Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me answer thus problem :) thank you! i will leave a thumbs up for correct answer! [The following information applies to the questions
please help me answer thus problem :) thank you! i will leave a thumbs up for correct answer! [The following information applies to the questions alsplayed below] The City of Satwater Beach established an enterprise fund two years ago to construct and operate Tribute Aquatic Center, a pubilic swimming pool. The pool was completed and began operations last year. All costs, Including repayment of debt, are to be paid by user rees. The fund's preclosing trial balance for the current year, is shown below. 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 $9,250. 4. Total cash recelved from customers was $2,038,355 and cash recelved 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 5. Cash payments included $1,038,800 for personnel expenses, $185,800 for utilties, $86,225 for repairs and maintenance, $323,840 for interest on bonds, and $65,900 for supplies: 6. The beginning balance in Cash was $99.300, Accounts Recelvable was $3,580, Supplles was $9.525, and Accounts and Accrued Payables was $28,375 Accrued Payables include personnel expenses, utilties, and repalis and maintenance 7. The net posituon categories shown on the preclosing trial balance nave not been updated to reflect correct balances at yearend. b. Prepare the statement of net position for the Tribute Aquatic Center at year-end
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started