Enterprise Funds

Provided below are pre-closing account balances on December 31, 2017 from the Aquatic Center Enterprise Fund:

Cash and Cash Equivalents $ 182,240

Accounts Receivable 5,225

Supplies 8,225

Restricted Cash and Cash Equivalents 942,000

Land 1,400,000

Buildings and Equipment (B&E) 925,000

Accumulated Depreciation B&E 41,625

Improvements Other Than Buildings (IOTB) 4,715,000

Accumulated Depreciation IOTB 212,175

Current Portion of L-T Debt 281,600

Bonds Payable 6,195,200

Net Position Net Investment in Capital Assets 174,010

Net Position Restricted 867,000

Net Position Unrestricted 84,030

Charges for Services 2,040,000

Interest and Dividend Income 92,500

Personnel Expenses 1,034,000

Utilities Expense 188,500

Repairs & Maintenance Expense 82,100

Supplies Expense 67,200

Depreciation Expense 136,960

Interest Expense 323,840

Additional information concerning the Aquatic Center Fund:

• All bonds payable were used to acquire property, plant, and equipment.
• 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.
• Equipment was sold for cash at its carrying value of $9,250.
• Total cash received from customers was $2,038,355 and cash received for interest and dividends was $92,500; of this amount $75,000 was restricted cash. There were no other changes to restricted cash during the year.
• Cash payments included $1,038,800 for personnel expenses, $185,800 for utilities, $86,225 for repairs and maintenance, $323,840 for interest on bonds, an $65,900 for supplies.
• All costs, including repayment of debt are paid by user fees.

Required: You must SHOW and LABEL all your computations in order to receive full credit even if you have the correct final answer!!!

What are the December 31, 2017 post-closing balances for the following:

• Net Position Net Investment in Capital Assets You may solve (1) in two methodsI will give you bonus points if you can correctly solve this part with both methods.

Net Position Restricted

Net Position - Unrestricted