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. 1. Net Income for the year was $161,581 2. The beginning net position balances are net Investment in capital assets, $585,430; restricted, $5,060, and unrestricted, $254,830. 3. New golf carts were leased. The present value of the lease liability is $200,020. A principal payment of $40,080 was made during the year, and amortization of the leased asset totaled $37,600. 4. Lawn edging equipment with a carrying value of $6,120 was sold for $6,370 5 A new lawn mower was purchased for $75.000. At the end of the year a $25.000 note associated with the machine remains

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. 1. Net Income for the year was $161,581 2. The beginning net position balances are net Investment in capital assets, $585,430; restricted, $5,060, and unrestricted, $254,830. 3. New golf carts were leased. The present value of the lease liability is $200,020. A principal payment of $40,080 was made during the year, and amortization of the leased asset totaled $37,600. 4. Lawn edging equipment with a carrying value of $6,120 was sold for $6,370 5 A new lawn mower was purchased for $75.000. At the end of the year a $25.000 note associated with the machine remains

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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