1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
LenaWriter [7]
2 years ago
12

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its f

iscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 100,000 Accounts receivable $ 25,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 705,000 Cash 90,000 Charges for sales and services 550,000 Cost of sales and services 492,000 Depreciation expense 45,000 Due from General Fund 17,000 Interest expense 40,000 Interest revenue 4,000 Transfer in from General Fund 115,000 Bank note payable 625,000 Supplies inventory 18,000 Totals $ 1,479,000 $ 1,479,000 Required: 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. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)
Business
1 answer:
tigry1 [53]2 years ago
6 0

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

Read related link on:

brainly.com/question/25221634

You might be interested in
When steve discusses the "buyer for outdoor" and the "buyer for running," what does he mean?
andre [41]

In this video, Steve means that the people who discuss the "buyer for outdoor" and the "buyer for running, are the people who determine the product mix for each of the categories. Product mix is also known as product assortment. The product mix is the total amount of product lines a company offers its customers.

4 0
3 years ago
On January 1, 2016, Brian's stock portfolio is worth $100,000. On September 30, 2016, $5,000 is withdrawn from the portfolio, an
defon

Answer:

1.93%

Explanation:

The time weighted rate of return will be computed by combining the return at every time period demarcated by a withdrawal/addition.

<em>Time 1: Jan 1, 2016 to Sep 30, 2016</em>

start value = 100,000; end value = (105,000+5,000) = 110,000

Return = \frac{110,000}{100,000}=1.1

<em>Time 2: Sep 30, 2016 to Sep 30, 2017</em>

start value = 105,000; end value = 108,000

Return = \frac{108,000}{105,000}=1.028571

<em>Time 3: Sep 30, 2017 to Dec 31, 2017</em>

start value = (108,000 + 3,000) = 111,000; end value = 100,000

Return = \frac{100,000}{111,000}=0.900901.

Therefore, time weighted return

= (1.1 * 1.028571 * 0.900901) - 1

= 0.019305

= 1.93%.

3 0
3 years ago
Which of the following best describes the journal entry to record the withdrawal of raw materials from the storeroom for use as
Alborosie
D. Debit work in process debit manufacturing overhead …..
8 0
3 years ago
Manziel Corporation constructed a building at a cost of $10,000,000. Average accumulated expenditures were $4,000,000, actual in
stira [4]

Answer:

$237,500

Explanation:

Cost of building      $10,000,000

Avoidable Interest            $300,000

Less;Salvage value           ($800,000)

Depreciation  Cost        $9,500,000

Depreciation per year $9,500,000/40=$237,500

7 0
3 years ago
Suppose a stock market boom makes people feel wealthier. The increase in wealth would cause people to desire: a) increased consu
Stels [109]

Answer:

a. Increased consumption , which shifts the aggregate-demand curve right.

Explanation:

When there is a boom in stockmarket which makes people wealthier, people's consumption would increase because of the desire and availability of money to purchase goods, which results in demand curve shifting right.

The boom in the stockmarket means people investment has appreciated hence are able to save and increase their consumption spending.

A shift in demand curve to the right means an increase in the quantity demand of goods and services while a shift in demand curve left means a decrease in the quantity demand of goods and services.

Other factor that could cause increased consumption and shifts in aggregate demand curve right is tax decrease. Tax is a compulsory levy imposed on an individual or an organization by the government.

When there is a tax decrease, people would be able to save more thus increase their desire to consume more hence demand curve would shift to the right.

3 0
3 years ago
Other questions:
  • Green Haven is an organization whose earnings are exempt from federal and state income taxes. Individuals who contribute money t
    9·1 answer
  • A 10 percent increase in income leads to a 15% decrease in the quantity of macaroni and cheese demanded but no change in the pri
    9·1 answer
  • Free enterprise and laissez-faire economies gave the most benefits to
    11·1 answer
  • EA13.
    5·1 answer
  • On January 1, 2015, Alpha Manufacturing purchased a machine for $920,000. The company expects the machine to remain useful for e
    9·1 answer
  • A natural monopoly is a monopoly that arises because one firm can meet the entire market demand at a lower average​ _____ cost t
    5·1 answer
  • Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2018. In October 2018, Rick Co.'s Board of Direc
    15·1 answer
  • Question 3: Economic value-added (EVA) Net operating profit before taxes is $1,800. Total assets (invested capital) are $8,500,
    9·1 answer
  • A bank receives a deposit for $50,000. If the bank has a 10 percent reserve
    5·2 answers
  • Real estate licensee kimmy is involved in a dispute with another licensee, titus. kimmy prefers to use ______ to resolve the iss
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!