Homework Answers
Current assets = Total - capital assets = 200 - 120 = $80 million
Current liabilities = Total - long term debt = 80 -50 = $30 million
Net current assets = 80 -30 = 50milion
Unrestricted net position = $50 million - $10 million = $40million
Any doubt please comment, If there are options please provide.
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n its Statement of Net Position, a government reported: • Assets of $200 million, including $120...
Please show your work. 1. A government reported, in its government-wide Statement of Net Position...
Please show your work. 1. A government reported, in its government-wide Statement of Net Position: • assets of $82 million, including $40 million in capital assets (cost), with $12 million in accumulated depreciation, and • liabilities of $50 million, including long-term debt of $15 million related to capital asset acquisition. In addition, $4 million of cash was restricted for payment of debt service. The government's Unrestricted Net Position would be reported as: A) $20 million. B) $19 million. C) $15...
Please show your work. 1. A government reported, in its government-wide Statement of Net Position: •...
Please show your work. 1. A government reported, in its government-wide Statement of Net Position: • assets of $82 million, including $40 million in capital assets (cost), with $12 million in accumulated depreciation, and • liabilities of $50 million, including long-term debt of $15 million related to capital asset acquisition. In addition, $4 million of cash was restricted for payment of debt service. The government's Unrestricted Net Position would be reported as: A) $20 million. B) $19 million. C) $15...
The following information is available for the preparation of the government-wide financial statements of the City...
The following information is available for the preparation of the government-wide financial statements of the City of Sunbury as of June 30, 2017: Accounts payable, business-type activities $340,000 Accounts payable, governmental activities 610,000 Capital assets, net, business-type activities 10,400,000 Capital assets, net, governmental activities 10,800,000 Cash and cash equivalents, business-type activities 1,700,000 Cash and cash equivalents, governmental activities 1,800,000 Inventories, business-type activities 600,000 Net assets, restricted for debt service, business-type activities 640,000 Net assets, restricted for debt service, governmental activities...
prepare a statement of revenue, expenses, and change in net position. Problem 3 - Government Hospital...
prepare a statement of revenue, expenses, and change in net
position.
Problem 3 - Government Hospital Financial Reporting The following selected information is taken from the accounting records of the Jackson County Hospital for fiscal year 20X0. All accounts have a normal balance and are listed in alphabetical order. Also, all amounts are in thousands of dollars. Administrative expenses. Cafeteria sales. $440 440 Charity services (at gross amounts) Contractual adjustments. Depreciation-Building Depreciation-Other. Estimated uncollectible accounts. Federal grant restricted for heart...
Kennel Corp. reported sales of $950 million on its 20Y5 income statement. The firm also reported...
Kennel Corp. reported sales of $950 million on its 20Y5 income statement. The firm also reported current assets of $250 million, current liabilities of $150 million, long-term debt of $100 million, and total stockholder's equity of $300 million on its 20Y5 balance sheet. a. Compute the firm's total debt ratio for 20Y6 b. Compute the firm's fixed asset turnover and total asset turnover ratios for 20YS. 7.
The following information is extracted from the City of Lucas’ government-wide statement of net position at...
The following information is extracted from the City of Lucas’ government-wide statement of net position at December 31, 2019: Capital assets $2,000,000 Accumulated depreciation, capital assets $1,600,000 Annual depreciation rate on capital assets 10% Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2020. Expenditures—capital outlay (General Fund) $40,000 Expenditures—capital outlay (Capital Projects Fund) ...
How do you calculate unrestricted position? Exercise 2-7 (Algo) 00 The following information is available for...
How do you calculate unrestricted position?
Exercise 2-7 (Algo) 00 The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: 4.18/4.54 points awarded Scored 3,610,000 812,000 603,000 1,224,000 485,000 9,783,000 10,468,000 604,000 613,000 5,086,000 3,036,000 4,797,000 Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020 Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities Noncurrent liabilities, governmental activities Noncurrent liabilities, business-type activities Net position, net Investment in capital assets, governmental activities...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities Noncurrent liabilities, governmental activities Noncurrent liabilities, business-type activities Net position, net investment in capital assets, governmental activities...
The Statement of Net Position of South State University, a governmentally owned university, as of the...
The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
prepare a statement of revenue, expenses, and change in net
position.
Problem 3 - Government Hospital Financial Reporting The following selected information is taken from the accounting records of the Jackson County Hospital for fiscal year 20X0. All accounts have a normal balance and are listed in alphabetical order. Also, all amounts are in thousands of dollars. Administrative expenses. Cafeteria sales. $440 440 Charity services (at gross amounts) Contractual adjustments. Depreciation-Building Depreciation-Other. Estimated uncollectible accounts. Federal grant restricted for heart...
Kennel Corp. reported sales of $950 million on its 20Y5 income statement. The firm also reported current assets of $250 million, current liabilities of $150 million, long-term debt of $100 million, and total stockholder's equity of $300 million on its 20Y5 balance sheet. a. Compute the firm's total debt ratio for 20Y6 b. Compute the firm's fixed asset turnover and total asset turnover ratios for 20YS. 7.
How do you calculate unrestricted position?
Exercise 2-7 (Algo) 00 The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: 4.18/4.54 points awarded Scored 3,610,000 812,000 603,000 1,224,000 485,000 9,783,000 10,468,000 604,000 613,000 5,086,000 3,036,000 4,797,000 Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020 Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities Noncurrent liabilities, governmental activities Noncurrent liabilities, business-type activities Net position, net Investment in capital assets, governmental activities...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities Noncurrent liabilities, governmental activities Noncurrent liabilities, business-type activities Net position, net investment in capital assets, governmental activities...
The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
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