(Solution) - Government wide Financial Statements Following is the governmen -(2025 Original AI-Free Solution)

Paper Details

Government-wide Financial Statements. 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 theperiod.