Prepare the net asset section of the december balance sheet

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Reference no: EM131784318

Question - The village of Seaside Pines prepared the following enterprise fund Trail Balance as of December 31, 2009, the last day of its fiscal year.  The enterprise fund was established this year through a transfer from the General Fund.


Debits

Credits

Accounts payable


110,000

Accounts receivable

120,000


Accrued interest payable


4,000

Accumulated depreciation


45,000

Administrative and selling expenses

175,000


Allowance for uncollectible accounts


12,000

Capital assets

550,000


Charges for sales and services

95,000


Cost of sales and services


503,000

Depreciation expense

347,000


Due from general fund

45,000


Interest revenue

40,000


Transfer In from General Fund

18,000


Revenue bonds payable


28,000

Supplies inventory


202,000

Totals


475,000


7,000



1,379,000

1,379,000

Required -

Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Assets for the year ended December 31.

Prepare the Net Asset Section of the December 31 balance sheet.  (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)

Reference no: EM131784318

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