The trial balance for Columbia Community College, a government college, as of Se
ID: 2473204 • Letter: T
Question
The trial balance for Columbia Community College, a government college, as of September 1, 20X0, provides the following for its capital assets.
The following transactions took place during the fiscal year ending August 31, 20X1.
REQUIRED:(1)Prepare a worksheet to take the trial balance from its beginning balance on September 1, 20X0 to the balances that are necessary for the financaial statements at August 31, 20X1. The worksheet should have, at a minimum, two columns for the opening trial balance, two columns to post the entries that took place during the year, and two colums for the ending trial balance. Be sure to mark your entries on the worksheet with the corresponding number of the transaction that occurred during the year.
(2)prepare a schedule that computes the balance for NET Position-Invested in Capital Assets, Net of Related debt as of August 31, 20X1.
Debit Credit Land $ 200,000 Buildings 3,300,000 Accumulated Depreciation, building 900,000 Equipment 1,200,000 Accumulated Depreciation, equipment 300,000 Mortgege Payable 250,000 Net Position--Invensted in capital Assets 3,250,000 Total $4,700,000 $4,700,000Explanation / Answer
Answer Particulars Opening Trial Balance Transactions Closing Trial Balance Debit Credit Debit Credit Debit Credit Land 200000 200000 Building 3300000 615000 3915000 Accumalted Dep - Building 900000 250000 1150000 Equipment 1200000 10000 5000 1205000 Accumalted Dep - Equipment 300000 2000 130000 428000 Mortgage Payable 250000 10000 240000 Net Position invested in Capital Assets 3250000 3250000 Cash 1180000 710000 470000 Donation 180000 180000 Securities acquired at par 50000 50000 Contsruction Loan 1000000 1000000 Depreciation - Building 250000 250000 Depreciation - Equipment 130000 130000 Interest Paid 25000 25000 Loss of Equipment 3000 3000 Total 4700000 4700000 2275000 2275000 6248000 6248000 Answer Net Position - invested in capital Assets Gross Capital Accum. Net Capital Capital assets, all governmental activities Assets Depreciation Assets Land 200,000 Buildings 3,915,000 1,150,000 Equipment 1,205,000 428,000 Net Capital Assets 5,320,000 1,578,000 3,742,000 Net of related Debt Total debt, gross 1,240,000 Less: Unexpended proceeds 400,000 Total capital debt 840,000 New Investment in capital asset 2,902,000
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