Unrestricted Funds Assignment
Please explain the calculations used to solve the problem and most importantly the unrestricted funds.
Chapter 8, Problem 7QE 2 Bookmarks Show all steps: ON Problem The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities $ 380,000 Cash and cash equivalents, business-type activities 800,000 Receivables, governmental activities 450,000 Receivables, business-type activities 1,330,000 Inventories, business-type activities 520,000 Capital assets, net, governmental activities 13,500,000 Capital assets, net, business-type activities 7,100,000 Accounts payable, governmental activities 650,000 Accounts payable, business-type activities 559.000 General obligation bonds, governmental activities 7,800,000 Revenue bonds, business-type activities 3,210,000 Long-term liability for compensated absences, governmental activities 359,000 From the preceding information, prepare (in good form) a
Statement of Net Position for the City of Southern Springs as of April 30, 2017. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $554,000 for governmental activities and $190,000 for business-type activities. Include a Total column.