Worksheet and Statements The City of Lynn operates its municipal airport The trial balance of the Airport Fund as of January 1, 20X0, was as follows Debit Credit Cash $ 37,000 Accounts Receivable 50,000 Allowance 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 upaid at December 31) were operating, $222,000 maintenance, $75,000 general and administrative, $73,000 3 Bad debts written off during the year, $1,900 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 $1,400 is estimated to be uncollectible 8 Accrued interest payable at year end, $3,000 9 Depreciation Charges Structures and 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 statement of net position for the Airport Fund as of December 31, 20X0 d Prepare a statement of revenues, expenses, and changes in fund net position for the Airport Fund for the fiscal year ended December 31, 20X0

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Worksheet and Statements The City of Lynn operates its municipal airport. The trial balance of the Airport Fund as of January 1, 20X0, was as

Worksheet and Statements

The City of Lynn operates its municipal airport. The trial balance of the Airport Fund as of January 1, 20X0, was as follows:

	Debit	Credit
Cash	$ 37,000
Accounts Receivable	50,000
Allowance 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 upaid at December 31) were operating, $222,000; maintenance, $75,000; general and administrative, $73,000.
3. Bad debts written off during the year, $1,900.
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 $1,400 is estimated to be uncollectible.
8. Accrued interest payable at year end, $3,000.
9. Depreciation Charges:
Structures and 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 statement of net position for the Airport Fund as of December 31, 20X0.
d. Prepare a statement of revenues, expenses, and changes in fund net position for the Airport Fund for the fiscal year ended December 31, 20X0.