Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the village of shelburne operates a nine-hole golf

The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are...

90.2K

Verified Solution

Question

Accounting

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 $161,571. 2. The beginning net position balances are net investment in capital assets, $585,460; restricted, $5,070; and unrestricted, $254,820. 3. New golf carts were leased. The present value of the lease liability is $200,040. A principal payment of $40,030 was made during the year, and amortization of the leased asset totaled $37,580. 4. Lawn edging equipment with a carrying value of $6,200 was sold for $6,400. 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