Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me solve this problem! i will leave a thumbs up :) [The following intormation applies to the questions displayed below.] The City of

please help me solve this problem! i will leave a thumbs up :)
image text in transcribed
image text in transcribed
[The following intormation applies to the questions displayed below.] The City of Saltwater Beach estabilshed 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 preciosing trial balance for the current year, is shown below. Additionai 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 received 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 utities, $86,225 tor repalirs and maintenance, $323,840 for interest on bonds, and $65,900 for supplles 6. The beginning balance in Cash was $99,300, Accounts Receivable was $3,580, Supplies was $9,525, and Accounts and Accrued Payables was \$28.375. Accrued Payables include personnel expenses, ututies, and repairs and maintenance. 7. The net position categories shown on the preciosing trial balance have not been updated to renect correct balances at year end a. Prepare the statement of revenues, expenses, and changes in fund net position for the Tribute Aquatic Center for the year just ended. (Deductions should be indicated by a minus sign.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

21st Edition

978-1259916984

More Books

Students also viewed these Accounting questions

Question

Design an internal skills transfer system through tutoring.

Answered: 1 week ago