ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Textbook Question
Chapter 7, Problem 26EP
Net Position Classifications. (LO7-5) 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 $161,511.
- 2. The beginning net position balances are net investment in capital assets, $585,400; restricted, $5,000; and unrestricted, $254,790.
- 3. New golf carts were leased. The present value of the lease liability is $200,000. A principal payment of $40,000 was made during the year, and amortization of the leased asset totaled $37,500.
- 4. Lawn edging equipment with a carrying value of $6,100 was sold for $6,300.
- 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.
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Use the formatted answer sheet template provided to analyze
the effects of each of transaction on the accounting equations of
each fund or nonfund account affected by the transaction.
Indicate increases by positive amounts; indicate decreases by
putting the amount in parentheses.
1. Beverly County issued at par $20 million of general obligation,
10%, 10-year bonds. The resources are to be used to construct
a new civic center downtown.
2. The county paid $100,000 to Fancy Dan Construction
Company for work completed during the year.
3. During the year the county transferred $250,000 of general
fund cash to the fund from which the bonds are to be repaid.
The purpose of shifting the resources was to provide for the
principal and interest payments to be made during the fiscal
year.
4. $200,000 of the bonds and $20,000 of interest matured and
were paid.
2
Fund
GCA and GLTL
Affected Governmental Funds Nonfund Accounts
CA - CL FB GCA-GLTL=NP
7. The Town of Mirbat operates an enterprise fund. Following is the information related to the fund’s 2020 operating activities.
a. Rental income of OMR47,222 was accrued. Subsequently, cash in the amount of OMR45,105 was received on accounts.
b. Cash expenses for the period included: administrative services, OMR12,603; maintenance and repairs, OMR36,441; supplies and materials, OMR3,896; and utilities, OMR15,062.
c. The Central Station Fund received a OMR30,000 transfer of funds from the General Fund.
d. Adjustments were made for depreciation OMR1,760 and for uncollectible accounts 334.
Required: Prepare general journal entries to record the Fund’s operating activities for the year.
!
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.…
Chapter 7 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
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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