Question: I need some assistance with determining the Unrestricted entry under the Net Position Statement: Following is the governmental activities preclosing trial balance for the Town
I need some assistance with determining the "Unrestricted" entry under the Net Position Statement:
Following is the governmental activities preclosing 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 Preclosing Trial Balance As of June 30, 2023 (0005 omitted) Debits Credits Cash $ 3,643 Investments 7,303 Taxes ReceivableDelinquent 5,792 Allowance for Uncollectible Delinquent Taxes 3 53 Due from Other Funds 649 Due from Other Governments 6,351 Land 8,740 Buildings 25,720 Accumulated DepreciationBuildings 8,025 Infrastructure 85,776 Accumulated DepreciationInfrastructure 45,611 Machinery & Equipment 28,760 Accumulated DepreciationMachinery 0 Equipment 13,805 Accounts Payable 7,554 Accrued Liabilities 4,785 Due to Other Funds 756 Current Portion of Longterm Debt 8,640 Bonds Payable 28,900 Net PositionNet Investment in Capital Assets 45,225 Net PositionRestricted for Debt Service 2,143 Net PositionUnrestricted 6,606 Program RevenuesGeneral GovernmentCharges for Services 4,415 Program RevenuesPublic SafetyCharges for Services 1,012 Program RevenuesCulture E RecreationCharges for Services 363 Program RevenuesGeneral GovernmentOperating Grants & Contributions 311 Program RevenuesPublic WorksCapital Grants & Contributions 1,688 General RevenuesProperty Taxes 13,685 General RevenuesInterest & Penalties 754 General RevenuesInterest Income 365 ExpensesGeneral Government 2,476 ExpensesPublic Safety 11,589 ExpensesPublic Works 5,315 ExpensesCulture & Recreation 1,829 ExpensesInterest on Longterm Debt 753 $194,696 $194,696 The restricted net position for debt service increased $95 for FY 2023. The net position accounts do not reflect FY 2023 depreciation of $1,210 that was allocated to the functions of government. (All 0005 omitted.) Assets Current Assets: Cash 0 $ 3,643 0 Investments o 1303 0 Taxes Receivable (Net) a 5,739 0 Due from Other Governments a 6,351 a Total Current Assets 23,036 Capital Assets: Land 0 $ 0,740 o Other Capital Assets (Net of Depreciation) Buildings (Net) 0 17,695 0 Machinery and Equipment (Net) a 14,955 0 Total Capital Asstes 41 ,390 Total Assets 64,426 Liabilities Current Liabilities: Accounts Payable a 7,554 o Accrued Liabilities 0 4,785 9 Due to Other Funds (Net) 0 107 0 Current Portion of Long-Term Debt 0 8,640 0 Total Current Liabilities 21,086 Long-Tenn Liabilities: Bonds Payable 0 20,900 0 Total Liabilities 49,986 Net Position Net Investment in Capital Assets 44,015 a RestrictedDebt Service 2,238 o Unrestricted 0 9 Total Net Position $ 46,253
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