Question: Would you please assist me with this problem? I have very few notes for the statement of activities, and textbook does only has one example
Would you please assist me with this problem? I have very few notes for the statement of activities, and textbook does only has one example to refer to.
- A county reports the following balances at June 30, 2021, its fiscal year-end, using full accrual accounting:
|
(in thousands) | Governmental activities | Business-type activities |
| Assets |
|
|
| Cash and cash equivalents | $ 50,000 | $ 7,000 |
| Receivables, net | 10,500 | 4,500 |
| Due from governmental funds | -- | 3,000 |
| Due from other governmental funds | 400 | -- |
| Inventories | 1,000 | 800 |
| Prepaid expenses | 250 | -- |
| Restricted assets: cash with fiscal agent | 15,000 | 18,000 |
| Capital assets, net | 125,000 | 85,000 |
| Deferred outflows of resources | 8,000 | 3,000 |
| Liabilities |
|
|
| Accounts payable | 5,000 | 300 |
| Due to other governmental funds | 400 | -- |
| Due to enterprise funds | 3,000 | -- |
| Accrued interest payable | 1,500 | 700 |
| Customer deposits | -- | 2,000 |
| Noncurrent liabilities | 185,000 | 40,000 |
| Deferred inflows of resources | 500 | 3,200 |
Additional information (in thousands):
1. $90,000 of noncurrent liabilities for governmental activities were used to acquire capital assets. The noncurrent liabilities for business-type activities were used to acquire capital assets.
2. The net position of governmental activities has the following restrictions: economic development, $21,000; public safety, $1,000; and human services, $450.
3. Business-type activities consist of a water utility. This fund has a total of $20,000 in net position restricted for bond covenants.
Prepare the countys government-wide statement of net position as of June 30, 2021 showing government ,business activities and total columns.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts