The preclosing trial balance for the City of Hudson Golf Course Enterprise Fund is shown below.CITY OF HUDSONGolf Course Enterprise FundPreclosing Trial BalanceDecember 31, 2021DebitsCreditsCash$27,081Accounts receivable66,600Estimated uncollectible accounts$9,000Cash-restricted for debt service270,000Cash-restricted for customer deposits41,400Land1,620,000Equipment585,000Accumulated depreciation-equipment189,000BuildingsAccumulated depreciation-buildings2,700,0001,170,000Accounts payable37,503Customers' deposits payable41,400Revenue bonds payable1,800,000Accrued interest payable-revenue bonds11,700Net position, January 1, 20211,693,332Revenue from rentals1,440,000Personal services expense684,000Utilities expense113,400Repairs and maintenance expense84,600Depreciation expense-equipmentDepreciation expense-building27,00090,000Interest expense72,054.Estimated uncollectible accounts9,000Supplies expense1,800$6,391,935 $6,391,935 Net position, January 1, 20211,693,332Revenue from rentals1,440,000Personal services expense684,000Utilities expense113,400Repairs and maintenance expense84,600Depreciation expense-equipment27,000Depreciation expense-building90,000Interest expense72,054Estimated uncollectible accounts9,000Supplies expense1,800$6,391,935 $6,391,935Calculate the following as of December 31, 2021:Assume that revenue bonds payable were used to acquire capital assets.a) Total net position$ 0b) Net investment in capital assets$ 0c) Restricted net position$ 0d) Unrestricted net position$ 0

Restricted net position represents by restricted assets less liabilities and deferred inflows of…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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