The City of Floyd Reports the Following Fund Information All

question 34

Essay

The City of Floyd reports the following fund information all amounts are in thousands of dollars:
$\begin{array}{ll}\text {All governmental funds' fund balance}&\$13,000\\ \text {Restricted fund balances:}\\ \text {Special Revenue Fund}&1,200\\ \text {Capital Projects Fund unspent bond proceeds}&900\\ \text {Debt Service Fund}&1,700\\ \text {General capital assets}&10,800\\ \text {Accumulated depreciation on capital assets}&4,100\\ \text {General long-term liabilities:}\\ \text {Bonds payable for capital assets}&5,700\\ \text {Liability for compensated absences}&3,200\\ \text {Internal Service Fund serving governmental activities}&\\ \text {Net position}&3,000\\ \text {Capital assets net of accumulated depreciation}&1,700\\ \text {Liability, capital related}&500\end{array}$ Requirement: Prepare the net position section for governmental activities for the statement of net position for the City of Floyd for the year ended December 31, 20X9.

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Definitions:

Risk-Free Rate

The theoretical return of an investment with zero risk, often represented by the yield of government bonds.

Forward Rate

The interest rate agreed upon for a loan that will start at a future date, used in the trading of financial instruments.

British Security

Refers to measures and protocols in place to ensure the safety and protection of the United Kingdom against threats, including those related to national security, cyber security, and public safety.

Fixed Exchange Rate

A currency valuation system in which a country’s currency value is pegged against another currency, a basket of currencies, or a commodity like gold.