The City of Santangelo received a $500,000 federal grant to acquire several buses to be used in its public transit system. The city paid $400,000 to acquire several buses. At year-end, $100,000 of the grant had not yet been used. During the year total depreciation on the buses was $40,000. Revenues for the public system were $600,000; operating expenses (other than depreciation) were $470,000. REQUIRED: Assuming the Public Transit Enterprise Fund began the year with unrestricted net assets of $420,000, prepare the following for the Public Transit Enterprise Fund. a)Statement of revenues, expenses, and changes in net position. b)Net position section of the statement of net position.
The City of Santangelo received a $500,000 federal grant to acquire several buses to be used in its public transit system. The city paid $400,000 to acquire several buses. At year-end, $100,000 of the grant had not yet been used. During the year total
a)Statement of revenues, expenses, and changes in net position.
b)Net position section of the statement of net position.
The revenue, costs, profits, and losses incurred by the business entities over a specific time period are required to be shown in the income statement.
The following items are listed in the income, expense, and change in net position statement:
- Total operating revenue
- Detailed operating expenses
- Total operating expenses
- Operating income (loss)
- Non-operating revenue
- Non-operating expenses
- Increase (decrease) in net assets
- Net assets - beginning of period
- Net assets - end of period
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