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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. Credits $ Debits 181,140 5,190 8,170 935, 700 1,390, 640 918,820 $ 41,350 4,683,850 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 210,770 22,000 279,700 6,153,400 172,840 861,170 83,460 2,026,160 91,870 1,026,960 187, 220 81,540 66,740 136,030 320, 720 $9,942,720 $9,942,720 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 $9,180. 4. Total cash received from customers was $2,022,870 and cash received for interest and dividends was $91,870; of this amount, $74,530 was restricted cash. There were no other changes to restricted cash during the year. 5. Cash payments included $1,030,910 for personnel expenses, $184,390 for utilities, $85,580 for repairs and maintenance, $320,720 for interest on bonds, and $65,400 for supplies. 6. The beginning balance in Cash was $98,450, Accounts Receivable was $3,010, Supplies was $9,480 and Accounts and Accrued Payables was $28,240. Accrued Payables include personnel expenses, utilities, and repairs and maintenance. 7. The net position categories shown on the pre-closing trial balance have not been updated to reflect correct balances at year-end. quired Prepare the statement of revenues, expenses, and changes in fund net position for the Tribute Aquatic Center for the year just ended. (Negative amounts should be indicated by a minus sign.) Required information Statement of Revenue, Expenses, and Changes in Fund Net Position Part 1 of 3 For the Current Year Ended Operating Income: 0.52 points Operating Expenses: eBook Print References Total Operating Expenses Operating Income Nonoperating Revenue/Expenses: Total Nonoperating Income (Expense) Change in Net Position Net Position, Beginning Net Position, Ending
