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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, $678,100; restricted for renovation of the check-in stand, $0; and unrestricted, $1,351,303. 2. Net income for the year was $162,352. 3. Depreciation expense totaled $53,865. 4. A piece of equipment with a carrying value of $25,100 was sold for $24,000. 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 $247,386. 6. A $14,962 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $150,000. At the end of the year, a $29,000 note associated with the machine remains outstanding. 8. The check-in stand was completed for $54,100 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position. Net Position: TOWN OF MASHPEE Golf Enterprise Fund Partial Statement of Net Position As of Year End Net Position-Net Investment In Capital Assets Net Position-Restricted Net Position-Unrestricted Total Net Position $ 0

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, $678,100; restricted for renovation of the check-in stand, $0; and unrestricted, $1,351,303. 2. Net income for the year was $162,352. 3. Depreciation expense totaled $53,865. 4. A piece of equipment with a carrying value of $25,100 was sold for $24,000. 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 $247,386. 6. A $14,962 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $150,000. At the end of the year, a $29,000 note associated with the machine remains outstanding. 8. The check-in stand was completed for $54,100 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position. Net Position: TOWN OF MASHPEE Golf Enterprise Fund Partial Statement of Net Position As of Year End Net Position-Net Investment In Capital Assets Net Position-Restricted Net Position-Unrestricted Total Net Position $ 0

FINANCIAL ACCOUNTING
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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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, $678,100; restricted for renovation of the check-in stand, $0; and unrestricted, $1,351,303. 2. Net income for the year was $162,352. 3. Depreciation expense totaled $53,865. 4. A piece of equipment with a carrying value of $25,100 was sold for $24,000. 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 $247,386. 6. A $14,962 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $150,000. At the end of the year, a $29,000 note associated with the machine remains outstanding. 8. The check-in stand was completed for $54,100 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position. Net Position: TOWN OF MASHPEE Golf Enterprise Fund Partial Statement of Net Position As of Year End Net Position-Net Investment In Capital Assets Net Position-Restricted Net Position-Unrestricted Total Net Position $ 0
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, $678,100; restricted for renovation of the check-in stand, $0; and unrestricted, $1,351,303. 2. Net income for the year was $162,352. 3. Depreciation expense totaled $53,865. 4. A piece of equipment with a carrying value of $25,100 was sold for $24,000. 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 $247,386. 6. A $14,962 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $150,000. At the end of the year, a $29,000 note associated with the machine remains outstanding. 8. The check-in stand was completed for $54,100 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position. Net Position: TOWN OF MASHPEE Golf Enterprise Fund Partial Statement of Net Position As of Year End Net Position-Net Investment In Capital Assets Net Position-Restricted Net Position-Unrestricted Total Net Position $ 0
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