Question - From the following information, prepare a statement of net assets for the city of Franklin as of June 30, 20X3:
Cash and Cash equivalents, Governmental $ 500,000
Cash and Cash equivalents, Business Activities 300,000
Receivables, net, Governmental 280,000
Inventories, Business Activities 135,000
Capital Assets, net, Governmental 1,330,000
Capital Assets, net, Business Activities 750,000
Accounts Payable, Governmental 158,000
Accounts Payable, Business Activities 96,000
Noncurrent liabilities, Governmental 1,005,000
Noncurrent liabilities, Business Activities 585,000
Net Assets invested in Capital Assets (net of Debt)
Governmental
733,000
Business activities 465,000
Net Assets Restricted:
Governmental
132,000
Business Activities 93,000
Net Assets Unrestricted:
Governmental 82,000
Business Activities (54,000)