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Question(s) / Instruction(s):

     35          (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 Delray Dunes at December 31, 2009, 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 assets invested in capital assets, net of related debt, (2) restricted net assets, and (3) unrestricted net assets
     
Debt related to the capital assets consists solely of the revenue bonds payable.

TABLE BORDER=1>

City of Delray Dunes

Water Enterprise Fund

Adjusted Trial Balance

December 31, 2009

Cash and cash equivalents

 

$ 860,750

 

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 assets

 

 

 

4,087,000

Revenues - charges for services

 

 

 

3,608,000

Revenues - other

 

 

 

61,200

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

 

 

 

$12,627,450

 

$12,627,450

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