Problem 17-8 (LO 3) Statement of net position. From the following information, p
ID: 2410959 • Letter: P
Question
Problem 17-8 (LO 3) Statement of net position. From the following information, pre 4Require pare a statement of net position for the city of Lucas as of June 30, 2019 Cash and cash equivalents, governmental activities.. 280,000 75,000 36,000 145,000 56,000 1,500,000 1,100,000 65,000 56,000 500,000 300,000 ,000,000 800,000 65,000 36,000 Cash and cash equivalents, business-type activities Receivables, businesslype activties Inventories, business-?ype activities Copital assets (net), governmental ivt Copial assets Inet), business?ype activities.. Accounts poyable, business-lype activities Noncurrent liabilities, governmental activities . .. Net position, invested in capital assets (net), governmental activities. Net position, restricted for debt service, govenmental activities..................... Net position, restricted for debt service, business-type activities....Explanation / Answer
Statement of Net Position of city of Lucas as on June 30,2019
Particulars
Particulars
Government Activities Business Type Activity Total Assets Cash and cash equivalents 280000 75000 355000 Receivables 36000 145000 181000 Inventories 56000 56000 Capital Assets(net of accumulated depreciation) 1,500,000 1,100,000 2,600,000 Total 1,816,000 1,376,000 3,192,000 Liabilities Accounts payable 65000 56000 121000 Non current Liability 500000 300000 800000 Total 565000 356000 921000 Net investment in capital asset 1000000 800000 1800000 Restricted to: Debt service 65000 36000 101000 The balance sheet does not tally due to missing information