Net income for the year was $161,511. The beginning net position balances are net investment in capital assets, $585,400; restri
cted, $5,000; and unrestricted, $254,790. 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. Lawn edging equipment with a carrying value of $6,100 was sold for $6,300. 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.
Required
Prepare the net position section of Shelburne’s statement of net position.
Required
Prepare the net position section of Shelburne’s statement of net position.
1 answer:
You might be interested in
Answer:
10% of the Janitorial Department's $450,000 costs is allocated to the Cutting Department
Explanation:
Given:
Costs Square Feet Number of Employees
Janitorial Department $450,000 100 20
Cafeteria Department $200,000 10,000 10
Cutting Department $1,500,000 2,000 60
Assembly Department $3,000,000 8,000 20
Cafeteria Cutting Assembly Total
Department department department
Square feet 10,000 2,000 8,000 20,000
% of allocation 50% 10% 40%
× 100
× 100
× 100
Hence, % usage by the cutting department is 10%