Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 7, Problem 23EP
Net Position Classifications. (LO7-5) During the current year, the Town of Falmouth had a number of transactions that affected net position of its town skating rink, 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, $679,800; restricted, $0; and unrestricted, $1,354,692.
- 2. Net income for the year was $162,759.
- 3.
Depreciation expense totaled $54,000. - 4. A piece of equipment with a carrying value of $26,100 was sold for $25,000.
- 5. Bonds for $500,000 were issued to construct a concession stand at the rink. At the end of the year, the concession stand was 50 percent complete, and construction work in progress totaled $248,000.
- 6. A $15,000 principal payment was made on a lease obligation.
- 7. A new Zamboni ice resurfacing machine was purchased for $250,000. At the end of the year, a $30,000 note associated with the machine remains outstanding.
Required
Prepare the net position section of Falmouth’s statement of net position.
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The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made.
a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019.
b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund.
c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year.
d. The city transferred the required pension contribution of $2 million from the general fund to the…
!
Required information
[The following information applies to the questions displayed below.]
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of
its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.
Accounts payable
Accounts receivable
Accrued interest payable
Accumulated depreciation
Administrative and selling expenses
Allowance for uncollectible accounts
Capital assets
Cash
Charges for sales and services
Cost of sales and services
Depreciation expense
Due from General Fund
Interest expense
Interest revenue
Transfer in from General Fund
Bank note payable
Supplies inventory
Totals
Required A
Required B
Complete this question by entering your answers in the tabs below.
Required C
VILLAGE OF SEASIDE PINES
ENTERPRISE FUND
Statement of Net Position
December 31, 2024
Net Position:
Net Investment in Capital Assets
Unrestricted
Total Net Position
Debits
Required:
a.…
4.
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year
through a transfer from the General Fund.
Accounts payable
Accounts receivable
Accrued interest payable
Accumulated depreciation
Administrative and selling expenses
Allowance for uncollectible accounts
Capital assets
Cash
Charges for sales and services
Cost of sales and services
Depreciation expense
Due from General Fund
Interest expense
Interest revenue
Transfer in from General Fund
Bank note payable
Supplies inventory
Totals
Debits
$32,000
47,000
712,000
89,000
479,000
45,000
17,000
40,000
18,000
$1,479,000
Credits
$ 96,000
28,000
45,000
12,000
550,000
4,000
119,000
625,000
$1,479,000
Required:
a. Prepare the closing entries for December 31.
b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.
c. Prepare the Net Position section of the…
Chapter 7 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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