Chap018-baker 19

Chap018-baker 19 - Invested in capital assets net of...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-19 E18-8 (continued) Closing entries: Revenue 413,700 Operating Expenses 328,000 Interest Expense 30,000 Depreciation Expense 32,000 Supplies Expense 15,200 Profit and Loss Summary 8,500 Close nominal accounts. Profit and Loss Summary 8,500 Net Assets – Unrestricted 8,500 Close profit and loss summary. Net Assets – Unrestricted 43,000 Net Assets – Invested in Capital Assets, Net of Related Debt 43,000 Record increase in net assets-invested: $43,000 = (ending balance of $563,000 net capital assets less $500,000 related debt) minus $20,000 beginning balance in net assets-
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Unformatted text preview: Invested in capital assets net of related debt b. Augusta MUD Enterprise Fund Statement of Net Assets December 31, 20X1 Assets: Cash $111,600 Accounts Receivable $ 13,000 Less: Allowance for Uncollectibles (6,300) 6,700 Inventory of Supplies 5,200 Land 120,000 Plant and Equipment $555,000 Less: Accumulated Depreciation (112,000) 443,000 Total Assets $686,500 Liabilities: Vouchers Payable $ 18,000 Due to General Fund 30,000 Bonds Payable, 6% 500,000 Total Liabilities $548,000 Net Assets: Invested in Capital Assets, net of Related Debt $ 63,000 Unrestricted 75,500 Total Net Assets $138,500...
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.

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