Exercise 7-23 (Algo) Net Position Classifications [LO 7-5] During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, which is operated as an enterprise fund. You are provided with the following information: 1. The beginning net position balances are net investment in capital assets, $681,000; restricted for renovation of the check-in stand, $0, and unrestricted, $1,357,084. 2. Net income for the year was $163,047. 3. Depreciation expense totaled $54,096. 4. A piece of equipment with a carrying value of $26,900 was sold for $25,800 5. Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $248,476. 6. A $15,028 principal payment was made on a lease obligation 7. A new golf ball retrieving machine was purchased for $330,000. At the end of the year, a $30,800 note associated with the machine remains outstanding 8. The check-in stand was completed for $52,900 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position.

Exercise 7-23 (Algo) Net Position Classifications [LO 7-5] During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, which is operated as an enterprise fund. You are provided with the following information: 1. The beginning net position balances are net investment in capital assets, $681,000; restricted for renovation of the check-in stand, $0, and unrestricted, $1,357,084. 2. Net income for the year was $163,047. 3. Depreciation expense totaled $54,096. 4. A piece of equipment with a carrying value of $26,900 was sold for $25,800 5. Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $248,476. 6. A $15,028 principal payment was made on a lease obligation 7. A new golf ball retrieving machine was purchased for $330,000. At the end of the year, a $30,800 note associated with the machine remains outstanding 8. The check-in stand was completed for $52,900 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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