Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Leisure City has an Electric Utility Enterprise Fund (EUEF) that provides clectric power to its residents and to eity ageneies. Following is the EUEF opening

image text in transcribed
Leisure City has an Electric Utility Enterprise Fund (EUEF) that provides clectric power to its residents and to eity ageneies. Following is the EUEF opening trial balance at January 1,2013 (all amounts are in thousands of dollars): Chapter 7 . The Governmental Fund Accounting Cycle 26: The EUEF had the following transactions during 2013 (amounts in thousands of dollars): 1. EUEF billed residents of Leisure City $4,000 for electric power. 2. EUEF collected $4,500 of its accounts receivable. 3. EUEF established a $40 allowance for uncollectible accounts. 4. EUEF billed Leisure City's General Fund $200 for electric power provided to city departments. 5. EUEF collected the entire amount billed to the city's General Fund. 6. EUEF paid $1,300 in salaries to its employees and $400 in other operating expenses. 7. The outstanding serial bonds of $26,000 are being paid at the rate of $2,000 every year, starting October 1, 2013, with interest of 4 percent per annum on the outstanding debe. (The $260 interest payable shown in the trial balance had been accrued on December 31, 2012.) EUEF paid the debt service due on October 1, 2013. 8. The short-term investments shown in the trial balance matured. EUEF received \$1,050, which included investment income of $50. 9. At year-end, EUEF accrued interest on its outstanding debt. 10. At year-end, EUEF recorded $1,600 depreciation on its capital assets. 11. At year-end, EUEF made an adjusting entry to report the current portion of its serial bonds payable as a current liability. Use the preceding information to do the following: a. Prepare the journal entries necessary to record these transactions in the EUEF. b. Prepare a statement of revenues, expenses, and changes in net position. c. Prepare a statement of net position for the EUEE

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_2

Step: 3

blur-text-image_3

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

Accounting Principles Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

9th Canadian Edition

978-1119786818, 1119786819

More Books

Students explore these related Accounting questions

Question

finding entry-level positions;

Answered: 3 weeks ago