The Town of Portsmouth has at the beginning of the year a $213,000 Net Asset balance, and a $52,0…

 
   

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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

Prepare a Statement of Net Assets