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 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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