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. 1. Net Income for the year was $161,581 2. The beginning net position balances are net Investment in capital assets, $585,430; restricted, $5,060, and unrestricted, $254,830. 3. New golf carts were leased. The present value of the lease liability is $200,020. A principal payment of $40,080 was made during the year, and amortization of the leased asset totaled $37,600. 4. Lawn edging equipment with a carrying value of $6,120 was sold for $6,370 5 A new lawn mower was purchased for $75.000. At the end of the year a $25.000 note associated with the machine remains
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. 1. Net Income for the year was $161,581 2. The beginning net position balances are net Investment in capital assets, $585,430; restricted, $5,060, and unrestricted, $254,830. 3. New golf carts were leased. The present value of the lease liability is $200,020. A principal payment of $40,080 was made during the year, and amortization of the leased asset totaled $37,600. 4. Lawn edging equipment with a carrying value of $6,120 was sold for $6,370 5 A new lawn mower was purchased for $75.000. At the end of the year a $25.000 note associated with the machine remains
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
1. Net Income for the year was $161,581.
2. The beginning net position balances are net Investment in capital assets, $585,430; restricted, $5,060, and unrestricted, $254,830.
3. New golf carts were leased. The present value of the lease liability is $200,020. A principal payment of $40,080 was made during
the year, and amortization of the leased asset totaled $37,600
4. Lawn edging equipment with a carrying value of $6,120 was sold for $6,370.
5. 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.
6. Additional depreciation totaled $30,000.
Required
Prepare the net position section of Shelburne's statement of net position.
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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