The preclosing trial balance for the City of Hudson Golf Course Enterprise Fund is shown below.CITY OF HUDSONGolf Course Enterprise FundPreclosing Trial BalanceDecember 31, 2021DebitsCreditsCash$12,036Accounts receivable29,600Estimated uncollectible accounts$4,000Cash―restricted for debt service120,000Cash restricted for customer deposits18,400Land720,000Equipment260,000Accumulated depreciation-equipment84,000Buildings1,200,000Accumulated depreciation-buildings520,000Accounts payable16,668Customers' deposits payable18,400Revenue bonds payable800,000Accrued interest payable-revenue bonds5,200Net position, January 1, 2021752,592Revenue from rentals640,000Personal services expense304,000Utilities expense50,400Repairs and maintenance expense37,600Depreciation expense-equipment12,000Depreciation expense-building40,000Interest expense32,024Estimated uncollectible accounts4,000Supplies expense800$2,840,860 $2,840,860

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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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Calculate operating margin Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: Assets: City of Tallahassee General Fund Balance Sheet (in thousands) Cash and cash equivalents Due from other governments All other assets Total assets Liabilities: Total current liabilities Fund balance: Nonspendable Committed Assigned $2,480 0 11,848 $14,328 $11,287 1,500 0 0
! 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, 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 Debits $ Credits 96,000 $ 32,000 28,000 45,000 47,000 12,000 712,000 89,000 550,000 479,000 45,000 17,000 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals 40,000 18,000 4,000 119,000 625,000 $1,479,000 $1,479,000 Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of…
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 Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…
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. Debits Credits Accounts payable $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…
! 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…
3 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. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…
2 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. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the closing entries for December 31. Prepare the Statement of Revenues, Expenses, and Changes in Fund…
The City of Thumane had he owng dbf outstanding $2,900.000 General obligation bonds to be paid from a debt service fund $3,100.000 General obligation bonds to be paid trom utility revenues Revenue bonds to be paid trom utility revenues $3,400,000 The amount that shouid be shown as debt in the uhlity (enterprise) fund would be: Oa S6.500 000 06 S3400.000 Oc $3, 100.000 Od $9,400,000 hp
The City of Stillwater's Airport Authority is included in the reporting entity as an Enterprise Fund. The trial balance for the Airport on June 30, 2018, included the following information: Debit Credit Cash Accounts Receivable Land Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Net Position: 762,453 41,346 3,485,663 25.441.366 12,739,880 60,605 282,809 15,904,340 743,194 29,730,828 Invested in Capital Assets, Net of Related Debt Unrestricted Total 29,730,828 1) Charge for services of $1,245,585 and receipts from customers of $1,213,330. 2) Additions for improvements other than buildings were added for a total cost of $156,996. All fixed asset additions were paid by June 30, 2018. 3) Operating expenses were Interest expense was Payments were made to suppliers Interest was paid 4) Transfers in from the General fund totaled: 2,469,127 22,625 1,586,894 22,625 2,741,794 5) Adjusting entries were as follows: Estimated uncollectible accounts reccivable: 12,456…
The pre-closing trial balance for the Annette County Public Works Capital Project Fund is provided below. Debits Credits Cash $ 700,000 Grant Receivable 750,000 Investments 800,000 Contract Payable $ 834,000 Contract Payable—Retained Percentage 24,000 Reserve for Encumbrances 2,500,000 Revenues…
8. The pre-closing trial balance for the Annette County Public Works Capital Project Fund is provided below. Debits Credits Cash $ 700,000 Grant Receivable 750,000 Investments 800,000 Contract Payable $ 834,000 Contract Payable-Retained Percentage 24,000 Reserve for Encumbrances 2,500,000 Revenues 930,000 Encumbrances 2,500,000 Construction Expenditures 2,338,000 Other Financing Sources-Proceeds of Bonds 2,800,000 Total $7,088,000 Required $7,088,000 a. Prepare the June 30, 2011, statement of revenues, expenditures, and changes in fund balance for the capital projects fund. b. Has the capital project been completed? Explain your answer.

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