Business, 26.06.2020 20:01, lizzy6629

As of July 1, 2017, the Village of Boiling Springs decided to purchase a privately operated swimming pool and to create a swimming pool (enterprise) fund. During the year, the following transactions occurred: A permanent contribution of $600,000 was received from the general fund.
Revenue bonds were sold at par in the amount of $1,200,000.
Several items were purchased for cash, with a cost breakdown as follows: land, $300,000; building, $400,000, land improvement, $400,000; equipment, $200,000; and supplies, $150,000.
Charges for services amounted to $600,000, all received in cash.
Cash expenses included salaries of $200,000; utilities of $100,000; and interest of $72,000.
Supplies were consumed in the amount of $120,000.
Depreciation was recorded as follows: building, $20,000, land improvement, $20,000; and equipment, $20,000.
The books were closed. Close all accounts to net position.
Prepare, in good form using the trial balance provided a Statement of Revenues, Expenses, and Changes in Fund Net Position for the Village of Boiling Spring Swimming Pool Fund for the Year Ended June 30, 2018.
Prepare, in good form using the trial balance provided in this module, a Statement of Fund Net Position for the Village of Boiling Springs Swimming Pool Fund as of June 30, 2018.
Village of Boiling Springs Trial Balance
Debit Credit
Cash $578,000
Supplies 30,000
Land 300,000
Land improvements 400,000
Accumulated depreciation-
land improvements $20,000
Building 400,000
Accumulated depreciation-
building 20,000
Equipment 200,000
Accumulated depreciation-equipment 20,000
Revenue bonds payable 1,200,000
Transfers in 600,000
Operating revenues-charges for services 600,000
Operating expenses-
salaries 200,000
Operating expenses-
utilities 100,000
Operating expenses-
supplies used 120,000
Operating expenses-
depreciation 60,000
Nonoperating expenses-
interest 72,000
$2,460,000 $2,460,000

Answers: 3

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