The following trial balance for City of Happyday represents accrual data for governmental activities taken from...

  

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The following trial balance for City of Happyday represents accrual data for governmental activities taken from the completed conversion worksheet: Account Cash Investment Property Taxes receivable (net) Capital Assets (net) Expenses-General Government Expenses- Public Safety Expenses- Parks & Recreation Expenses- Interest Transfers Out to Business Activities Accounts Payable & other current liabilities LT Compensated Absences Liability Capital Leases payable Bonds Payable (City Hall construction) Premium on bonds Net Position at beginning of year Property Tax Revenues Special Items- Gain on land Park Fees Grant for Police Training Investment Earnings Debits $ 400,000 800,000 250,000 5,950,000 1,230,000 950,000 530,000 175,000 200,000 Credits 85,000 1,200,000 750,000 2,000,000 15,000 1,975,000 3,700,000 300,000 195,000 215,000 50,000 $ 10,485,000 $ 10,485,000 Requirements: 1. Complete the activity statement (L-shaped) included on the next page of the test booklet. 2. Prepare the statement of net position that complies with GASB #34 requirements for governmental activities only. Use the exam itself for your answers. Make sure you separate the ending net position into the appropriate sub-categories. If applicable, a deficit net position is shown in (brackets). Prepare the statement of net position that complies with GASB #34 requirements for governmental activities only. Download the excel file, complete the file, save the file on your computer, and upload the saved file. 1 X Fr A▾ BI Maximum file size: 500MB, maximum number of files: 1 Assets Total Assets Liabilities Total Liabilities Net Position City of Happyday Statement of Net Position Governmental Activities The following trial balance for City of Happyday represents accrual data for governmental activities taken from the completed conversion worksheet: Account Cash Investment Property Taxes receivable (net) Capital Assets (net) Expenses-General Government Expenses- Public Safety Expenses- Parks & Recreation Expenses- Interest Transfers Out to Business Activities Accounts Payable & other current liabilities LT Compensated Absences Liability Capital Leases payable Bonds Payable (City Hall construction) Premium on bonds Net Position at beginning of year Property Tax Revenues Special Items- Gain on land Park Fees Grant for Police Training Investment Earnings Debits $ 400,000 800,000 250,000 5,950,000 1,230,000 950,000 530,000 175,000 200,000 Credits 85,000 1,200,000 750,000 2,000,000 15,000 1,975,000 3,700,000 300,000 195,000 215,000 50,000 $ 10,485,000 $ 10,485,000 Requirements: 1. Complete the activity statement (L-shaped) included on the next page of the test booklet. 2. Prepare the statement of net position that complies with GASB #34 requirements for governmental activities only. Use the exam itself for your answers. Make sure you separate the ending net position into the appropriate sub-categories. If applicable, a deficit net position is shown in (brackets). Prepare the statement of net position that complies with GASB #34 requirements for governmental activities only. Download the excel file, complete the file, save the file on your computer, and upload the saved file. 1 X Fr A▾ BI Maximum file size: 500MB, maximum number of files: 1 Assets Total Assets Liabilities Total Liabilities Net Position City of Happyday Statement of Net Position Governmental Activities