Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the current year, the Town of Falmouth had a number of transactions that affected net position of its town skating rink, which is operated

During the current year, the Town of Falmouth had a number of transactions that affected net position of its town skating rink, which is operated as an enterprise fund. You are provided with the following information:

  1. The beginning net position balances are net investment in capital assets, $679,600; restricted, $0; and unrestricted, $1,354,294.
  2. Net income for the year was $162,712.
  3. Depreciation expense totaled $53,985.
  4. A piece of equipment with a carrying value of $26,000 was sold for $24,900.
  5. Bonds for $500,000 were issued to construct a concession stand at the rink. At the end of the year, the concession stand was 50 percent complete, and construction work in progress totaled $247,980.
  6. A $14,998 principal payment was made on a lease obligation.
  7. A new Zamboni ice resurfacing machine was purchased for $240,000. At the end of the year, a $29,900 note associated with the machine remains outstanding.

Required

Prepare the net position section of Falmouths statement of net position.

Net Position Net Position - Net investment in capital assets ???? Net Position - Restricted ???? Net Position - Unrestricted ????? Total net position ?????

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Top Accounting And Auditing Issues For 2021 CPE Course

Authors: CCH Tax Law Editors

1st Edition

0808055348, 978-0808055341

More Books

Students also viewed these Accounting questions

Question

Identify three types of physicians and their roles in health care.

Answered: 1 week ago

Question

Compare the types of managed care organizations (MCOs).

Answered: 1 week ago