Reference no: EM131922111

Question: Additional information (for the year ended June 30, 20X7) for preparing the Statement of Cash Flows of CITY OF CLIFTON's Electric Department (Enterprise) Fund:

Cash and cash equivalents at beginning of year .................... $2,250,000

Due From Customers at beginning of year............................ $2,120,000

Materials and Supplies at beginning of year.......................... $0

Accounts Payable and Accrued Liabilities at beginning of year $4,020,000

There is no change of Other Current Assets during the year. Depreciation expense is $1,010,000.

Cash payments received from customers during the year..... $10,500,000

Cash paid to employees (wages and salaries) during the year $4,280,000

Cash paid to suppliers of goods and services during the year (including those in settlement of Accounts Payable) $3,045,000

Sale at par ($5,000,000) in the year of 20X7, of 20-year, 5% Electric Revenue Bonds.

Interest on bonds paid during the year, $500,000.

Total cash paid during the year for acquiring property, plant, and equipment, $5,000,000

1. Statement of Net Position

2. Statement of Revenue, Expenses and Changes in Net Position

3. Cash Flow Statement - Create the statement of Cash flows using the direct method, in good form.