The following information is available for the preparation of the statement of activities for the...

60.1K

Verified Solution

Question

Accounting

The following information is available for the preparation of the statement of activities for the Village of Twin Oaks for the year ended June 30, 2017.

Expenses:
General government $21,000,000
Public safety 18,800,000
Public works 13,200,000
Health and sanitation 6,300,000
Culture and recreation 5,700,000
Water and sewer system 8,100,000
Parking system 420,000
Revenues:
Charges for services, general government 1,200,000
Charges for services, public safety 300,000
Operating grant, public safety 940,000
Charges for services, health and sanitation 3,000,000
Operating grant, health and sanitation 920,000
Charges for services, culture and recreation 2,200,000
Charges for services, water and sewer 10,250,000
Charges for services, parking system 740,000
Property taxes 33,300,000
Sales taxes 25,400,000
Other:
Special item, gain on sale of park land 1,210,000
Transfer from business-type activities to governmental 700,000
Net assets, July 1, 2016, governmental activities 13,210,000
Net assets, July 1, 2016, business-type activities 14,666,000

Required: From the information given above, prepare, in good form, a statement of activities for the Village of Twin Oaks for the year ended June 30, 2017.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students