Question
I need help!! During the current year, the Town of Mashpee had a number of transactions that affected the net position of its town golf
I need help!!
During the current year, the Town of Mashpee had a number of transactions that affected the net position of its town golf course, which is operated as an enterprise fund. You are provided with the following information:
1) The beginning net position balances are a net investment in capital assets, $680,000; restricted for the renovation of the check-in stand, $0; and unrestricted, $1,355,091.
2) Net income for the year was $162,807.
3) Depreciation expenses totaled $54,016.
4) A piece of equipment with a carrying value of $26,200 was sold for $25,100.
5) 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 $248,079.
6) A $15,005 principal payment was made on a lease obligation.
7) A new golf ball retrieving machine was purchased for $260,000. At the end of the year, a $30,100 note associated with the machine remains outstanding.
8) The check-in stand was completed for $52,200 of construction costs incurred this year.
Required Prepare the net position section of Mashpees statement of net position.
I found the amount of $844,689 of Net Position - Net Investment in Capital Assets. It is wrong and not sure how to find the correct amount. Could you please help me?
Required Prepare the net position section of Mashpees statement of net position.
TOWN OF MASHPEE Golf Enterprise Fund Partial Statement of Net Position As of Year End Net Position: Net PositionNet Investment in Capital Assets Net PositionRestricted Net PositionUnrestricted Total Net Position $ 844,689 $ 844,689Step by Step Solution
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