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
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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, 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
Transcribed Image Text: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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