Question

In: Accounting

The village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...

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 12400

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 4,300

Transfer in from general fund 115,200

Banknote payable 625,300

Supplies inventory 18,300

Totals $1,488,600 $1,488,600

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

Solutions

Expert Solution

a)
Date Particulars Debit ($) Credit ($)
Charge for sales and services 553000
Transfer in from general fund 115200
     Adminstrative and selling expenses 48500
     Cost of sales and service 495000
     Depreciation expense 46500
     Interest expense 4300
     Net assets 73900
(To record the closing entry on Dec 31.)
b)
Particulars Amount ($) Amount ($)
Operating revenue:
charges for sales and services 553000
Operating expenditures:
Cost of sales and services 495000
Administrative and selling expenses 48500
Depreciation 46500
Interest 4300
Total operating expenditures 594300
Income before contributions and transfers -41300
Contributions of capital 0
Transfer In 115200
Transfer Out 0
Change in Net position 73900
Beginning Net position 0
Ending year net position 73900
c) Balance sheet
Assets: Amount ($) Amount ($)
Cash 90200
Accounts receivable 25800
Due from general fund 17100
Suplies 18300
Total current assets 151400
Non-current assets
Capital assets, Net of depreciation 660500
Total assets 811900
Liabilities and fund equity:
Current liabilities:
Accounts payable 103000
Accrued interest payable 28900
Allowance for uncollectible accounts 12400
Total current liabilities 144300
Non-Current liabilities
Revenue bonds payable 625300
Total liabilities 769600
Net position
Ending net position 42300
Eotal liabilities and net position 811900

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