Chap018-baker 48

Chap018-baker 48 - 80,000 General obligation bonds payable...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-48 P18-26 Preparation of a Statement of Net Assets for a Governmental Entity Gibson City Statement of Net Assets December 31, 20X2 Governmental Business-type Activities Activities Total Assets Cash and cash equivalents $ 68,000 $ 28,000 $ 96,000 Taxes receivable (net) 52,000 52,000 Accounts receivable (net) 12,000 12,000 Internal balances (5,000) 5,000 Inventories 10,000 7,000 17,000 Investments 25,000 15,000 40,000 Capital assets: Land 100,000 50,000 150,000 Infrastructure 60,000 60,000 Other depreciable assets (net) 75,000 45,000 120,000 Total assets $385,000 $162,000 $547,000 Liabilities Vouchers payable $ 32,000 $ 4,000 $ 36,000 Accrued interest payable 1,500 2,000 3,500 Revenue bonds payable 80,000
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Unformatted text preview: 80,000 General obligation bonds payable 60,000 60,000 Total liabilities $ 93,500 $ 86,000 $179,500 Net assets Invested in capital assets, net of related debt $175,000* $ 15,000** $190,000 Restricted 55,000 5,000 60,000 Unrestricted 61,500*** 56,000*** 117,500 Total net assets $291,500 $ 76,000 $367,500 Computation notes: * $235,000 of capital assets (net) minus $60,000 of general obligation bonds equals $175,000. ** $95,000 of capital assets minus $80,000 of revenue bonds equals $15,000. *** The unrestricted net assets amount is plugged in to make the total net assets equal assets minus liabilities. The internal balances amount of $5,000 is the amount that the governmental activities owe to business-type activities....
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