Government wide Financial Statements. 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 assets and a statement of activities.
|
TOWN OF FREAZ |
||
|
Debits |
Credits |
|
|
Cash |
$ 3,639 |
|
|
Investments |
7,299 |
|
|
Taxes Receivable—Delinquent |
5,788 |
|
|
Estimated Uncollectible Delinquent Taxes |
$ 49 |
|
|
Due from Other Funds |
645 |
|
|
Due from Other Governments |
6,343 |
|
|
Land |
8,720 |
|
|
Buildings |
25,680 |
|
|
Accumulated Depreciation—Buildings |
8,021 |
|
|
Infrastructure |
85,768 |
|
|
Accumulated Depreciation—Infrastructure |
45,603 |
|
|
Machinery & Equipment |
28,720 |
|
|
Accumulated Depreciation—Machinery & Equipment |
13,785 |
|
|
Accounts Payable |
7,764 |
|
|
Accrued Liabilities |
4,765 |
|
|
Due to Other Funds |
748 |
|
|
Current Portion of Long term Debt |
8,600 |
|
|
Bonds Payable |
28,700 |
|
|
Net Assets—Invested In Capital Assets, |
||
|
Net of Related Debt |
44,179 |
|
|
Net Assets—Restricted for Debt Service |
2,123 |
|
|
Net Assets—Unrestricted |
7,678 |
|
|
Program Revenues—General Government— |
4,411 |
|
|
Charges for Services |
||
|
Program Revenues—Public Safety— |
||
|
Charges for Services |
996 |
|
|
Program Revenues—Parks & Recreation— |
||
|
Charges for Services |
359 |
|
|
Program Revenues—General Government— |
||
|
Operating Grants & Contributions |
307 |
|
|
Program Revenues—Public Works— |
||
|
Capital Grants & Contributions |
1,680 |
|
|
General Revenues—Property Taxes |
13,665 |
|
|
General Revenues—Interest & Penalties |
746 |
|
|
General Revenues—Interest Income |
345 |
|
|
Expenses—General Government |
2,468 |
|
|
Expenses—Public Safety |
11,577 |
|
|
Expenses—Public Works |
5,311 |
|
|
Expenses—Parks & Recreation |
1,817 |
|
|
Expenses—Interest on Long term Debt |
749 |
|
|
$ 194,524 |
$ 194,524 |
|
Required
Using the trial balance provided by the town, prepare a government wide statement of activities and a statement of net assets. Restricted net assets for debt service increased $87 (000s omitted) for the period.