Answer:
$1,006,701
Explanation:
Preparation of the net position section of Shelburne’s of net position
First step is to calculate the ending balance
Net investment in capital assets:
Beginning balance$585,400
Add Leased equipment $200,000
Less Lease obligation $160,000
($200,000 − $40,000)
Less Sale of equipment $6,100
Add New equipment (lawnmower) $75,000
Less Note related to lawnmower $25,000 Less Depreciation and amortization $75,000
Ending balance$594,300
Now let Prepare the net position section of Shelburne’s of net position
VILLAGE OF SHELBURNE Golf Course Enterprise Fund
Partial Statement of Net Position As of year End
Net Position:
Net Position—Net Investment In Capital Assets $594,300
Add Net Position—Restricted$5,000
Add Net Position—Unrestricted$407,401
Total Net Position $1,006,701
($594,300+$5,000+$407,401)
Therefore the net position section of Shelburne’of net position will be $1,006,701
