Each year a payment is required on January 1 to retire an equal portion of the b

Question

Each year a payment is required on January 1 to retire an equal portion of the bonds payable. The payment for the current year was paid on January 1, 2017.

Total cash received from customers was $2,042,720 and cash received for interest and dividends was $92,750; of this amount $75,470 was restricted cash. There were no other changes to restricted cash during the year.

Cash payments included $1,041,020 for personnel expenses, $186,200 for utilities, $86,420 for repairs and maintenance, $322,700 for interest on bonds, and $66,040 for supplies.

The beginning balance in Cash was $98,120, Accounts Receivable was $3,170, Supplies was $9,560 and Accounts and Accrued Payables was $28,480. Accrued Payables include personnel expenses, utilities, and repairs and maintenance.

The net position categories shown on the pre-closing trial balance have not been updated to reflect correct balances as of the December 31, 2017 year end.

2.

Required information

Prepare the statement of revenues, expenses and changes in fund net position for the Tribute Aquatic Center as of December 31, 2017. (Negative amounts should be indicated by a minus sign.)

      

3.

Required information

      

The City of Saltwater Beach established an enterprise fund in 2015 to construct and operate Tribute Aquatic Center, a public swimming pool. The pool was completed and began operations in 2016. All costs, including repayment of debt, are to be paid by user fees. The fund’s pre-closing trial balance as of December 31, 2017 is shown below.

Explanation / Answer

Part A

Statement of revenues, expenses and changes in fund net position for the Tribute Aquatic Center

December 31, 2017

Part B

Statement of Net position

Operating income : Charges for services 2045580 Operating expenses : Personnel expense 1036800 Utilities expense 189010 Repairs and maintenance expense 82320 Supplies expense 67380 Depreciation expense 137330 Total operating expense (1512840) Operating income 532740 Non operating revenue /expense Interest income 92750 Interest expense (322700) Total non operating income (expense) (229250) Change in net position 302790 Net position, January 1 1128140 Net position, December 31 1430930

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.