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 1s shown below Debits Credits 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 Buildins 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 S 180,840 5,180 8,150 933,410 1,387,240 916,570 $ 41,250 4,672, 520 210,260 21,950 279,060 6,139,320 172, 440 859,180 83,270 2,021, 550 91,660 1,024, 610 186, 790 81,350 66, 580 135, 700 321,000 $9,919,940 $9,919,940 Additional information concerning the Tribute Aquatic Center Fund follows. 1. 2. 3. 4. All bonds payable were used to acquire property, plant, and equipment 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 S9,160 Total cash received from customers was $2,018,470 and cash received for interest and dividends was S91,660; of this amount, S74,230 was restricted cash. There were no other changes to restricted cash during the year Cash payments included $1,028,690 for personnel expenses, $183,990 for utilities, $85,390 for repairs and maintenance, $321,000 for interest on bonds, and $65,260 for supplies The beginning balance in Cash was $99,170, Accounts Receivable was $3,000, Supplies was $9,450 and Accounts and Accrued Payables was $28,150. Accrued Payables include personnel expenses, utilities, and repairs and maintenance The net position categories shown on the pre-closing trial balance have not been updated to reflect correct balances at year-end. 5. 6. 7. b. Prepare the statement of net position for the Tribute Aquatic Center at year- end. CITY OF SALTWATER BEACH Tribute Aquatic Center Fund Statement of Net Position As of Year End Assets Current Assets Cash and Cash Equivalents Accounts Receivable Supplies $ 180,840 5,180 8,150 S 194,170 933,410 Total Current Assets Restricted Cash and Cash Equivalents Capital Assets 1,387,240 Land Buildings and Equipment Less: Allowance for Depreciation (41250) 875320 Improvements Other than Buildings Less: Allowance for Depreciation(210,260)4,462,260 $ 916,570 4,672,520 Total Capital Assets Total Assets 6,724,820 7,852,400 Liabilities Current Liabilities Accounts and Accrued Payables Current Portion of Long-Term Debt 21,950 279,060 Total Current Liabilities 301,010 Noncurrent Liabilities Bonds Payable 6,139,320 Total Liabilities 6,440,330 Net Position Net Investment in Capital Assets Restricted Unrestricted 172,440 859,100 83,270 Total Net position S 1,114,810