Business, 24.04.2020 23:54 tashakelly42

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, $681,000; restricted, $0; and unrestricted, $1,357,084. 2. Net income for the year was $163,047. 3. Depreciation expense totaled $54,096. 4. A piece of equipment with a carrying value of $26,900 was sold for $25,800. 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 $248,476. 6. A $15,028 principal payment was made on a capital lease. 7. A new Zamboni ice resurfacing machine was purchased for $330,000. At the end of the year, a $30,800 note associated with the machine remains outstanding. Required Prepare the net position section of Falmouth’s 2017 statement of net position.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 06:40

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.

Answers: 3

Answer

Business, 22.06.2019 09:30

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $385,000; cash paid for rent, $49,000; cash paid to employees for services rendered during the year, $129,000; cash paid for utilities, $59,000. in addition, you determine that customers owed the company $69,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,900 at year-end, and the rent payment was for a two-year period.

Answers: 1

Answer

Business, 22.06.2019 10:00

Marco works in the marketing department of a luxury fashion brand. he is making a presentation on the success of a recent marketing campaign that included a fashion show. which slide elements can he use to include photographs and footage of the fashion show in his presentation? marco can use the: table images audio option to include photographs and the: flowcharts images video option to include footage of the fashion show.

Answers: 1

Answer

Business, 22.06.2019 11:30

Mark knopf is an auditor who has been asked to provide an audit and financial statement certification for a company that is going public on the new york stock exchange. knopf wants to know his personal liability if the company provides him with inaccurate or false information. which of the following sources of law will him answer that question? a. the city ordinances where the company headquarters is located. b. the state constitution of the state where the company is incorporated. c. code of federal regulations. d. all of the above

Answers: 1

Answer

You know the right answer?

During 2017, the Town of Falmouth had a number of transactions that affected net position of its tow...

Questions