Homework Help is Here – Start Your Trial Now!
Business
Accounting
The preclosing trial balance for the City of Hudson Golf Course Enterprise Fund is shown below. CITY OF HUDSON Golf Course Enterprise Fund Preclosing Trial Balance December 31, 2021 Debits Credits Cash $27,081 Accounts receivable 66,600 Estimated uncollectible accounts $9,000 Cash-restricted for debt service 270,000 Cash-restricted for customer deposits 41,400 Land 1,620,000 Equipment Accumulated depreciation-equipment 585,000 189,000 Buildings Accumulated depreciation-buildings Accounts payable Customers' deposits payable 2,700,000 1,170,000 37.503 41,400 Revenue bonds payable 1,800,000 Accrued interest payable-revenue bonds 11,700 Net position, January 1, 2021 1,693,332 Revenue from rentals 1,440,000 Personal services expense 684,000 Utilities expense 113,400 Repairs and maintenance expense ৪4,600 Depreciation expense-equipment 27,000 Depreciation expense-building 90,000 Interest expense 72,054 Estimated uncollectible accounts 9,000 Supplies expense 1,800 $6,391,935 $6,391,935

The preclosing trial balance for the City of Hudson Golf Course Enterprise Fund is shown below. CITY OF HUDSON Golf Course Enterprise Fund Preclosing Trial Balance December 31, 2021 Debits Credits Cash $27,081 Accounts receivable 66,600 Estimated uncollectible accounts $9,000 Cash-restricted for debt service 270,000 Cash-restricted for customer deposits 41,400 Land 1,620,000 Equipment Accumulated depreciation-equipment 585,000 189,000 Buildings Accumulated depreciation-buildings Accounts payable Customers' deposits payable 2,700,000 1,170,000 37.503 41,400 Revenue bonds payable 1,800,000 Accrued interest payable-revenue bonds 11,700 Net position, January 1, 2021 1,693,332 Revenue from rentals 1,440,000 Personal services expense 684,000 Utilities expense 113,400 Repairs and maintenance expense ৪4,600 Depreciation expense-equipment 27,000 Depreciation expense-building 90,000 Interest expense 72,054 Estimated uncollectible accounts 9,000 Supplies expense 1,800 $6,391,935 $6,391,935

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
The preclosing trial balance for the City of Hudson Golf Course Enterprise Fund is shown below. CITY OF HUDSON Golf Course Enterprise Fund Preclosing Trial Balance December 31, 2021 Debits Credits Cash $27,081 Accounts receivable 66,600 Estimated uncollectible accounts $9,000 Cash-restricted for debt service 270,000 Cash-restricted for customer deposits 41,400 Land 1,620,000 Equipment 585,000 Accumulated depreciation-equipment 189,000 Buildings Accumulated depreciation-buildings 2,700,000 1,170,000 Accounts payable 37,503 Customers' deposits payable 41,400 Revenue bonds payable 1,800,000 Accrued interest payable-revenue bonds 11,700 Net position, January 1, 2021 1,693,332 Revenue from rentals 1,440,000 Personal services expense 684,000 Utilities expense 113,400 Repairs and maintenance expense 84,600 Depreciation expense-equipment Depreciation expense-building 27,000 90,000 Interest expense 72,054. Estimated uncollectible accounts 9,000 Supplies expense 1,800 $6,391,935 $6,391,935
Transcribed Image Text:The preclosing trial balance for the City of Hudson Golf Course Enterprise Fund is shown below. CITY OF HUDSON Golf Course Enterprise Fund Preclosing Trial Balance December 31, 2021 Debits Credits Cash $27,081 Accounts receivable 66,600 Estimated uncollectible accounts $9,000 Cash-restricted for debt service 270,000 Cash-restricted for customer deposits 41,400 Land 1,620,000 Equipment 585,000 Accumulated depreciation-equipment 189,000 Buildings Accumulated depreciation-buildings 2,700,000 1,170,000 Accounts payable 37,503 Customers' deposits payable 41,400 Revenue bonds payable 1,800,000 Accrued interest payable-revenue bonds 11,700 Net position, January 1, 2021 1,693,332 Revenue from rentals 1,440,000 Personal services expense 684,000 Utilities expense 113,400 Repairs and maintenance expense 84,600 Depreciation expense-equipment Depreciation expense-building 27,000 90,000 Interest expense 72,054. Estimated uncollectible accounts 9,000 Supplies expense 1,800 $6,391,935 $6,391,935
Net position, January 1, 2021 1,693,332 Revenue from rentals 1,440,000 Personal services expense 684,000 Utilities expense 113,400 Repairs and maintenance expense 84,600 Depreciation expense-equipment 27,000 Depreciation expense-building 90,000 Interest expense 72,054 Estimated uncollectible accounts 9,000 Supplies expense 1,800 $6,391,935 $6,391,935 Calculate the following as of December 31, 2021: Assume that revenue bonds payable were used to acquire capital assets. a) Total net position $ 0 b) Net investment in capital assets $ 0 c) Restricted net position $ 0 d) Unrestricted net position $ 0
Transcribed Image Text:Net position, January 1, 2021 1,693,332 Revenue from rentals 1,440,000 Personal services expense 684,000 Utilities expense 113,400 Repairs and maintenance expense 84,600 Depreciation expense-equipment 27,000 Depreciation expense-building 90,000 Interest expense 72,054 Estimated uncollectible accounts 9,000 Supplies expense 1,800 $6,391,935 $6,391,935 Calculate the following as of December 31, 2021: Assume that revenue bonds payable were used to acquire capital assets. a) Total net position $ 0 b) Net investment in capital assets $ 0 c) Restricted net position $ 0 d) Unrestricted net position $ 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Planning and Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS