The following is information for a county (in millions):
Total governmental fund balances | $ 138 |
Bonds payable-governmental funds | 690 |
Accrued pension liabilities-governmental funds | 130 |
Capital assets-governmental funds | 790 |
Accrued other liabilities-governmental funds | 128 |
Other long-term assets-governmental funds | 48 |
The net position of governmental activities is (in millions)
In this case the net position refers to the
Difference between the entity's assets plus entity's deferred outflows of resources and entity's liabilities plus deferred inflow of resources
In other way we can say it as
Net position = (entity's assets + deferred outflows of resources ) - (entity's liabilities + deferred inflows of resources )
In the given case provided information is
Assets :-
Total government fund balances = $138 millions
Capital assets = $790 millions
Other long term assets = $48 millions
Total assets = $976 millions
Deferred outflow of resources
Bonds payable = $690 millions
Total deferred outflow of resources = $690 millions
Liabilities
Accrued pension liabilities = $130 millions
Accrued other liabilities = $128 millions
Total liabilities = $258 millions
Total deferred inflow of resources = $0
So the calculation of net position is as follows :-
Net position = (assets + deferred outflow of resources) - (liabilities + deferred inflow of resources)
Net position =
= ( $976 millions + $690 millions) - ( $258 millions + $0)
= $1666 millions - $258 millions
= $1408 millions
The net position = $1408 millions
These are all the information required to solve the given question.
I hope, all the above mentioned information and explanations are useful and helpful to you.
Thank you.
The following is information for a county (in millions): Total governmental fund balances $ 138 Bonds...
The following is information for a county (in millions): Total governmental fund balances $ 138 Bonds payable-governmental funds 690 Accrued pension liabilities-governmental funds 130 Capital assets-governmental funds 790 Accrued other liabilities-governmental funds 128 Other long-term assets-governmental funds 48 The net position of governmental activities is (in millions) $ 28 $ 248 $1,568 $ 172
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