Ch 6's problems solutions--post

Ch 6's problems solutions--post - 6-4(A)VILLAGE OF SEASIDE...

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Unformatted text preview: 6-4 (A)VILLAGE OF SEASIDE PINESENTERPRISE FUNDGENERAL JOURNALDEBITSCREDITSOPERATINGREVENUES-CHARGESFORSALESANDSERVICESTRANSFERSINNONOPERATINGREVENUES- INTERESTOPERATINGEXPENSES:COSTSOFSALESANDSERVICESDEPRECIATIONADMINISTRATIVEANDSELLINGNONOPERATINGEXPENSES-INTERESTNETASSETS: INVESTEDINCAPITALASSETS,NETOFRELATEDDEBTNETASSETS: UNRESTRICTED503,000202,00028,000347,00045,000175,00018,000 30,000*118,000* CAPITALASSETSACQUIRED$ 550,000LESS: ACCUMULATEDDEPRECIATION-45,000505,000LESSREVENUEBONDSISSUED-475,00030,0006-4 (B).VILLAGE OF SEASIDE PINESENTERPRISE FUNDSTATEMENT OF REVENUES, EXPENSES, AND CHANGESIN FUND NET ASSETSFOR THE YEAR ENDED JUNE 30, 2009OPERATINGREVENUES:CHARGESFORSALESANDSERVICES$ 503,000OPERATINGEXPENSES:COSTSOFSALESANDSERVICESADMINISTRATIVEANDSELLINGDEPRECIATIONTOTALOPERATINGEXPENSES$347,000175,00045,000567,000OPERATINGINCOME(LOSS)(64,000)NONOPERATINGREVENUES(EXPENSES):INTERESTREVENUEINTERESTEXPENSE28,000(18000)INCOMEBEFORETRANSFERS(54,000)TRANSFERFROMGENERALFUND202,000 INCREASEINNETASSETS148,000NETASSETS, JULY1, 2008--- NETASSETS, JUNE30, 2009$ 148,0006-4 (C).VILLAGE OF SEASIDE PINESENTERPRISE FUNDSTATEMENT OF NET ASSETSJUNE 30, 2009NETASSETS:INVESTEDINCAPITALASSETS, NETOFRELATEDDEBTUNRESTRICTEDTOTALNETASSETS30,000118,000$ 148,0006-5 VILLAGE OF SEASIDE PINESENTERPRISE FUNDRECONCILIATION OF OPERATING INCOME TONET CASH PROVIDED BY OPERATING ACTIVITIESOperating Income (loss)$ (64,000)ADJUSTMENTS:DEPRECIATIONEXPENSEINCREASEINRECEIVABLESFROMOTHERFUNDSINCREASEINACCOUNTSRECEIVABLE(NET) INCREASEINSUPPLIESINCREASEINACCOUNTSPAYABLE$ 45,000 (40,000)(90,000)(7,000)110,00018,000NETCASHPROVIDEDBYOPERATINGACTIVITIES$(46,000)6-6.CITY OF DAVIDSONMOTOR POOL FUNDBUDGET FOR YEAR ENDED JUNE 30, 2009TOTALEXPENSESANDPAYMENTONLOAN:SALARIESFUELANDSUPPLIESDEPRECIATION:BUILDINGS($300,000 / 30)AUTOMOBILES($1,600,000 / 4)EQUIPMENT($150,000 / 5)INTEREST($1,000,000 X .06)PAYMENTONLOANTOTAL$ 265,000250,00010,000400,00030,00060,000200,000$1,215,000MILEAGE(EST.)3,750,000MILEAGECHARGE$0.3246-9 (A).CITY OF SANDWICHSWIMMING POOL FUNDGENERAL JOURNALJANUARY 1 - DECEMBER 31, 2009DEBITSCREDITS1.CASHTRANSFERSINNOTESPAYABLE500,000250,000250,0002.CASHDUETOWATERUTILITYFUND100,000100,0003.LANDIMPROVEMENTSOTHERTHANBUILDINGSBUILDINGSCASH100,000300,000100,000500,0004.CASHOPERATINGREVENUES-CHARGESFORSALESANDSERVICES240,000240,0005.OPERATINGEXPENSES-COSTSOFSALESANDSERVICESOPERATINGEXPENSES-ADMINISTRATIONCASH100,00030,000130,0006.SUPPLIESINVENTORYCASH30,00030,000OPERATINGEXPENSES-COSTSOFSALESANDSERVICESSUPPLIESINVENTORY25,00025,0007.OPERATINGEXPENSES-ADMINISTRATIONCASH12,00012,0008.NONOPERATINGEXPENSES-INTERESTCASH250,000 * 6% * 6/127,5007,5009.DUETOWATERUTILITYFUNDCASH100,000100,00010.OPERATINGEXPENSES-DEPRECIATIONACCUMULATEDDEPRECIATION--IMPROVEMENTSOTHERTHANBUILDINGSACCUMULATEDDEPRECIATION-BUILDINGS30,00022,5007,5006-9 (A) (Continued)....
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Ch 6's problems solutions--post - 6-4(A)VILLAGE OF SEASIDE...

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