The fund balances of Coastal City's governmental funds at December 31, Year 1, totaled $12,500,000. Subsidiary accounting
Question:
The fund balances of Coastal City's governmental funds at December 31, Year 1, totaled $12,500,000. Subsidiary accounting records for the city include the following information:
Capital assets used in governmental fund activities...........................................$3,000,000
Accumulated depreciation on those capital assets..................................................700,000
Long-term debt (LTD) related to governmental fund activities..............................1,800,000
Internal service fund net assets...............................................................................420,000
Fiduciary fund net assets......................................................................................1,500,000
Accrued interest payable, not legally due at December 31, Year 1, related to governmental fund activities....................................................................200,000
Deferred revenues, not “available and measurable” for Year 1, related to Year 1 property tax levy...........................................................................160,000
Calculate the net position displayed in the government-wide statement of net position for governmental activities.
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-1259692406
18th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello