1. The beginning net position balances are net investment in capital assets. $1709,800, restricted for renovation of the check in stand, $50,000, and unrestricted. $354.692. 2. Net Income for the year was $207190 3. Depreciation expense totaled $69.500. 4. A piece of equipment with a carrying value of $25,000 was sold for $22.500. 5. Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $302.000. 6. A $12.000 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $125,000. At the end of the year, a $40,000 note associated with the machine remains outstanding 8. The check-in stand was completed for $52.000 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position

1. The beginning net position balances are net investment in capital assets. $1709,800, restricted for renovation of the check in stand, $50,000, and unrestricted. $354.692. 2. Net Income for the year was $207190 3. Depreciation expense totaled $69.500. 4. A piece of equipment with a carrying value of $25,000 was sold for $22.500. 5. Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $302.000. 6. A $12.000 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $125,000. At the end of the year, a $40,000 note associated with the machine remains outstanding 8. The check-in stand was completed for $52.000 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position

Name: 1. The beginning net position balances are net investment in capital
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Description: 1. The beginning net position balances are net investment in capital assets, $1,709,800, restricted for renovation of the check-instand, $50,000, and unrestricted, $354,692.2. Net Income for the year was $207,190.3. Depreciation expense totaled $69,

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

1. The beginning net position balances are net investment in capital assets, $1,709,800, restricted for renovation of the check-in
stand, $50,000, and unrestricted, $354,692.
2. Net Income for the year was $207,190.
3. Depreciation expense totaled $69,500.
4. A piece of equipment with a carrying value of $25,000 was sold for $22.500.
5. Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and
construction work in progress totaled $302.000.
6. A $12.000 principal payment was made on a lease obligation.
7. A new golf ball retrieving machine was purchased for $125,000. At the end of the year, a $40,000 note associated with the
machine remains outstanding.
8. The check-in stand was completed for $52.000 of construction costs incurred this year.
Required
Prepare the net position section of Mashpee's statement of net position.
TOWN OF MASHPEE
Golf Enterprise Fund
Partial Statement of Net Position
As of year End
Net Position
Not Position-Net Investment in Capital Assets
Not Position Restricted
Not Position-Unrestricted
Total Not Position
0
S

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