Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. need answers only & need done today. the v

Need answers only & need done today. The Village of Shelburne...

70.2K

Verified Solution

Question

Accounting

Need answers only & need done today.
image
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, $585,440; restricted, $5,070; and unrestricted, $254,830 3. New golf carts were leased. The present value of the lease liability is $200,100. A prineipal payment of $40,070 was made during the year, and amortization of the leased asset totaled $37,540 4. Lawn edging equipment with a carrying value of $6,150 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 outstanding. Depreciation of the mower was $7,500. 6. Additional depreciation totaled $30,000. Required Prepare the net position section of Shelburne's statement of net position

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

1.Cholesterol is: essential for good health, but cannont be made by the body in sufficient amounts found in...

Mechanical Engineering
1.2K views

Complete exercise 9.20 from the text. (a) Create a function called polygon that draws a polygon...

Biology
1.2K views

Chapter 5 is on the Integumentary System What does integumentary mean Ooiling O secreting O...

Physics
1.2K views

A point charge Q is positioned at the center of the base of a square...

Geometry
1.2K views

For the rhombus below find the measures of 21 22 23 and 24 31 X...

Calculus
1.2K views

7 Kalia is planning the transportation for the senior trip The number of students in...

Algebra
1.2K views

Begin with rewriting the given equation in general form.-x + 7x = 12-x + 7x-...

Accounting
1.2K views

On January 1, Year 1, the general ledger of a company includes the following account...

Accounting
1.2K views

You have been employed as an entry-level management accountant for a little under a year....

Accounting
1.2K views

Real Cool produces two different models of air conditioners. The company produces the mechanical systems...

Accounting
1.2K views

lournalize and Post Month 1 Bob Night opened The General's Favorite Fishing Hole. The fishing...

Finance
1.2K views

When reporting merger transactions, the asset values acquired are often reappraised, and the change in...