FINISH STATEMENT BELOW: Problem 3: enterprise fund financial statement questions As of January 1, 2021, the City
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Problem 3: enterprise fund financial statement questions As of January 1, 2021, the City of Summerville began operating a municipal bus operation. The adjusted trial balance below was prepared as of December 31, 2021: Cash Investments in debt securities Fuel and supplies Restricted Assets Land Land Improvements Accumulated Depreciation-Land Improvements Building Accumulated Depreciation-Building Buses Accumulated Depreciation-Buses Accounts Payable Salaries Payable Interest Payable Notes Payable Revenue Bonds Payable Other Financing Sources-transfer in Revenues-charges for services Interest income on debt securities Fuel and Supplies Expense Salaries Expense Utilities Expense Depreciation Expense Interest Expense Totals $ Debits 48,500 85,000 20,000 35,000 150,000 250,000 300,000 500,000 60,000 120,000 49,500 80,000 30,500 $1,728,500 $ Credits 10,000 20,000 50,000 45,000 15,000 10,000 15,000 800,000 400,000 360,000 3,500 $1,728,500 Problem 3: enterprise fund financial statement questions As of January 1, 2021, the City of Summerville began operating a municipal bus operation. The adjusted trial balance below was prepared as of December 31, 2021: Cash Investments in debt securities Fuel and supplies Restricted Assets Land Land Improvements Accumulated Depreciation-Land Improvements Building Accumulated Depreciation-Building Buses Accumulated Depreciation-Buses Accounts Payable Salaries Payable Interest Payable Notes Payable Revenue Bonds Payable Other Financing Sources-transfer in Revenues-charges for services Interest income on debt securities Fuel and Supplies Expense Salaries Expense Utilities Expense Depreciation Expense Interest Expense Totals $ Debits 48,500 85,000 20,000 35,000 150,000 250,000 300,000 500,000 60,000 120,000 49,500 80,000 30,500 $1,728,500 $ Credits 10,000 20,000 50,000 45,000 15,000 10,000 15,000 800,000 400,000 360,000 3,500 $1,728,500
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To complete the net position section of the statement of net position at December 31 2021 for the Mu... View the full answer
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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