The following contains account balances from Commerce County\'s governmental act

Question

The following contains account balances from Commerce County's governmental activities column of the government-wide financial statements $2,560,000 Accounts payable 800,000 Salaries and wages payable 100,000 Due to Other Funds $760,000 $642,000 890,000 820,000 icted Cash -Sinking Fund Restricted cash Federal highway safety grant Property taxes receivable Current portion- general obligation bonds payable Siso,000 $4,600,000 11,168,000 2,300,000 Long-term portion- general obligation bonds payable Buildings 15,900,000 Net position Machinery and Equipment$3,500,000 Accumulated Depreciation7,650,000 The proceeds from the general obligation bonds were all used to construct a new city hall. Unrestricted" (Do not use S) Determine the amount of net position to be reported as

Explanation / Answer

Answer

Net investment in capital assets = capital assets - capital debit

capital asset = land + building + machinery & equipment - accumulated deprication

= 2300000 + 15900000 + 3500000 - 7650000

= 14050000

capital debit = debit for building capital assets

= 150000 + 4600000

= 4750000

net investment in capital assets = 14050000 - 4750000

= 9300000

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