The City of Lynn operates its municipal airport. The trial balance of the Airport Funds as of January 1,20x0, was as follows:

Cash

37,000

Accounts Receivable

50,000

Allowances for Uncollectible Accounts

2,000

Land

200,000

Structures and Improvements

700,000

Accumulated Depreciation - Structures

and Improvements

50,000

Equipment

250,000

Accumulated Depreciation - Equipment

90,000

Vouchers Payable

48,000

Bonds Payable

800,000

Net Position

________

247,000

1,237,000

1,237,000

The following transactions took place during the year:

1. Revenues collected in cash: aviation revenues $340,500; concession revenues, $90,000; revenues from airport

management, $30,000; revenues from sales of petroleum products, $10,500.

2. Expenses (all paid in cash with the exception of $24,000, which remained unpaid at December 31) were operating

$222,000; maintenance $75,000; general and administrative, $73,000.

3. Bad Debts written off during the year, $1900.

4. The vouchers payable outstanding on January 1,20x0, were paid.

5. Bond principal paid during the year, $50,000, along with interest of $40,000.

6. The remaining accounts receivable outstanding on January 1, 20x0, were collected.

7. Accounts receivable on December 31, 20x0 amounted to $30,000, all applicable to aviation revenues of which $1400 is estimated to be uncollectible.

8. Accrued interest payable at year end $3,000.

9. Depreciation charges

Structured improvements

14,000

Equipment

21,000

Required

a. Prepare a worksheet to reflect the beginning trial balance, the transactions and adjustments during 20x0, the revenues and expenses of the year (or closing entries),

and the ending statement of net position data.

b. Compute the beginning and ending balances of each of the three net position components.

c. Prepare a statemetn of net position for the Airport Fund as of December 31, 20x0.

d. Prepare a statemnt of revenues, expenses, and changes in fund net position for the Airport Fund for the fiscal year ending December 31,20x0