During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, 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, $680,400; restricted for renovation of the check-in stand, $0; and unrestricted, $1,355,888. 2. Net income for the year was $162,903. 3. Depreciation expense totaled $54,048. 4. A piece of equipment with a carrying value of $26,500 was sold for $25,400. 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 $248,238. 6. A $15,014 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $290,000. At the end of the year, a $30,400 note associated with the machine remains outstanding. 8. The check-in stand was completed for $52,500 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, 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, $680,400; restricted for renovation of the check-in stand,
$0; and unrestricted, $1,355,888.
2. Net income for the year was $162,903.
3. Depreciation expense totaled $54,048.
4. A piece of equipment with a carrying value of $26,500 was sold for $25,400.
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 $248,238.
6. A $15,014 principal payment was made on a lease obligation.
7. A new golf ball retrieving machine was purchased for $290,000. At the end of the year, a $30,400 note associated with the machine
remains outstanding.
8. The check-in stand was completed for $52,500 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:
Net Position-Net Investment in Capital Assets
Net Position-Restricted
Net Position-Unrestricted
Total Net Position
$
Transcribed Image Text:During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, 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, $680,400; restricted for renovation of the check-in stand, $0; and unrestricted, $1,355,888. 2. Net income for the year was $162,903. 3. Depreciation expense totaled $54,048. 4. A piece of equipment with a carrying value of $26,500 was sold for $25,400. 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 $248,238. 6. A $15,014 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $290,000. At the end of the year, a $30,400 note associated with the machine remains outstanding. 8. The check-in stand was completed for $52,500 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: Net Position-Net Investment in Capital Assets Net Position-Restricted Net Position-Unrestricted Total Net Position $
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 $161,571.
2. The beginning net position balances are net investment in capital assets, $585,480; restricted, $5,060; and unrestricted, $254,850.
3. New golf carts were leased. The present value of the lease liability is $200,070. A principal payment of $40,020 was made during
the year, and amortization of the leased asset totaled $37,530.
4. Lawn edging equipment with a carrying value of $6,130 was sold for $6,320.
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.
VILLAGE OF SHELBURNE
Golf Course Enterprise Fund
Partial Statement of Net Position
As of year-End
Net Position:
Net Position-Net Investment In Capital Assets
Net Position Restricted
Net Position-Unrestricted
Total Net Position
$
0
Transcribed Image Text: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 $161,571. 2. The beginning net position balances are net investment in capital assets, $585,480; restricted, $5,060; and unrestricted, $254,850. 3. New golf carts were leased. The present value of the lease liability is $200,070. A principal payment of $40,020 was made during the year, and amortization of the leased asset totaled $37,530. 4. Lawn edging equipment with a carrying value of $6,130 was sold for $6,320. 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. VILLAGE OF SHELBURNE Golf Course Enterprise Fund Partial Statement of Net Position As of year-End Net Position: Net Position-Net Investment In Capital Assets Net Position Restricted Net Position-Unrestricted Total Net Position $ 0
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