The City of Fresh Springs created a Swimming Pool (Enterprise) Fund in 2020. (Hint: this means the beginning net position is $0.) Using the information listed below: Assume that none of the Net Position is classified as Restricted. Debits: Administrative expense 120,000; Building 800,000; Cash 95,000; Depreciation expense 120,000; Equipment 300,000; Interest expense 30,000; Land 300,000; Land improvement 400,000; Salaries expense 575,000; Supplies inventory 70,000; Utilities expense 140,000; Totals 2,950,000 Credits: Accumulated depreciation 120,000; Bank note payable (used to buy capital assets) 500,000; Charges for services 1,130,000; Transfer in from General Fund 1,200,000; Totals 2,950,000 Required: Record the closing journal entry. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the City’s Swimming Pool Fund for the Year Ended December 31, 2020. Prepare the Statement of Net Position for the City’s Swimming Pool Fund as of December 31, 2020.
The City of Fresh Springs created a Swimming Pool (Enterprise) Fund in 2020. (Hint: this means the beginning net position is $0.) Using the information listed below: Assume that none of the Net Position is classified as Restricted. Debits: Administrative expense 120,000; Building 800,000; Cash 95,000; Depreciation expense 120,000; Equipment 300,000; Interest expense 30,000; Land 300,000; Land improvement 400,000; Salaries expense 575,000; Supplies inventory 70,000; Utilities expense 140,000; Totals 2,950,000 Credits: Accumulated depreciation 120,000; Bank note payable (used to buy capital assets) 500,000; Charges for services 1,130,000; Transfer in from General Fund 1,200,000; Totals 2,950,000 Required: Record the closing journal entry. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the City’s Swimming Pool Fund for the Year Ended December 31, 2020. Prepare the Statement of Net Position for the City’s Swimming Pool Fund as of December 31, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The City of Fresh Springs created a Swimming Pool (Enterprise) Fund in 2020. (Hint: this means the beginning net position is $0.) Using the information listed below:
Assume that none of the Net Position is classified as Restricted.
Debits: Administrative expense 120,000; Building 800,000; Cash 95,000;
Credits:
Required:
- Record the closing
journal entry . - Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the City’s Swimming Pool Fund for the Year Ended December 31, 2020.
- Prepare the Statement of Net Position for the City’s Swimming Pool Fund as of December 31, 2020.
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