1 answer

The following is information for a county (in millions): Total governmental fund balances $ 138 Bonds...

Question:

The following is information for a county (in millions):

Total governmental fund balances $ 138
Bonds payable-governmental funds 690
Accrued pension liabilities-governmental funds 130
Capital assets-governmental funds 790
Accrued other liabilities-governmental funds 128
Other long-term assets-governmental funds 48

The net position of governmental activities is (in millions)


Answers

In this case the net position refers to the

Difference between the entity's assets plus entity's deferred outflows of resources and entity's liabilities plus deferred inflow of resources

In other way we can say it as

Net position = (entity's assets + deferred outflows of resources ) - (entity's liabilities + deferred inflows of resources )

In the given case provided information is

Assets :-

Total government fund balances = $138 millions

Capital assets = $790 millions

Other long term assets = $48 millions

Total assets = $976 millions

Deferred outflow of resources

Bonds payable = $690 millions

Total deferred outflow of resources = $690 millions

Liabilities

Accrued pension liabilities = $130 millions

Accrued other liabilities = $128 millions

Total liabilities = $258 millions

Total deferred inflow of resources = $0

So the calculation of net position is as follows :-

Net position = (assets + deferred outflow of resources) - (liabilities + deferred inflow of resources)

Net position =

= ( $976 millions + $690 millions) - ( $258 millions + $0)

= $1666 millions - $258 millions

= $1408 millions

The net position = $1408 millions

These are all the information required to solve the given question.

I hope, all the above mentioned information and explanations are useful and helpful to you.

Thank you.

.

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