INDIANA UNIVERSITY

School of Public & Environmental Affairs

V346(15309) ASSIGNMENT V346-V

DUE DATE: 08-Apr-10

City of Carboncliff
Airport Enterprise Fund
Required: Based on the information provided in data worksheet:

(a) Prepare a worksheet to reflect the beginning trial balance, the

transactions and adjustments during 20X8, the revenues and expenses
of the year with closing entries, and the ending balance sheet data.

(b) Compute the beginning and ending balances of each of the three Net
Asset components of the Airport Fund for the fiscal year ended
December 31, 20X8.

[PS: NO Journal is required to be submiited. Only the Worksheet and statement

for the three classes of net assets.]
TY
tal Affairs

SPRING, 2010
Maximum Points: 15

cliff
Fund
sheet:

e, the
nd expenses
eet data.

the three Net

nded

ksheet and statement

 City of Carboncliff
(Worksheet and Net Assets Analysis Statement) The City of Carboncliff operates its municipal airport.
The trial balance of the Airport Fund as of January 1, 20X7, was as follows:
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory of Material
Restricted Assets for Capital Improvements
Restricted Assets for Debt Service
Land
Structures and Improvements
Accumulated Depreciation—Structures and Improvements
Equipment
Accumulated Depreciation—Equipment
Vouchers Payable
Bonds Payable
Net Assets

The following transactions took place during the year:

1. Revenues collected in cash: aviation revenues, $950,500; concession revenues,

$160,000; revenues from airport management, $82,000; revenues from sales of petroleum
products (net revenue, after deducting all costs relating to the sales), $19,100.

2. Expenses, all paid in cash with the exception of $39,000, which remained unpaid
at December 31, were operating, $509,000; maintenance, $157,000; general and
administrative, $113,000.

3. Bad debts written off during the year, $1,210.

4. The vouchers payable outstanding on January 1, 20X7, were paid.

5. Bond principal paid during the year, $75,000, along with interest of $40,000.

6. The remaining accounts receivable outstanding on January 1, 20X7, were collected.

7. Unbilled Accounts receivable on December 31, 20X7, amounted to $42,800, all

applicable to aviation revenues, of which $1,750 is estimated to be uncollectible.

8. Accrued interest payable at the end of the year, $9,500

9. Depreciation charges:
Structures and Improvements 56,000
Equipment 23,500
municipal airport.

$89,700
63,500
$2,350
143,800
150,000
175,000
200,000
850,000
125,000
383,000
105,000
69,500
950,000
803,150
$2,055,000 $2,055,000

troleum