Additional information (for the year ended June 30, 20X7) for preparing the Statement of Cash Flows of CITY OF CLIFTONs 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 77,990,000