Question
During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, which is operated
During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, which is operated as an enterprise fund. You are provided with the following information:
- The beginning net position balances are net investment in capital assets, $681,300; restricted for renovation of the check-in stand, $0; and unrestricted, $1,357,682.
- Net income for the year was $163,119.
- Depreciation expense totaled $54,120.
- A piece of equipment with a carrying value of $27,100 was sold for $26,000.
- Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $248,595.
- A $15,035 principal payment was made on a lease obligation.
- A new golf ball retrieving machine was purchased for $350,000. At the end of the year, a $31,000 note associated with the machine remains outstanding.
- The check-in stand was completed for $53,100 of construction costs incurred this year.
Required
Prepare the net position section of Mashpees statement of net position.
During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, which is operated as an enterprise fund. You are provided with the following information:
- The beginning net position balances are net investment in capital assets, $681,300; restricted for renovation of the check-in stand, $0; and unrestricted, $1,357,682.
- Net income for the year was $163,119.
- Depreciation expense totaled $54,120.
- A piece of equipment with a carrying value of $27,100 was sold for $26,000.
- Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $248,595.
- A $15,035 principal payment was made on a lease obligation.
- A new golf ball retrieving machine was purchased for $350,000. At the end of the year, a $31,000 note associated with the machine remains outstanding.
- The check-in stand was completed for $53,100 of construction costs incurred this year.
Required
Prepare the net position section of Mashpees statement of net position.
What is Net position-Net Investment In Capital Assets?
What is Net position---Net restricted?
What is Net position--- Net Unrestricted?
Total Net Position
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started