ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 7, Problem 26EP
Net Position Classifications. (LO7-5) 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 $161,511.
- 2. The beginning net position balances are net investment in capital assets, $585,400; restricted, $5,000; and unrestricted, $254,790.
- 3. New golf carts were leased. The present value of the lease liability is $200,000. A principal payment of $40,000 was made during the year, and amortization of the leased asset totaled $37,500.
- 4. Lawn edging equipment with a carrying value of $6,100 was sold for $6,300.
- 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.
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During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, which is
operated as an enterprise fund. You are provided with the following information:
1. The beginning net position balances are net investment in capital assets, $681,200; restricted for renovation of the check-in stand,
$0; and unrestricted, $1,357,483.
2. Net income for the year was $163,095.
3. Depreciation expense totaled $54,112.
4. A piece of equipment with a carrying value of $27,000 was sold for $25,900.
5. Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and
construction work in progress totaled $248,555.
6. A $15,033 principal payment was made on a lease obligation.
7. A new golf ball retrieving machine was purchased for $340,000. At the end of the year, a $30,900 note associated with the machine
remains outstanding.
8. The check-in stand was completed for $53,000 of construction…
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.
RequiredPrepare the net position section of Shelburne’s statement of net position.
Chapter 7 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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