The Town of Portsmouth has at the beginning of the year a $213,000 Net Asset balance, and a $52,000 Fund Balance. The following information relates to the activities within the Town of Portsmouth for the year of 2013.Receipts: Property Taxes $400,000 Franchise Taxes 100,000 Charges for Public Safety 7,000 Charges for Sanitation 5,000 Payments: Salaries General Government $54,000 Public Safety 43,000 Sanitation 36,000 Rent General Government $15,000 Public Safety 12,000 Sanitation 3,500 Maintenance General Government $4,000 Public Safety 2,000 Sanitation 1,500 Insurance General Government $1,000 Public Safety 2,500 Sanitation 4,500 Final Payment on Debt Principal 5,000 Payment for Interest on Debt 15,000 Receivables at the end of the year: Property Taxes (80% estimated to be collectible) $95,000 Payables at year-end: Salaries General Government $4,000 Public Safety 3,000 Sanitation 4,400 Other items at year-end Cash $130,900 Building 95,000 Equipment 80,000 Supplies Inventory 9,500 Investments 160,000 Compensated absences balance, expected to be paid in 12 months 9,000 Required: Prepare a Statement of Net Assets
Unemployed-professor.com is a unique service that provides guidance with different types of content. Please rest assured that the service is absolutely legal and doesn’t violate any regulations.
Ask an expert—for free!
Get an answer from a Writers24x7 subject expert in as little as 3 hoursAsk your question
First time here? Give it a try and get 15% OFF your first order! Order Now