As of July 1, 2018, the City of Saratoga Springs
decided to purchase a privately operated swimming pool and to
create a Swimming Pool (Enterprise) Fund. During the year, the
following transactions occurred:
(a) A permanent contribution of $600,000 was received from the
General Fund.
(b) Revenue Bonds were sold at par in the amount of
$1,200,000.
(c) Purchased for cash several items, the cost breakdown was: land,
$300,000; building, $400,000, land improvement, $400,000;
equipment, $200,000; supplies, $150,000.
(d) Charges for services amounted to $600,000, all received in
cash.
(e) Cash expenses included: salaries, $200,000; utilities,
$100,000; interest (paid on 6/30/09), $72,000.
(f) Supplies were consumed in the amount of $120,000.
(g) Depreciation was recorded for: building, $20,000, land
improvement, $20,000; equipment, $20,000.
(h) The books were closed. Close all accounts to Net Assets.
Required:
1. Record the above transactions in general journal form (on the
books of the swimming pool fund).
2. Prepare, in good form, a Statement of Revenues, Expenses, and
Changes in Fund Net Assets for the City of Saratoga Springs
Swimming Pool Fund for the Year Ended June 30, 2019.
3. Prepare, in good form, a Statement of Fund Net Assets for the
City of Saratoga Springs Swimming Pool Fund as of June 30,
2019.
4. Prepare, in good form, a Statement of Cash Flows for the City of
Saratoga Springs Swimming Pool Fund for the Year Ended June 30,
2019. Assume all of the revenue bonds payable are for
capital-related acquisitions and that the transfer was to establish
working capital (i.e. a non-capital-related purpose).
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As of July 1, 2018, the City of Saratoga Springs decided to purchase a privately operated...
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