The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year: 1. Net income for the year was $161,611. 2. The beginning net position balances are net investment in capital assets, $585,500; restricted, $5,070; and unrestricted, $254,890. 3. New golf carts were leased. The present value of the lease liability is $200,070. A principal payment of $40,060 was made during the year, and amortization of the leased asset totaled $37,520. 4. Lawn edging equipment with a carrying value of $6,150 was sold for $6,360. 5. A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains outstanding. Depreciation of the mower was $7,500. 6. Additional depreciation totaled $30,000. Required Prepare the net position section of Shelburne's statement of net position. Answer is not complete.

The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year: 1. Net income for the year was $161,611. 2. The beginning net position balances are net investment in capital assets, $585,500; restricted, $5,070; and unrestricted, $254,890. 3. New golf carts were leased. The present value of the lease liability is $200,070. A principal payment of $40,060 was made during the year, and amortization of the leased asset totaled $37,520. 4. Lawn edging equipment with a carrying value of $6,150 was sold for $6,360. 5. A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains outstanding. Depreciation of the mower was $7,500. 6. Additional depreciation totaled $30,000. Required Prepare the net position section of Shelburne's statement of net position. Answer is not complete.

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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