Description

ACCT567 Town of Freaz Problem 9-9

ACCT567 Town of Freaz Problem 9-9

Government Wide and Financial Statements  A+

Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i. e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a government-wide statement of net assets and a statement of activities.

Required

Using the trial balance provided by the town, prepare a government-wide statement of activities and a statement of net assets. Restricted net assets for debt service increased $87 (000s omitted) for the period…