Cash expenses for the period included administrative

Assignment Help Accounting Basics

Reference no: EM13593561

Central Station Fund. The Town of Elizabeth operates the old train station as an enterprise fund. The train station is on the national register of historic buildings. Since the town has held the building for such a long time, the Central Station Fund has no long term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses rent space in the building and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund's 2014 operating activities.

1. Rental income of $94,444 was accrued. Subsequently, cash in the amount of $90,210 was received on accounts.

2.Cash expenses for the period included: administrative services, $25,205; Maintenance And repairs, $72,882; supplies and materials, $7,792; and utilities $30,124.

3.The Central Station Fund received a $60,000 transfer of funds from the General Fund.

4.Adjustments were made for depreciation ($3,519) and for uncollectible accounts ($667).

5.At the end of the period nominal accounts were closed.

Required:

a. Prepare genera journal entries to record the Central Station Fund's operating activities for the year.

b. Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of the period was $60,129.

Reference no: EM13593561

Questions Cloud

Inez butler is the sole shareholder of pelican inc which : inez butler is the sole shareholder of pelican inc. which owns car dealerships. pelican purchases the assets of a

When one uses the indirect method what should be added to : when one uses the indirect method what should be added to net income in determining net cash flow from operating

In using the indirect method to prepare the statement of : in using the indirect method to prepare the statement of cash flows which of the following is not an adjustment when

The singletary company had 700000 of sales revenue during : the singletary company had 700000 of sales revenue. during the same accounting period the beginning and ending

Cash expenses for the period included administrative : central station fund. the town of elizabeth operates the old train station as an enterprise fund. the train station

Michelle purchased her home for 150000 and subsequently : 1.michelle purchased her home for 150000 and subsequently added a garage costing 25000 and a new porch costing 5000.

014 kg of water at 880 deg c is poured into an insulated : question 0.14 kg of water at 88.0 deg c is poured into an insulated cup containing 0.234 kg of ice initally at 0 deg.

You measure the current that the circuit draws from the : you connect five identical resistors in series to a battery whose emf is 12.0 v and whose internal resistance is

Find a journal article online about absorption andor : find a journal article online about absorption andor variable costing. in the subject line of your post include the

User Account

All Pages