HomeworkLib
Question

The city of Memphis received a $600,000 federal grant. The grant must be used to acquire...

The city of Memphis received a $600,000 federal grant. The grant must be used to acquire buses to be used in its public transit system. The city paid $300,000 to acquire several buses. At the year end, $300,000 of the grant had not been used. During the year total depreciation on the buses was $50,000. Revenues for the public transit system were $500,000, operating expenses (other than depreciation) were $470,000. Assuming the Public Transit Proprietary Fund began the year with Net Assets of $400,000, all of which was Unrestricted. Prepare the following for the Public Transit Enterprise Fund:

a) Statement of Revenues, Expenses and Changes in Net Position

b) Net Position Section of the Statement of Net Position, i.e. the three components of the Net Position section. Do not prepare entire statement. Only the net position section is required.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
The city of Memphis received a $600,000 federal grant. The grant must be used to acquire...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • QUESTION 17 The City of Alnwick received a grant from Blount County. The $8,000,000 grant is...

    QUESTION 17 The City of Alnwick received a grant from Blount County. The $8,000,000 grant is restricted to use for construction of a facility for a city enterprise activity. The grant is for half the cost of the facility. The grantor will reimburse half of the costs as they are incurred. At the end of the first fiscal year, $3,000,000 has been spent on the project. $1,500,000 has been collected from the grantor. How should the grant be reported in...

  • The information below should be used to prepare (in proper form in Excel) a Public Transportation...

    The information below should be used to prepare (in proper form in Excel) a Public Transportation column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the fiscal year ending May 31, 2018. Operating Revenue (Services) $25,705,000 Interest Revenue $36,000 Intergovernmental Revenue $140,000 Capital Contributions $1,200,000 Operating Expenses: Employee Wages $8,654,000 Temporary Labor $750,000 Repairs and Maintenance $6,425,000 Depreciation $4,532,000 Utilities $948,000 Interest Expense $475,000 Transfer to General Fund $315,000 Net position, June 1,...

  • ​On January 1, 2017, the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $560,000 was approved

    On January 1, 2017, the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $560,000 was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The terms of the grant permitted reimbursement only after qualified expenditures have been made; the grant could be used over a two-year period. The following data pertain to operations of the SUMMER EMPLOYMENT GRANT FUND, a special revenue fund of...

  • The City of Wolfe has issued its financial statements for Year 4 (assume that the city...

    The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...

  • The City of Wolfe has issued its financial statements for Year 4 (assume that the city...

    The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions:(1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks had...

  • O Required Information [The following information applies to the questions displayed below) The City of Saltwater...

    O Required Information [The following information applies to the questions displayed below) The City of Saltwater Beach established an enterprise fund two years ago to construct and operate Tribute Aquatic Center, a public swimming pool. The pool was completed and began operations last year. All costs, including repayment of debt. are to be paid by user fees. The fund's preclosing trial balance for the current year, is shown below. Credits Debits $ 183,740 5,278 8,310 951,730 1,414,450 934,560 $ 42,...

  • 8. The City of Madison, a general purpose government, reported fund balances in the amount of...

    8. The City of Madison, a general purpose government, reported fund balances in the amount of $19,700,000 in the governmental funds balance sheet dated December 31, 2017. In addition, the following information is relevant: A. General government capital assets amounted to $28,000,000. Accumulated depreciation of those capital assets amounted to $13,000,000. Enterprise fund capital assets amounted to $ 17,000,000 with accumulated depreciation of $ 8,400,000. B. Internal service fund's net assets amounted to $2,500,000. These were reported in the proprietary...

  • he Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...

    he Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2017, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 104,000 Accounts receivable $ 26,100 Accrued interest payable 29,200 Accumulated depreciation 47,000 Administrative and selling expenses 49,000 Allowance for uncollectible accounts 12,500 Capital assets 709,000 Cash 90,500 Charges for sales and services 555,000 Cost of sales and...

  • The City of Ashville operates an internal service fund to provide garage space and repairs for...

    The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund’s preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $ 121,100 Due from Other Funds 10,200 Inventory of Supplies 99,000 Land 54,500 Building 275,500 Allowance for Depreciation—Building $ 22,100 Machinery and Equipment 71,900 Allowance for Depreciation—Machinery and Equipment 13,200 Vouchers Payable 34,000 Net Position—Net Investment in Capital Assets 366,600 Net Position—Unrestricted 196,300...

  • The City of Wolfe has issued its financial statements for Year 4 (assume that the city...

    The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT