Enterprise Fund Closing Entries and Financials

Presented below is the adjusted trial balance for the Water Enterprise Fund of the Town of Wake Forest at December $31,2018,$ the end of its fiscal year. Based on this information, complete the following on the Input tab using formulas$/$functions wherever possible:

a$.$ Prepare the entry necessary to close the accounts

b$.$ Compute the ending fund net position balances for $(1)$ net investment in capital assets, $(2)$ restricted net position, and $(3)$ unrestricted net position

$($Note: Debt related to the capital assets consists solely of the Town$$s revenue bonds payable.$)$

Town of Wake Forest

Water Enterprise Fund

Adjusted Trial Balance

December $31,2018$

Cash and cash equivalents $$890,430$

Cash, restricted $$47,500$

Investments $$2,037,000$

Due from other funds $$595,000$

Land $$976,000$

Machinery and equipment $$2,264,000$

Accumulated depreciation, machinery and equipment $$1,840,000$

Buildings $$2,058,000$

Accumulated depreciation, buildings $$933,000$

Accounts payable $$398,250$

Revenue bonds payable, current portion $$50,000$

Revenue bonds payable, noncurrent portion $$1,650,000$

Net position $$4,087,000$

Revenues$$charges for services $$3,608,000$

Revenues$$other $$31,520$

Operating expenses$$purchase of water $$2,389,000$

Operating expenses$$materials and supplies $$276,000$

Operating expenses$$personal services $$827,195$

Operating expenses$$depreciation $$253,000$

Nonoperating revenues$$investment revenues $$29,680$

Nonoperating expenses$$interest $$14,325$

$$12,627,450$ $$12,627,450$