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  • During 2017 The Town of Falmouth Had A Number of

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    During 2017, the Town of Falmouth's skating rink fund had various transactions that affected its net position. These included generating a net income of $162,759, depreciation expense of $54,000, selling equipment for a $1,100 loss, issuing $500,000 in bonds to construct a concession stand that was half completed, making a $15,000 principal payment on a capital lease, and purchasing a new Zamboni for $250,000 with a $30,000 note outstanding.

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    During 2017 the Town of Falmouth Had a Number Of

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    During 2017, the Town of Falmouth's skating rink fund had various transactions that affected its net position. These included generating a net income of $162,759, depreciation expense of $54,000, selling equipment for a $1,100 loss, issuing $500,000 in bonds to construct a concession stand that was half completed, making a $15,000 principal payment on a capital lease, and purchasing a new Zamboni for $250,000 with a $30,000 note outstanding.

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    © All Rights Reserved
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    10 views1 page

    During 2017 The Town of Falmouth Had A Number of

    Uploaded by

    Muhammad Shahid
    During 2017, the Town of Falmouth's skating rink fund had various transactions that affected its net position. These included generating a net income of $162,759, depreciation expense of $54,000, selling equipment for a $1,100 loss, issuing $500,000 in bonds to construct a concession stand that was half completed, making a $15,000 principal payment on a capital lease, and purchasing a new Zamboni for $250,000 with a $30,000 note outstanding.

    Copyright:

    © All Rights Reserved
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    During 2017 the Town of Falmouth had a number of #6803

    During 2017, the Town of Falmouth had a number of transactions that affected net position of its
    town skating rink, which is operated as an enterprise fund. You are provided with the following
    information for 2017:1. The beginning net position balances are: net investment in capital
    assets, $679,800; restricted, $0; and unrestricted, $1,354,692.2. Net income for the year was
    $162,759.3. Depreciation expense totaled $54,000.4. A piece of equipment with a carrying
    value of $26,100 was sold for $25,000.5. Bonds for $500,000 were issued to construct a
    concession stand at the rink. At the end of the year, the concession stand was 50 percent
    complete, and construction work in progress totaled $248,000.6. A $15,000 principal payment
    was made on a capital lease.7. A new Zamboni ice resurfacing machine was purchased for
    $250,000. At the end of the year, a $30,000 note associated with the machine remains
    outstanding.RequiredPrepare the net position section of Falmouth's 2017 statement of net
    position.View Solution:
    During 2017 the Town of Falmouth had a number of

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