The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.

  Debits Credits
Accounts payable   $ 108,000
Accounts receivable $ 27,400  
Accrued interest payable   30,600
Accumulated depreciation   49,000
Administrative and selling expenses 51,000  
Allowance for uncollectible accounts   13,000
Capital assets 714,000  
Cash 96,800  
Charges for sales and services   561,000
Cost of sales and services 500,000  
Depreciation expense 49,000  
Due from General Fund 17,300  
Interest expense 40,500  
Interest revenue   5,300
Transfer in from General Fund   117,600
Bank note payable   630,400
Supplies inventory 18,900  
Totals $ 1,514,900 $ 1,514,900

 

 

Required:

  1. Prepare the closing entries for December 31.

  2. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.

  3. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)

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