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.)
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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of
its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.
Accounts payable
Accounts receivable
Accrued interest payable
Accumulated depreciation
Administrative and selling expenses
Allowance for uncollectible accounts
Capital assets
Cash
Charges for sales and services
Cost of sales and services
Depreciation expense
Due from General Fund
Interest expense
Interest revenue
Transfer in from General Fund
Bank note payable
Supplies inventory
Totals
Required A
Required B
Complete this question by entering your answers in the tabs below.
Required C
VILLAGE OF SEASIDE PINES
ENTERPRISE FUND
Statement of Net Position
December 31, 2024
Net Position:
Net Investment in Capital Assets
Unrestricted
Total Net Position
Debits
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.)
$
$30,000
0
47,000
717,000
89,000
< Required B
485,500
45,000
17,000
40,000
18,000
$1,488,500
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.)
Credits
$102,500
28,000
47,500
14,500
Required C >
561,000
4,000
119,000
612,000
$1,488,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F63aae80c-ea6f-46af-8e1b-7e3474840f14%2F1ec97442-2ec8-4531-913c-51ab7801bb9c%2Fto22yj7_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[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, 2024, the last day of
its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.
Accounts payable
Accounts receivable
Accrued interest payable
Accumulated depreciation
Administrative and selling expenses
Allowance for uncollectible accounts
Capital assets
Cash
Charges for sales and services
Cost of sales and services
Depreciation expense
Due from General Fund
Interest expense
Interest revenue
Transfer in from General Fund
Bank note payable
Supplies inventory
Totals
Required A
Required B
Complete this question by entering your answers in the tabs below.
Required C
VILLAGE OF SEASIDE PINES
ENTERPRISE FUND
Statement of Net Position
December 31, 2024
Net Position:
Net Investment in Capital Assets
Unrestricted
Total Net Position
Debits
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.)
$
$30,000
0
47,000
717,000
89,000
< Required B
485,500
45,000
17,000
40,000
18,000
$1,488,500
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.)
Credits
$102,500
28,000
47,500
14,500
Required C >
561,000
4,000
119,000
612,000
$1,488,500
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