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ACC 460 Wk 3 – Apply: Exercise 8-7
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 | $ | 490,000 | |
| Cash and cash equivalents, business-type activities | 1,031,000 | ||
| Receivables, governmental activities | 582,000 | ||
| Receivables, business-type activities | 1,718,000 | ||
| Inventories, business-type activities | 674,000 | ||
| Capital assets, net, governmental activities | 17,496,000 | ||
| Capital assets, net, business-type activities | 9,201,000 | ||
| Accounts payable, governmental activities | 840,000 | ||
| Accounts payable, business-type activities | 724,000 | ||
| General obligation bonds, governmental activities | 10,102,000 | ||
| Revenue bonds, business-type activities | 4,156,000 | ||
| Long-term liability for compensated absences, governmental activities | 466,000 | ||
From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2020. Assume that outstanding bonds were issued to acquire capital assets and restricted assets total $716,000 for governmental activities and $255,000 for business-type activities. (Negative amounts should be indicated by a minus sign)