Additional information (for the year ended June 30, 20X7) for preparing the Stat
ID: 2583553 • Letter: A
Question
Additional information (for the year ended June 30, 20X7) for preparing the Statement of Cash Flows of CITY OF CLIFTON’s Electric Department (Enterprise) Fund:
Cash and cash equivalents at beginning of year .................... $2,250,000
Due From Customers at beginning of year............................ $2,120,000
Materials and Supplies at beginning of year........................... $0
Accounts Payable and Accrued Liabilities at beginning of year $4,020,000
There is no change of Other Current Assets during the year. Depreciation expense is $1,010,000.
Cash payments received from customers during the year....... $10,500,000
Cash paid to employees (wages and salaries) during the year $4,280,000
Cash paid to suppliers of goods and services during the year (including those in settlement of Accounts Payable) $3,045,000
Sale at par ($5,000,000) in the year of 20X7, of 20-year, 5% Electric Revenue Bonds.
Interest on bonds paid during the year, $500,000.
Total cash paid during the year for acquiring property, plant, and equipment, $5,000,000
Complete the following financial statements with the above information.
1. Statement of Net Position
2. Statement of Revenue, Expenses and Changes in Net Position
3. Cash Flow Statement - Create the statement of Cash flows using the direct method, in good form.
City of Clifton Electric Department Adjusted Trial Balance cr Cash and investments with City Treasurer4,925,000 Due From Customers Materials and Supplies Other Current Assets Cash restricted Construction in Progress Land Electric Plant Accumulated Depreciation Electric Plant Accounts payable and Accrued Liabilities Accrued interest 5% Electric Revenue Bonds Payable Net Position 2,320,000 10,000 130,000 0 250,000 5,000,000 56,000,000 1,010,000 3,925,000 625,000 25,000,000 26,730,000 Operating Revenue Fuel Expense Wages and salaries Expense Operating Suplies Expense Interest expense Depreciation Expense 10,700,000 2,790,000 4,280,000 150,000 1,125,000 1,010,000 Totals 77,990,000 77,990,000Explanation / Answer
1. Statement of Net Postion
2.Statement of Revenue, Expenses and Changes in net position:
3. Cash Flow Statement
Assets: Current Assets: Cash and Investments $4925000 Due from customers 2320000 Materials and Supplies 10000 Other Current Assets 130000 Total Current Assets 7385000 Construction in progress 250000 Land 5000000 Electric plant less accumulated depreciation 44990000 Total Assets Non current assets 50240000 Total assets 57625000 Liabilities: Current Liabilities: Accounts Payable 3925000 Accrued Interest 625000 Non current liabilities: 5% Electric revenue bonds payable 25000000 Net Position 26730000 Add operating Income (See Statement of revenue) 1345000 Total Liabilities 57625000Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.