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Required information [The following information applies to the questions displayed below.) Following is the June 30, 2022, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2022 Assets Current assets: Cash and investments Accounts receivable (net of $13,369 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: Land $1,781,333 Buildings (net of $3,420,746 in accumulated depreciation) 5,215,545 Machinery and equipment (net of $5,131,048 in accumulated depreciation) 8,490,249 Total capital assets (net) Total Assets Liabilities Current Liabilities: Accounts payable 532,156 Interest payable 131,799 Current portion of long-term debt 402.000 Total current liabilities Liabilities payable from restricted assets Customer deposits Long-term Liabilities: $ 1,775,328 306, 915 500,000 29,311 82,000 2,693,554 9,195 15,487, 122 18, 189,876 1,065,955 9,195 LULU Long-term liabilities: Revenue bond payable Total Liabilities Net Position Net investment in capital assets Unrestricted 11,658,000 12,733,150 3,441,813 2,014,913 $ 5,456,726 Following is the information of the Water Utility Fund for fiscal year 2023. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2023 totaled $2,952,045, $191,883 of the total was billed to the General Fund 3. Cash in the amount of $257,341 was received. The cash was for interest earned on investments and $81,162 in accrued interest 4. Expenses accrued for the period were management and administration, $356,724; maintenance and distribution, $682,059; and treatment plant, $688,131. 5. Cash receipts for customer deposits totaled $2.403. 6. Cash collections on customer accounts totaled $2,914,295, of which $207,459 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,448,132; interest (which includes the interest payable), $392,001; bond principal , $402,000; machinery and equipment, $586,343, and return of customer deposits, $916 8. A state grant amounting to $477,084 was received to help pay for new water treatment equipment 9. Accounts written off as uncollectible totaled $10,057 10. The utility fund transferred $803,516 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $241,109 and on machinery and equipment was $361663, the allowance for uncollectible accounts was increased by $14,979; an accrual for unbilled customer receivables was made for $703,098; accrued interest income was $15.919; and accrued interest expense was $61,678, 12. The Revenue Bond Payable account was adjusted by $402,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. b. Prepare a statement of revenues, expenses, and changes in fund net position for the Water Utility Fund for the year ended June 30, 2022 (Deductions should be indicated by a minus sign.) CITY OF BAY LAKE Water Utility Fund Statement of Revenue, Expenses, and Changes in Fund Net Position For The Year Ended June 30, 2023 Operating Income Operating Expenses Total Operating Expenses 0 0 Nonoperating Revenue/Expenses Total Nonoperating Revenue Expenses Income Before Transfers and Contributions 0 RINN Required information For The Year Ended June 30, 2023 Operating Income: Operating Expenses: Total Operating Expenses 0 0 Nonoperating Revenue/Expenses: 0 Total Nonoperating Revenue/Expenses Income Before Transfers and Contributions Interfund Transfers Out Capital Contributions Change in Net Position Net Position, July 1, 2022 Net Position, June 30, 2023 0 $ 0