Question

Given here is the December 31, 2013, preclosing trial balance for the City of Hudson Golf Course Enterprise Fund.Compute as of December 31, 2013, (a) total net position; (b) net investment in capital assets, net of related debt; (c)restricted net position: and (d) unrestricted net position.Oty of HudsonGolf Course Enterprise FundPredoslng Trial BalanceDecember", 208Debits (teatsCash 5 15,045Accounts receivable 37,000Estimated uncolectble accounts S 5,000Cash—restricted for debt service 150,000Cash—restricted for customer deposits 23,000Land 900,000Equipment 325,000Accumdated depreciation—eminent 105,000Buildngs 1,500,000Accumdated depreciation—builtings 650,000Accounts payable 20,000Customers’ deposits payable 23,000Interest payable on customer deposits 835Revenue bonds payable 1,000,000Accmed interest payabFrevenue bonds 6,500Net position, January 1, 2013 940,740

Answer 1

Answer:

Explanation:

a) For total net position :

Particulars                                                                  Amount

total net assets

revenue from rentals                                                        $ 800,000.00

personal service expense                    $ 380,000.00

Utilities expense                                   $ 63,000.00

repairs and maintenace respense      $ 47,000.00

depreciation expense-equipment       $ 15,000.00

depreciation expense-building            $ 50,000.00

interest expense                                   $ 40,030.00

uncollectible accounts expense          $ 5,000.00

supplies expense                                  $ 1,000.00             $ 601,030.00

increase in net assets                                                          $ 198,970.00

add net assets in beginning of the yr                                 $ 940,740.00

Total ending net assets                                                       $ 1,139,710.00

b) net investment in capital assets, net of related debt:

Particulars                                                                               Amount

Net capital assests                                                                 $ 900,000.00

land                                                                                           $ 325,000.00

equipment                                                                                $ 1,500,000.00

accumulated depreciation-equipment                                 $ 105,000.00

accumulated depreciation-buildings                                     $ 650,000.00        $ 1,970,000.00

less revenues bonds payable                                                                              $ 1,000,000.00

net assets invested in capital assets, net of related debt                                $ 970,000.00

c) For restricted net position

Particulars                                                                                    Amount

Restricted assets            

cash restricted fordebt service            $ 150,000.00

cash restricted for customer deposit  $ 23,000.00                   $ 173,000.00

liabilities payable from restricted assets

customers deposits payable                                               $ 23,000.00

restricted net assets                                                              $ 150,000.00

d) For unrestricted net position

Particulars                                                                                     Amount

net assets, unrestricted

total nets assets, end of year                                                     $ 1, 139,710.00

less net assets invested in capital assets, net of related        $ 970,000.00

less net assets, restricted                                                            $ 150,000.00

Net assets, unrestricted                                                               $ 19,710.00