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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
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
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.)
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