Loose-leaf For Accounting For Governmental & Nonprofit Entities
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
bartleby

Videos

Textbook Question
Book Icon
Chapter 7, Problem 24EP

Central Station Enterprise Fund. (LO7-5) The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses rent space in the building and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund’s operating activities.

  1. 1. Rental income of $94,444 was accrued. Subsequently, cash in the amount of $90,210 was received on accounts.
  2. 2. Cash expenses for the period included administrative services, $25,205; maintenance and repairs, $72,882; supplies and materials, $7,792; and utilities, $30,124.
  3. 3. The Central Station Fund received a $60,000 transfer of funds from the General Fund.
  4. 4. An adjusting entry was made for depreciation of $3,519.
  5. 5. At the end of the period, nominal accounts were closed.

Required

  1. a.      Prepare general journal entries to record the Central Station Fund’s operating activities for the year.
  2. b.      Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of the period was $60,129.
  3. c.       Based on the information provided, does it appear that the Central Station Fund is required to be recognized as an enterprise fund under GASB standards? Explain your answer.
  4. d.      Assuming you are the town’s manager, discuss your concerns about the Central Station Fund.
Blurred answer
Students have asked these similar questions
Required information [The following information applies to the questions displayed below.] The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and individuals rent space in the building for private events, and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund's operating activities. 1. Rental income of $94,394 was accrued based upon reservations. 2. Cash in the amount of $90,164 was received on accounts. 3. Cash expenses for the period included administrative services, $25,192; maintenance and repairs, $72,844; and utilities, $30,106. 4. The Central Station Fund was awarded a $11,400 grant for historic…
The Town of Elizabeth operates the old train station as an enterprise fund. The train station is on the national register of historic buildings. Since the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses rent space in the building and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund’s 2011 operating activities. 1. Rental income of $95,300 was accrued. Subsequently, cash in the amount of $90,010 was received on accounts. 2. Cash expenses for the period included: administrative services, $20,205; maintenance and repairs, $72,922; supplies and materials, $7,089; and utilities, $28,124. 3. The Central Station Fund received a $60,000 transfer of funds from the General Fund. 4. Adjustments were made for depreciation ($3,519) and for uncollectible accounts…
Accounting Required information [The following information applies to the questions displayed below.] The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and individuals rent space in the building for private events, and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund's operating activities. 1. Rental income of $94,394 was accrued based upon reservations. 2. Cash in the amount of $90,164 was received on accounts. 3. Cash expenses for the period included administrative services, $25.192; maintenance and repairs, $72,844; and utilities, $30,106. 4. The Central Station Fund was awarded a $11,400 grant for…

Chapter 7 Solutions

Loose-leaf For Accounting For Governmental & Nonprofit Entities

Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License