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 position and a statement of activities.

TOWN OF FREAZ
Pre-closing Trial Balance
As of June 30, 2017
(000s omitted)
	Debits				Credits
Cash	$	3,651
Investments		7,311
Taxes Receivable—Delinquent		5,800
Allowance for Uncollectible Delinquent Taxes					$	61
Due from Other Funds		657
Due from Other Governments		6,367
Land		8,780
Buildings		25,800
Accumulated Depreciation—Buildings						8,033
Infrastructure		85,792
Accumulated Depreciation—Infrastructure						45,627
Machinery & Equipment		28,840
Accumulated Depreciation—Machinery & Equipment						13,845
Accounts Payable						7,154
Accrued Liabilities						4,825
Due to Other Funds						772
Current Portion of Long-term Debt						8,720
Bonds Payable						29,300
Net Position—Net Investment in Capital Assets						45,137
Net Position—Restricted for Debt Service						2,183
Net Position—Unrestricted						6,622
Program Revenues—General Government                         Charges for Services						4,423
Program Revenues—Public Safety—                                Charges for Services						1,044
Program Revenues—Culture & Recreation—                      Charges for Services						371
Program Revenues—General Government—                      Operating Grants & Contributions						319
Program Revenues—Public Works—                                 Capital Grants & Contributions						1,704
General Revenues—Property Taxes						13,725
General Revenues—Interest & Penalties						770
General Revenues—Interest Income						405
Expenses—General Government		2,492
Expenses—Public Safety		11,613
Expenses—Public Works		5,323
Expenses—Culture & Recreation		1,853
Expenses—Interest on Long-term Debt		761
	$	195,040			$	195,040

The restricted net position for debt service increased $111 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,450 that was allocated to the functions of government, or the town’s decision to designate $1,020 for street repair. (All 000s omitted.)

Required

Using the trial balance provided by the town, prepare a government-wide statement of net position. (Enter your answers in thousands.)

Answer rating: 100% (QA)

Statement of net assets as of June 30 2017 Assets Current Assets cash 363900 investment 729900 taxes ... View the full answer