$ 1,775,142 | 306,870 499,600 29, 288 81,936 2,692,836 9,194 CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments Accounts receivable (net of $13,367 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: Land Buildings (net of $3,420,381 in accumulated depreciation) Machinery and equipment (net of $5,130,505 in accumulated depreciation) Total capital assets (net) Total Assets Liabilities Current liabilities: Accounts payable Interest payable Current portion of long-term debt Total current liabilities Liabilities payable from restricted assets: Customer deposits Long-term liabilities: Revenue bond payable Total Liabilities Net Position Net investment in capital assets Unrestricted $1,781,141 5,214,991 8,489,354 15,485,486 | 18,187,516 532,087 131, 782 397,000 1,060,869 9,194 11,513,000 12,583,063 3,613,290 1,991,163 $ 5,604, 453 Following is the information of the Water Utility Fund for fiscal year 2020. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2020 totaled $3,031,965; $197,077 of the total was billed to the General Fund. 3. Cash in the amount of $264,307 was received. The cash was for interest earned on investments and $83,358 in accrued interest. 4. Expenses accrued for the period were management and administration, $366,374; maintenance and distribution, $700,509; and treatment plant, $706,747. 5. Cash receipts for customer deposits totaled $2,471. 6. Cash collections on customer accounts totaled $2,996,766, of which $213,331 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,489,117; interest (which includes the interest payable), $403,093; bond principal, $397,000; machinery and equipment, $579,053; and return of customer deposits, $903. 8. A state grant amounting to $470,315 was received to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $9,915. 10. The utility fund transferred $792,172 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $237,708 and on machinery and equipment was $356,562; the allowance for uncollectible accounts was increased by $14,769; an accrual for unbilled customer receivables was made for $693,241; accrued interest income was $15,695; and accrued interest expense was $60,812. 12. The Revenue Bond Payable account was adjusted by $397,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. a-1. For fiscal year 2020, prepare general journal entries for the Water Utility Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Credit Debit 499,600 01 Sales of Water Accrued Utility Revenue 499,600 B02 Accounts Receivable Due From General Fund Sales of Water 2,834,888 197,077 3,031,965 264,307 Cash Interest Receivable 264,307 04 Management and Administration Expense Maintenance and Distribution Expense Treatment Plant Expense Accounts Payable 366,374 700,509 706,747 1,773,630 2,471 Cash Customer Deposits 2,471 F 06 Cash 2,996,766 Accounts Receivable 2,783,435 213,331 Due From General Fund 7 G 07 Accounts Payable 1,489,117 131,782 271,311 Interest Payable Interest Expense Revenue Bond Payable Machinery and Equipment Customer Deposits Cash 397,000 579,053 903 2,868,263 Cash-Restricted 903 H 08 470,315 Cash Contribution-Capital Grant 470,315 09 Accumulated Provision for Uncollectible Accounts 9,915 Accounts Receivable 9,915 Accumulated Provision for Uncollectible Accounts 9,915 Accounts Receivable 9,915 10 Interfund Transfers Out 792,172 Cash 792,172 11 Depreciation Expense Uncollectible Accounts Accrued Utility Revenue 594,270 1,476 693,241 15,695 60,812 Interest Receivable Interest Expense Accumulated DepreciationBuildings Accumulated DepreciationMachinery and Equipment Accumulated Provision for Uncollectible Accounts 237,708 356,562 14,769 693,241 15,695 60,812 Sales of Water Interest Income Interest Payable 12 397,000 Revenue Bond Payable Revenue Bond Payable 397,000 $ 1,775,142 | 306,870 499,600 29, 288 81,936 2,692,836 9,194 CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments Accounts receivable (net of $13,367 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: Land Buildings (net of $3,420,381 in accumulated depreciation) Machinery and equipment (net of $5,130,505 in accumulated depreciation) Total capital assets (net) Total Assets Liabilities Current liabilities: Accounts payable Interest payable Current portion of long-term debt Total current liabilities Liabilities payable from restricted assets: Customer deposits Long-term liabilities: Revenue bond payable Total Liabilities Net Position Net investment in capital assets Unrestricted $1,781,141 5,214,991 8,489,354 15,485,486 | 18,187,516 532,087 131, 782 397,000 1,060,869 9,194 11,513,000 12,583,063 3,613,290 1,991,163 $ 5,604, 453 Following is the information of the Water Utility Fund for fiscal year 2020. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2020 totaled $3,031,965; $197,077 of the total was billed to the General Fund. 3. Cash in the amount of $264,307 was received. The cash was for interest earned on investments and $83,358 in accrued interest. 4. Expenses accrued for the period were management and administration, $366,374; maintenance and distribution, $700,509; and treatment plant, $706,747. 5. Cash receipts for customer deposits totaled $2,471. 6. Cash collections on customer accounts totaled $2,996,766, of which $213,331 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,489,117; interest (which includes the interest payable), $403,093; bond principal, $397,000; machinery and equipment, $579,053; and return of customer deposits, $903. 8. A state grant amounting to $470,315 was received to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $9,915. 10. The utility fund transferred $792,172 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $237,708 and on machinery and equipment was $356,562; the allowance for uncollectible accounts was increased by $14,769; an accrual for unbilled customer receivables was made for $693,241; accrued interest income was $15,695; and accrued interest expense was $60,812. 12. The Revenue Bond Payable account was adjusted by $397,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. a-1. For fiscal year 2020, prepare general journal entries for the Water Utility Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Credit Debit 499,600 01 Sales of Water Accrued Utility Revenue 499,600 B02 Accounts Receivable Due From General Fund Sales of Water 2,834,888 197,077 3,031,965 264,307 Cash Interest Receivable 264,307 04 Management and Administration Expense Maintenance and Distribution Expense Treatment Plant Expense Accounts Payable 366,374 700,509 706,747 1,773,630 2,471 Cash Customer Deposits 2,471 F 06 Cash 2,996,766 Accounts Receivable 2,783,435 213,331 Due From General Fund 7 G 07 Accounts Payable 1,489,117 131,782 271,311 Interest Payable Interest Expense Revenue Bond Payable Machinery and Equipment Customer Deposits Cash 397,000 579,053 903 2,868,263 Cash-Restricted 903 H 08 470,315 Cash Contribution-Capital Grant 470,315 09 Accumulated Provision for Uncollectible Accounts 9,915 Accounts Receivable 9,915 Accumulated Provision for Uncollectible Accounts 9,915 Accounts Receivable 9,915 10 Interfund Transfers Out 792,172 Cash 792,172 11 Depreciation Expense Uncollectible Accounts Accrued Utility Revenue 594,270 1,476 693,241 15,695 60,812 Interest Receivable Interest Expense Accumulated DepreciationBuildings Accumulated DepreciationMachinery and Equipment Accumulated Provision for Uncollectible Accounts 237,708 356,562 14,769 693,241 15,695 60,812 Sales of Water Interest Income Interest Payable 12 397,000 Revenue Bond Payable Revenue Bond Payable 397,000