Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year: Net
The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year:
- Net income for the year was $161,511.
- The beginning net position balances are net investment in capital assets, $585,400; restricted, $5,000; and unrestricted, $254,790.
- New golf carts were leased. The present value of the lease liability is $200,000. A principal payment of $40,000 was made during the year, and amortization of the leased asset totaled $37,500.
- Lawn edging equipment with a carrying value of $6,100 was sold for $6,300.
- A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains outstanding. Depreciation of the mower was $7,500.
- Additional depreciation totaled $30,000.
Required Prepare the net position section of Shelburnes statement of net position.
Net Position:
Net Position - Net investment in capital assets:
Net Position - Restricted:
Net Position - Unrestricted:
Total Net Position:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started