Reference no: EM13858590
Provided below are pre-closing account balances on December 31, 2017 from the Aquatic Center Enterprise Fund:
Cash and Cash Equivalents $ 182,240
Accounts Receivable 5,225
Supplies 8,225
Restricted Cash and Cash Equivalents 942,000
Land 1,400,000
Buildings and Equipment (B&E) 925,000
Accumulated Depreciation - B&E 41,625
Improvements Other Than Buildings (IOTB) 4,715,000
Accumulated Depreciation - IOTB 212,175
Current Portion of L-T Debt 281,600
Bonds Payable 6,195,200
Net Position - Net Investment in Capital Assets 174,010
Net Position - Restricted 867,000
Net Position - Unrestricted 84,030
Charges for Services 2,040,000
Interest and Dividend Income 92,500
Personnel Expenses 1,034,000
Utilities Expense 188,500
Repairs & Maintenance Expense 82,100
Supplies Expense 67,200
Depreciation Expense 136,960
Interest Expense 323,840
Additional information concerning the Aquatic Center Fund:
- 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. The payment for the current year was paid on January 1, 2017.
- Equipment was sold for cash at its carrying value of $9,250.
- Total cash received from customers was $2,038,355 and cash received for interest and dividends was $92,500; of this amount $75,000 was restricted cash. There were no other changes to restricted cash during the year.
- Cash payments included $1,038,800 for personnel expenses, $185,800 for utilities, $86,225 for repairs and maintenance, $323,840 for interest on bonds, an $65,900 for supplies.
- All costs, including repayment of debt are paid by user fees.
Required: You must SHOW and LABEL all your computations in order to receive full credit even if you have the correct final answer!!!
What are the December 31, 2017 post-closing balances for the following:
Net Position - Net Investment in Capital Assets
You may solve (1) in two methods-I will give you bonus points if you can correctly solve this part with both methods.
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