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 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Tot als $ Debits 26,100 49,000 209,000 90.500 497,000 42,000 17, 200 40,400 18,400 $1,494,600 Creasts 104,000 29,200 47,000 12,500 $55,000 000 115,400 425,500 $1,494,600 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 December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets)
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 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Tot als $ Debits 26,100 49,000 209,000 90.500 497,000 42,000 17, 200 40,400 18,400 $1,494,600 Creasts 104,000 29,200 47,000 12,500 $55,000 000 115,400 425,500 $1,494,600 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 December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Accusulated 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
Tot als
S
Debits
26,100
49,200
209,000
90,500
497,000
42,000
17,200
40,400
18,400
$1,494,600
Credits
104,000
29,200
47,000
12,500
$55,000
5,000
115,400
625.500
$1,494,600
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 December 31 balance sheet. Assume that the revenue bonds were issued to acquire capitali
assets and there are no restricted assets)
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