It is a business venture by two or more people
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The total net position for Village of Seaside Pines is $10000.
The closing entries for December 31st be:
Debit Charge for Sales and services $550000
Debit Transfer in from General Fund $115000
Debit Non operating revenues $4000
Credit Cost of sales and services $492000
Credit Depreciation expense $45000
Credit Administrative and selling expense $47000
Credit Non operating expense $40000
Credit Net position $45000
The Net Position section of the December 31 balance sheet will be prepared thus:
Capital asset acquired = $705000
Less: Accumulated depreciation = $45000
Less: Revenue bonds = $625000
Net investment in capital = $35000
Therefore, the total net position will be:
= $45000 - $35000
= $10000
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