Homework Help is Here – Start Your Trial Now!
Business
Accounting
Why might it be desirable to operate enterprise funds at a profit? H 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 $ 96,000 Accounts payable Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 550,000 Charges for sales and services Cost of sales and services 479,000 Depreciation expense 45,000 Dur from General Fund 17,000 S J

Why might it be desirable to operate enterprise funds at a profit? H 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 $ 96,000 Accounts payable Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 550,000 Charges for sales and services Cost of sales and services 479,000 Depreciation expense 45,000 Dur from General Fund 17,000 S J

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

5

Why might it be desirable to operate enterprise funds at a profit? H 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 $ 96,000 Accounts payable Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479,000 Depreciation expense 45,000 Due from General Fund 17,000 Interest expense 40,000 Interest revenue 4,000 119,000 Transfer in from General Fund Bank note payable 625.000 Supplies inventory 18,000 Totals $1,479,000 $1,479,000 Required Prenare the closing entries for Desember 31. S J
Transcribed Image Text:Why might it be desirable to operate enterprise funds at a profit? H 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 $ 96,000 Accounts payable Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479,000 Depreciation expense 45,000 Due from General Fund 17,000 Interest expense 40,000 Interest revenue 4,000 119,000 Transfer in from General Fund Bank note payable 625.000 Supplies inventory 18,000 Totals $1,479,000 $1,479,000 Required Prenare the closing entries for Desember 31. S J
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS