Question

O 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. Credits Debits $ 183,740 5,278 8,310 951,730 1,414,450 934,560 $ 42, ese 4,763,150 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 214,340 22,360 284,290 6,254,380 175,690 875, 360 84,830 2,059, 410 93,380 1,043,850 190, 300 82,890 67,860 138, 320 321, 660 $10,106,090 $10,106,000 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 1to retire an equal portion of the bonds payable. 3. Equipment was sold for cash at its carrying value of $9,330. 4. Total cash received from customers was $2,055,920 and cash received for interest and dividends was $93,380, of this amount, $76.370 was restricted cash. There were no other changes to restricted cash during the year. 5. Cash payments included $1.047,680 for personnel expenses. $187.400 for utilities, $86,990 for repairs and maintenance. $321,660 for interest on bonds, and $66,460 for supplies. 6. The beginning balance in Cash was $95.960, Accounts Receivable was $3,200. Supplies was $9.650 and Accounts and Accrued Payables was $28,750. Accrued Payables include personnel expenses, utilities, and repairs and maintenance 7. The net position categories shown on the pre-closing trial balance have not been updated to reflect correct balances at year-end. -

Answer 1

Required:

Operating income:
Charges for services		$2,059,410
(-) Operating expenses:
Personnel expenses	$1,043,850
Utility expenses	$190,300
Repairs and maintenence	$82,890
Supplies expenses	$67,860
Depreciation expenses	$138,320
Total operating expenses		-$1,523,220
Operating income		$536,190
Non-operating revenue (expenses)
Interest and dividend income	$93,380
(-) Interest expenses	-$321,660
Total Non-operating expenses		-$228,280
Change in net position		$307,910
(+) Net position (175,690+875,360+84,830)		$1,135,880
Net position ending		$1,443,790