41(Preparing closing entries and financial statements from a trial balance.)
Presented on the following page is the adjusted trial balance for the Water Enterprise Fund of the City of Whitt at December 31, 2013, the end of the fiscal year. Based on this information,
a. prepare the entry necessary to close the accounts
b. compute the ending balances for (1) net investment in capital assets, (2) restricted net position, and (3) unrestricted net position
(Note: Debt related to the capital assets consists solely of the revenue bonds payable.)
City of Whitt
Water Enterprise Fund
Adjusted Trial Balance
December 31, 2013
Cash and cash equivalents
$ 890,430
Cash, restricted
47,500
Investments
2,037,000
Due from other funds
595,000
Land
976,000
Machinery and equipment
2,264,000
Accumulated depreciation, machinery and equipment
$ 1,840,000
Buildings
2,058,000
Accumulated depreciation, buildings
933,000
Accounts payable
398,250
Revenue bonds payable, current portion
50,000
Revenue bonds payable, noncurrent portion
1,650,000
Net position
4,087,000
Revenues - charges for services
3,608,000
Revenues - other
31,520
Operating expenses - purchase of water
2,389,000
Operating expenses - materials and supplies
276,000
Operating expenses - personal services
827,195
Operating expenses - depreciation
253,000
Nonoperating revenues-investment revenues
29,680
Nonoperating expenses-interest
14,325
.
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