13 Required information Exercise 7-22 (Algo) Tribute Aquatic Center Enterprise Fund (LO 7-5] [The following information applies to the questions displayed below.] The City of Saltwater Beach established an enterprise fund two years ago to construct and operate Tribute Aquatic Center, a public swimming pool. The pool was completed and began operations last year. All costs, including repayment of debt, are to be paid by user fees. The fund's preclosing trial balance for the current year, is shown below. Part 2 of 2 0/1.25 points awarded Credits Scored Debits $ 181,640 5,200 8,190 937,990 1,394,040 921,070 eBook $ 41,450 4,695, 180 References Cash and Cash Equivalents Accounts Receivable Supplies Restricted Cash and Cash Equivalents Land Buildings and Equipment Accumulated Depreciation-Buildings and Equipment Improvements Other Than Buildings Accumulated Depreciation-Improvements Other Than Buildings Accounts and Accrued Payables Current Portion of Long-Term Debt-Bonds Bonds Payable Net Position-Net Investment in Capital Assets Net Position-Restricted Net Position-Unrestricted Charges for Services Interest and Dividend Income Personnel Expenses Utilities Expense Repairs and Maintenance Supplies Expense Depreciation Expense Interest Expense 211,280 22,050 280, 340 6,167,480 173,240 863, 160 83,650 2,030,770 92,080 1,029,310 187,650 81,730 66,900 136,360 320,240 $9,965,500 $9,965,500 Additional information concerning the Tribute Aquatic Center Fund follows. 1. All bonds payable were used to acquire property, plant, and equipment. 2. Each year, a payment is required on January 1 to retire an equal portion of the bonds payable. 3. Equipment was sold for cash at its carrying value of $9,200. 4. Total cash received from customers was $2,027,270 and cash received for interest and dividends was $92,080; of this amount, $74,830 was restricted cash. There were no other changes to restricted cash during the year. 5. Cash payments included $1,033,130 for personnel expenses, $184,790 for utilities, $85,770 for repairs and maintenance, for interest on bonds, and $65,540 for supplies. 6. The beginning balance in Cash was $97,730, Accounts Receivable was $3,020, Supplies was $9,510, and Accounts and Accrued Payables was $28,330. Accrued Payables include personnel expenses, utilities, and repairs and maintenance. 7. The net position categories shown on the preclosing trial balance have not been updated to reflect correct balances at year-end. $320,240 Required information 13 Exercise 7-22 (Algo) Part c c. Prepare the statement of cash flows for the Tribute Aquatic Center at year-end. (Deductions should be indicated by a minus sign.) Part 2 of 2 0/1.25 points awarded CITY OF SALTWATER BEACH Tribute Aquatic Center Fund Statement of Cash Flows For the Year Ended Scored Cash Flows from Operating Activities: Cash Received from Customers Cash Paid to: x eBook X X X x x x References x x 0 IS 0 Net Cash Provided by Operations Cash Flows from Capital Financing Activities: X X x X x 0 Net Cash Used by Financing Activities Cash Flows from Investing Activities: X x 0 Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning Cash and Cash Equivalents, Ending x IS 0 Reconciliation of Cash and Cash Equivalents to the Balance Sheet End of Year Beginning of Year x Cash and Cash Equivalents in Current and Accrued Assets Restricted Cash and Cash Equivalents Total Cash and Cash Equivalents X X 0 0 0 Reconciliation of Operating Income to Net Cash Provided by Operations Required information 13 XX Part 2 of 2 0 IS 0 0 Net Cash Provided by Operations Cash Flows from Capital Financing Activities: 0/1.25 points awarded X X X Scored 0 Net Cash Used by Financing Activities Cash Flows from Investing Activities: eBook References Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning Cash and Cash Equivalents, Ending S 0 Beginning of Year Reconciliation of Cash and Cash Equivalents to the Balance Sheet End of Year Cash and Cash Equivalents in Current and Accrued Assets Restricted Cash and Cash Equivalents Total Cash and Cash Equivalents S 0 Reconciliation of Operating Income to Net Cash Provided by Operations Operating Income Adjustments: Depreciation Expense Increase in Accounts Receivable Decrease in Supplies Decrease in Accounts and Accrued Payables Net Cash Provided by Operating Activities * Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. S 0 Required information 13 For the Year Ended Cash Flows from Operating Activities: Cash Received from Customers Cash Paid to: X Part 2 of 2 > 0/1.25 points awarded 0 Scored S 0 Net Cash Provided by Operations Cash Flows from Capital Financing Activities: eBook X X X X References 0 Net Cash Used by Financing Activities Cash Flows from Investing Activities: Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning Cash and Cash Equivalents, Ending Reconciliation of Cash and Cash Equivalents to the Balance Sheet End of Year Beginning of Year Cash and Cash Equivalents in Current and Accrued Assets Restricted Cash and Cash Equivalents Total Cash and Cash Equivalents S 0 $ 0 Reconciliation of Operating Income to Net Cash Provided by Operations Operating Income Adjustments: Depreciation Expense Increase in Accounts Receivable Decrease in Supplies Decrease in Accounts and Accrued Payables Net Cash Provided by Operating Activities *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 0