Required information

Exercise 6-4 and Exercise 6-5 (Algo)

Skip to question

[The following information applies to the questions displayed below.]

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.

	Debits			Credits
Accounts payable				$	121,000
Accounts receivable	$	33,900
Accrued interest payable					37,100
Accumulated depreciation					55,500
Administrative and selling expenses		57,500
Allowance for uncollectible accounts					14,300
Capital assets		740,000
Cash		100,700
Charges for sales and services					587,000
Cost of sales and services		513,000
Depreciation expense		55,500
Due from General Fund		18,600
Interest expense		41,800
Interest revenue					5,900
Transfer in from General Fund					132,900
Bank note payable					628,800
Supplies inventory		21,500
Totals	$	1,582,500		$	1,582,500

Exercise 6-4 (Algo)

Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)