Required information [The following information applies to the questions displayed below.] 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. 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 Additional information concerning the Tribute Aquatic Center Fund follows. Debits $ 182,740 5,240 Credits 8,250 944,860 1,404,250 927,810 $ 41,750 4,729,160 212,810 1,036,800 22,210 282,370 6,212,140 174,490 869,390 84,260 2,045,580 92,750 189,010 82,320 67,380 137,330 322,600 $10,037,750 $10,037,750 1. All bonds payable were used to acquire property, plant, and equipment. 2. 3. Each year, a payment is required on January 1 to retire an equal portion of the bonds payable. Equipment was sold for cash at its carrying value of $9,270. 4. 5. 6. 7. Total cash received from customers was $2,042,720 and cash received for interest and dividends was $92,750; of this amount, $75,470 was restricted cash. There were no other changes to restricted cash during the year. Cash payments included $1,041,020 for personnel expenses, $186,200 for utilities, $86,420 for repairs and maintenance, $322,600 for interest on bonds, and $66,040 for supplies. The beginning balance in Cash was $98,120, Accounts Receivable was $3,170, Supplies was $9,560, and Accounts and Accrued Payables was $28,480. Accrued Payables include personnel expenses, utilities, and repairs and maintenance. The net position categories shown on the preclosing trial balance have not been updated to reflect 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.) Answer is complete and correct. CITY OF SALTWATER BEACH Tribute Aquatic Center Fund Statement of Revenue, Expenses, and Changes in Fund Net Position Operating Income: For the Current Year Ended Charges for Services Operating Expenses: Personnel Expense Utilities Expense Repairs and Maintenance Expense Supplies Expense Depreciation Expense Total Operating Expenses $ 2,045,580 $ 1,036,800 189,010 82,320 67,380 137,330 1,512,840 Operating Income 532,740 Nonoperating Revenue/Expenses: Interest Expense (322,600) Interest Income 92,750 Total Nonoperating Income (Expense) Change in Net Position Net Position, Beginning Net Position, Ending (229,850) 302,890 1,128,140 $ 1,431,030 b. Prepare the statement of net position for the Tribute Aquatic Center at year-end. Assets Answer is not complete. CITY OF SALTWATER BEACH Tribute Aquatic Center Fund Statement of Net Position As of Year-End Current Assets: Cash and Cash Equivalents Accounts Receivable Supplies Total Current Assets Restricted Cash and Cash Equivalents Capital Assets: Land Buildings and Equipment Less: Allowance for Depreciation Improvements Other than Buildings Less: Allowance for Depreciation Total Capital Assets Total Assets Liabilities Current Liabilities: Accounts and Accrued Payables Current Portion of Long-Term Debt Total Current Liabilities Noncurrent Liabilities: Bonds Payable $ 927,810 (41,750) 4,729,160 $ 182,740 5,240 8,250 1,404,250 886,060 $ 196,230 944,860 212,810 4,516,350 6,806,660 7,947,750 22,210 282,370 Total Liabilities Net Position Net Investment in Capital Assets 312,150 Restricted 944,860 Unrestricted Total Net position 304,580 6,212,140 6,516,720 $ 1,257,010 c. Prepare the statement of cash flows for the Tribute Aquatic Center at year-end. (Deductions should be Indicated by a minus sign.) Cash Flows from Operating Activities: Cash Received from Customers Cash Paid to: Usites Repairs and Maintenance Suppliers Personnel Answer is not complete. CITY OF SALTWATER BEACH Tribute Aquatic Center Fund Statement of Cash Flows For the Year Ended 0000 $ (186,200) (86,420) (66,040) (1,041,020) Net Cash Provided by Operations Cash Flows from Capital Financing Activities: Proceeds from Sale of Capital Assets Principal Paid on Capital Debt Net Cash Used by Financing Activities Cash Flows from Investing Activities: Not Increase in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning Cash and Cash Equivalents, Ending 00 $ 2,042,720 (1,379,680) $ 663,040 9,270 282,370 Reconciliation of Cach and Cach Equivalents to the Balance Sheet Cash and Cash Equivalents in Cument and Accrued Assets Restricted Cash and Cash Equivalents End of Year 291,640 964,680 $ 954,680 Beginning of Year Total Cash and Cash Equivalents Operating Income Adjustments: $ 0 0 Reconciliation of Operating Income to Net Cash Provided by Operations Depreciation Expense Increase in Accounts Receivable Decrease in Supplies Decrease in Accounts and Accrued Payables Net Cash Provided by Operating Activities 0