RADED HOMEWOR: CHAPTER 6 1 Saved Help Save & E Che 4 The City of Sandwich purchased a swimming pool from a private operator as of April 1, 2020, for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000 was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000 are to be made annually, beginning on April 1, 2021. The city has a calendar year as its fiscal year. During the year ended December 31, 2020, the following transactions occurred related to the City of Sandwich Swimming Pool: bints eBook Print 1. The amounts were received from the City General Fund and the First National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide working capital. 3. The purchase of the pool was recorded. Based on an appraisal, it was decided to allocate $100,000 to the land, $200,000 to improvements other than buildings (the pool), and $100,000 to the building. 4. Charges to patrons during the season amounted to $242,000, all received in cash. 5. Salaries paid to employees amounted to $115,000, all paid in cash, of which $75,000 was cost of services and $40,000 was administration. 6. Supplies purchased amounted to $40,000; all but $5,000 was used. Cash was paid for the supplies, all of which was for cost of sales and services. 7. Administrative expenses amounted to $16,500, paid in cash. 8. The first interest payment was made to the First National Bank. 9. The short-term loan was repaid to the Water Utility Fund. 10. Depreciation of $18,500 for the pool and $6,000 on the building was recorded for the nine months they were in operation. 11. Interest was accrued for the year. 12. Closing entries were prepared. References Required: a. Prepare entries to record the transactions. b. Prepare a statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. c. Prepare a statement of Net Position as of December 31, 2020, for the City of Sandwich Swimming Pool Fund. d. Prepare a statement of Cash Flows for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. Swimming Pool Fund St of Revenues Expenses St of Net Position St of Cash Flows Prepare a Statement of Net Position as of December 31, 2020, for the City of Sandwich Swimming Pool Fund. CITY OF SANDWICH SWIMMING POOL FUND STATEMENT OF NET POSITION DECEMBER 31, 2020 Assets Cash $ 64,500 RADED HOMEWOR: CHAPTER 6 1 Saved Help Save & E Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return 4 b. Prepare a statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. c. Prepare a statement of Net Position as of December 31, 2020, for the City of Sandwich Swimming Pool Fund. d. Prepare a Statement of Cash Flows for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. . oints Answer is not complete. Swimming Pool Fund St of Revenues Expenses St of Net Position St of Cash Flows Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. Enter deficiencies and transfers out, if any, as negative values. CITY OF SANDWICH SWIMMING POOL FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION YEAR ENDED DECEMBER 31, 2020 REVENUES Charges for services $ TOTAL REVENUES OPERATING EXPENSES Administrative Expense Depreciation Expense 242,000 56,500 24,500 TOTAL OPERATING EXPENSES 81,000 NON-OPERATING EXPENSES: Interest Expense 9,000 Income before Transfers Transfer from General Fund Change in Net Position Net Position - Beginning of year Net Position - End of year 72,000 X 200,000 272,000 X 0 272,000 X RADED HOMEWOR: CHAPTER 6 1 Help Save & E Che 4 c. Prepare a Salement UI NEL PUSILION as UI December 1, 2UZU, IUI LITE LILY UI Sal WICII SWITTY Poui runu. d. Prepare a Statement of Cash Flows for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. Swimming Pool Fund St of Revenues Expenses St of Net Position St of Cash Flows bints Prepare a Statement of Net Position as of December 31, 2020, for the City of Sandwich Swimming Pool Fund. CITY OF SANDWICH SWIMMING POOL FUND STATEMENT OF NET POSITION eBook DECEMBER 31, 2020 Print Assets Cash $ 64,500 Supplies Inventory 5,000 References Total Current Assets 69,500 Accumulated Depreciation Total Assets 400,000 (24,50 445,000 $ $ 3,000 Liabilities And Fund Equity Liabilities Accrued Interest Payable Total Current Liabilities Notes Payable Total Liabilities Net Position 3,000 3,000 Total Liabilities And Net Position $ 445,000