Generally information on debt service is shown after

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Unformatted text preview: functions of government. Generally, information on capital outlays is shown after the functional expenditures. • The beginning and ending fund balances for the period should be included after the Net Change in Fund Balances. 9-14 Chapter 09 - Financial Reporting of State and Local Governments Ch. 9, Solutions (Cont'd) 9-9. TOWN OF FREAZ STATEMENT OF NET ASSETS AS OF JUNE 30, 2011 (000S OMITTED) ASSETS: CURRENT ASSETS: CASH $ 3,639 INVESTMENTS 7,299 TAXES RECEIVABLE (NET $49 OF ESTIMATED UNCOLLECTIBLE TAXES) 5,739 DUE FROM OTHER GOVERNMENTS 6,343 TOTAL CURRENT ASSETS 23,020 CAPITAL ASSETS: LAND $ 8,720 OTHER CAPITAL ASSETS (NET OF DEPRECIATION) INFRASTRUCTURE (NET $45,603) 40,165 BUILDINGS (NET $8,021) 17,659 MACHINERY AND EQUIPMENT (NET 13,785) 14,935 TOTAL CAPITAL ASSETS 81,479 TOTAL ASSETS 104,499 LIABILITIES: CURRENT LIABILITES: ACCOUNTS PAYABLE 7,764 ACCRUED LIABILITIES 4,765 DUE TO OTHER FUNDS (NET) 103 CURRENT PORTION OF LONG-TERM DEBT TOTAL CURRENT LIABILITIES 8,600 21,232 LONG-TERM LIABILITIES: BONDS PAYABLE 28,700 TOTAL LIABILITES 49,932 9-15 Chapter 09 - Financial Reporting of State and Local Governments Ch. 9, Solutions, 9-9 (Cont'd) NET ASSETS: NET ASSETS—INVESTED IN CAPITAL ASSETS 44,179 NET ASSETS—RESTRICTED 2,210 NET ASSETS—UNRESTRICTED 8,178 TOTAL NET ASSETS $ 54,567 9-1...
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This note was uploaded on 05/20/2010 for the course ACCOUNTING 580 taught by Professor Waymire during the Spring '10 term at Northern Virginia.

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