The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year: Net income for the year was $161,551. The beginning net position balances are net investment in capital assets, $585,420; restricted, $5,050; and unrestricted, $254,820. New golf carts were leased. The present value of the lease liability is $200,090. A principal payment of $40,080 was made during the year, and amortization of the leased asset totaled $37,550. Lawn edging equipment with a carrying value of $6,140 was sold for $6,320. A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains outstanding. Depreciation of the mower was $7,500. Additional depreciation totaled $30,000. Required Prepare the net position section of Shelburne’s statement of net position.
The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year: Net income for the year was $161,551. The beginning net position balances are net investment in capital assets, $585,420; restricted, $5,050; and unrestricted, $254,820. New golf carts were leased. The present value of the lease liability is $200,090. A principal payment of $40,080 was made during the year, and amortization of the leased asset totaled $37,550. Lawn edging equipment with a carrying value of $6,140 was sold for $6,320. A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains outstanding. Depreciation of the mower was $7,500. Additional depreciation totaled $30,000. Required Prepare the net position section of Shelburne’s statement of net position.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year:
- Net income for the year was $161,551.
- The beginning net position balances are net investment in capital assets, $585,420; restricted, $5,050; and unrestricted, $254,820.
- New golf carts were leased. The present value of the lease liability is $200,090. A principal payment of $40,080 was made during the year, and amortization of the leased asset totaled $37,550.
- Lawn edging equipment with a carrying value of $6,140 was sold for $6,320.
- A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains outstanding.
Depreciation of the mower was $7,500. - Additional depreciation totaled $30,000.
Required
Prepare the net position section of Shelburne’s statement of net position.
Transcribed Image Text:VILLAGE OF SHELBURNE
Golf Course Enterprise Fund
Partial Statement of Net Position
As of year-End
Net Position:
Net Position-Net Investment In Capital Assets
Net Position-Restricted
Net
Position-Unrestricted
Total Net Position
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