The City of Whitt Falls plans to develop a golf course during 2 0 2 1 and account for it as the Golf Enterprise Fund ( GEF ) . The course will be built on a parcel of land to be purchased from a private party. The planned out - of - pocket costs for the new course and their financing are as follows: Planned Costs and Financing for Golf Course Spending B) create a statement of net position
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A city has only one activity, its school system. The school system is accounted for within the General Fund. For convenience, assume that, at the start of 2010, the school system and the city have no assets. During the year, the city assessed $400,000 in property taxes. Of this amount, it collected $320,000 during the year, received $50,000 within a few weeks after the end of the year, and expected the remainder to be collected about six months later. The city makes the following payments during 2010: salary expense, $100,000; rent expense, $70,000; equipment (received on January 1 with a five-year life and no salvage value), $50,000; land, $30,000; and maintenance expense, $20,000. In addition, on the last day of the year, the city purchased a $200,000 building by signing a long-term liability. The building has a 20-year life and no salvage value, and the liability accrues interest at a 10 percent annual rate. The city also buys two computers on the last day of the year for $4,000 each. One will be paid for in 30 days and the other in 90 days. The computers should last for four years and have no salvage value. During the year, the school system charged students $3,000 for school fees and collected the entire amount. Any depreciation is recorded using the straight-line method. a. Produce a statement of net assets and a statement of activities for this city's government-wide financial statements. b. Produce a balance sheet and a statement of revenues, expenditures, and changes in fund balance for the fund-based financial statements. Assume that available is defined by the city as anything to be received within 60 days.
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The following transactions relate to the General Fund of the city of Lost Angels for the year ending December 31, 2017. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the purchases method is applied to the supplies and that receipt within 60 days is used as the definition of available resources. Collected property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be collected within 30 days, and the remainder will be received in about five months after the end of the year. Spent $200,000 on four new police cars with 10-year lives. A price of $207,000 had been anticipated when the cars were ordered. The city calculates all depreciation using the straight-line method with no salvage value. The half-year convention is used. Transferred $90,000 to a debt service fund. Issued a long-term bond for $200,000 on July 1. Interest at a 10 percent annual rate will be paid each year starting on June 30, 2018. Ordered a new computer with a five-year life for $40,000. Paid salaries of $30,000. Another $10,000 is owed at the end of the year but will not be paid for 30 days. Received the new computer but at a cost of $41,000; payment is to be made in 45 days. Bought supplies for $10,000 in cash. Used $8,000 of the supplies in (h)
Create a 5-year ProForma based on the Exhibit 16 information ("current" Income Statement). Assume the Income Statement reflects EOY 2012, and occupancy begins August 2014 (20 months growth). Exhibit 16: "Current" Income Statement ($) Revenue Gross rental income 428,400.00 Parking income 17,550.00 Vacancy loss (2%) (8,919.00) Credit loss (1%) (4,459.50) Total income 432,571.50 Expenses Real estate tax 86,725.25 Common area electric 3,500.00 Common area gas 2,000.00 Common area cleaning 2,600.00 Security system 860.00 Landscaping maintenance 1,800.00 Landscaping irrigation 696.99 Exterminating 600.00 Snow removal 3,000.00 Garbage service 2,400.00 HVAC service contract 2,100.00 General maintenance 3,000.00 Unit turnover cleaning 7,500.00 Insurance 10,000.00 Management fee 34,605.72 Total expenses 161,387.96 Net operating income 271,183.54
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
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