectible Delinquent Taxes Due from Other Funds Due from Other Governments Land Buildings Accumulated Depreciation-Buildings Infrastructure Accumulated Depreciation Infrastructure Machinery & Equipment Accumulated Depreciation-Machinery& Equipment Accounts Payable Accrued Liabilities Due to Other Funds Current Portion of Long-term Debt Bonds Payable Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service Net Position-Unrestricted Program Revenues-General Government $ 64 660 6,373 8,795 25,830 8,036 85,798 45,633 28,870 13,860 7,004 4,840 778 8,750 29,450 45,104 2,198 6,628 4,426 1,056 374 322 1,710 Charges for Services Program Revenues-Public Safety Charges for Services Program Revenues Culture& Recreation- Charges for Services Program Revenues-General Government- Operating Grants & Contributions Program Revenues-Public Works- Capital Grants & Contributions General Revenues-Property Taxes General Revenues-Interest & Penalties General Revenues-Interest Income Expenses-General Government Expenses-Public Safety Expenses-Public Works Expenses-Culture & Recreation Expenses-Interest on Long-term Debt 13,740 776 420 2,498 11,622 5,326 1,862 764 $195,169 $195,169 The restricted net position for debt service increased $117 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,540 that was allocated to the functions of government, or the town's decision to designate $1,050 for street repair. (All 000s omitted.)Explanation / Answer
Town Of Freaz Statement Of Activities For the year ended June 30, 2017 Programme revenues Government Activities Functions Expense Charges for service Operating grant and contribution Capital Gains and Contribution Net (Expense)/ Revenues or change in Net Position Primary Government General Government $ 2,498 $ 4,426 $ 322 $ - $ 2,250 Public Safety $ 11,622 $ 1,056 $ - $ - $ -10,566 Public Works $ 5,326 $ - $ - $ 1,710 $ -3,616 Culture and recreation $ 1,862 $ 374 $ - $ - $ -1,488 Interest On debt $ 764 $ - $ - $ - $ -764 Total Govt activities $ 22,072 $ 5,856 $ 322 $ 1,710 $ -14,184 General Revenues : Property Taxes Levied for general purpose $ 13,740 Interest an penalities on Delinquents taxes $ 776 Interest income $ 420 Total General Revenues $ 14,936 Increase in unristricted net position $ 752 Net position July 1, 2016 ( $ 45,104 + $ 2,198 + $ 6,628 ) $ 53,930 Net position July 30, 2017 $ 54,682 Town Of Freaz Statement of Net Position As of June 30, 2017 (000s Omitted) Assets Cash $ 3,654 Investment $ 7,314 Taxes Receivable (Net) $ 5,739 Due from other Government $ 6,373 Total Current Assets $ 23,080 Capital assets Land $ 8,795 Other Capital Assets ( Net of Depreciation ) Infrastructure ( Net ) $ 40,165 Building ( Net ) $ 17,794 Machinery and Equipment ( Net ) $ 15,010 Total Capital Assets $ 81,764 Total Assets $ 1,04,844 Liabilities Current Liabilities: Account Payable $ 7,004 Accrued Liabilities $ 4,840 Due to other Funds ( Net ) $ 118 Current Portion of long term debt $ 8,750 Total Current Liabilities $ 20,712 Long term liabilities Bonds Payable $ 29,450 Total Liabilities $ 50,162 Net position Net investment in Capital assets ( Working Note 1) $ 43,564 Restricted - Debt services ( Working Note 2) $ 2,315 Unrestricted: Designated Street repair $ 1,050 Undesignated ( Working Note 3) $ 7,870 Total Net Position $ 54,799 Working Notes 1 Net investment in Capital assets = Beginning Balance - Depreciation Beginning Balance $ 45,104 Less : Depreciation $ 1,540 $ 43,564 2 Restricted - Debt services $ 2,198 Add : Increase in ristricted $ 117 $ 2,315 3 Undesignated Beginning Balance $ 6,628 Add : Increase in unristricted net position $ 752 Add : Depreciation $ 1,540 Less : Designated $ 1,050 $ 7,870
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