Preparation of a Statement of Net Assets for a Governmental Entity
Gibson City reported the following items at December 31, 20X2. It has no component units and does not depreciate its infrastructure fixed assets. All bonds—general obligation bonds and revenue—were issued to acquire capital assets. As of December 31, 20X2, net assets of $25,000 were restricted for road maintenance in special revenue funds, and net assets of $30,000 were restricted for debt service. Cash of $5,000 was restricted in business-type activities for plant maintenance.
| Governmental Activities | Business-Type Activities |
Assets: |
|
|
Cash and cash equivalents | $ 68,000 | $28,000 |
Taxes receivable (net) | 52,000 |
|
Accounts receivable (net) |
| 12,000 |
Due from governmental activities |
| 5,000 |
Inventories | 10,000 | 7,000 |
Investments | 25,000 | 15,000 |
Capital assets: |
|
|
Land | 100,000 | 50,000 |
Infrastructure | 60,000 |
|
Other depreciable assets (net) | 75,000 | 45,000 |
Liabilities: |
|
|
Vouchers payable | 32,000 | 4,000 |
Accrued interest payable | 1,500 | 2,000 |
Due to business-type activities | 5,000 |
|
Revenue bonds payable |
| 80,000 |
General obligation bonds payable | 60,000 |
|
Required
Kaplan CPA Review
Using the information provided, prepare in good form a statement of net assets for Gibson City at December 31, 20X2.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.