The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, 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 $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. 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.)

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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The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, 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				$	103,000
Accounts receivable	$	25,800
Accrued interest payable					28,900
Accumulated depreciation					46,500
Administrative and selling expenses		48,500
Allowance for uncollectible accounts					12,400
Capital assets		707,000
Cash		90,200
Charges for sales and services					553,000
Cost of sales and services		495,000
Depreciation expense		46,500
Due from General Fund		17,100
Interest expense		40,200
Interest revenue					4,300
Transfer in from General Fund					115,200
Bank note payable					625,300
Supplies inventory		18,300
Totals	$	1,488,600		$	1,488,600

Required:
a. Prepare the closing entries for December 31.
b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.
c. 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.)

VILLAGE OF SEASIDE PINES, ENTERPRISE FUND
Statement of Revenues, Expenses, and
Changes in Fund Net Position
For the Year Ended December 31, 2020
Revenues:
Total Revenues
Operating Expenses:
Total Operating Expenses
Operating Income (Loss)
Nonoperating Income (Expenses):
Total Nonoperating Revenue
Income (Loss) Before Transfers
Transfer from General Fund
Change in Net Position
Net Position - Beginning of Year
Net Position - End of Year
S
0
0
0
0
0
0
Net Position:
VILLAGE OF SEASIDE PINES
ENTERPRISE FUND
Statement of Net Position
December 31, 2020
Total Net Position
$
0

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