Question

The City of San Dominguez received a $800,000 federal grant to acquire several buses to be...

The City of San Dominguez received a $800,000 federal grant to acquire several buses to be used in its public transit system. The City paid $400,000 to acquire several buses. At year-end, $100,000 of the grant had not yet been used. During the year total depreciation on the buses was $40,000. Revenues for the public system were $500,000; operating expenses (other than depreciation) were $450,000. Assuming the Public Transit Enterprise Fund began the year with unrestricted net assets of $420,000, prepare the following for the Public Transit Enterprise Fund.

A. Prepare the statement of Net Assets

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Answer #1

First prepare Cash a/c

Receipts $
Federal grant
8,00,000
Revenue   
5,00,000
Expenses
Buses
       4,00,000
Other expenses from grant
       3,00,000
Operating expenses
       4,50,000
Cash Balance
       1,50,000

Prepare Net Asset A/c

Particulars $
Asset
Buses (total 400000 minus depreciation 40000) 360000
Cash balance 150000
Net Asset for the Year 510000
Add, opening Net Asset 420000
Closing Net Asset 930000
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