Accounting for governmental and non profut organizations

The attached information is available for the Water Department, an enterprise fund of the City of Douglas as of the end of the fiscal year, December 31,20X6. All accounts have their normal balances. Examination of the records discloses the following additional information. REQUIRED: Using the attached forms and making whatever corrections are required to the general ledger accounts based on the additional information attached, prepare the following statements for the fund in proper form. (1) Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31,20X6. (2) Statement of Net Position as of December 31,206. CITY OF DOUGLAS WATER DEPARTMENT ENTERPRISE FUND GENERAL LEDGER BALANCES AT DECEMBER 31, 20X6 \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ AT DECEMBER 31, 20X6 } \\ \hline Cash & 605,800 \\ \hline Prepaid Expenses & 1,000 \\ \hline Accounts Receivable & 82,700 \\ \hline Due From Other Funds & 0 \\ \hline Supplies lnventory & 140,000 \\ \hline Investments, Long Term & 50,000 \\ \hline Utility Plant & 6,000,000 \\ \hline Warrants Payable & 50,100 \\ \hline Due To Other Funds & 56,000 \\ \hline Customers Advances For Construction & 0 \\ \hline Accounts Payable--Trade & 47,000 \\ \hline Revenue Bonds Payable, Long Term & 300,000 \\ \hline Accumulated Depreciation & 1,200,000 \\ \hline Net Position--Invested in Capital Assets, Net of Related Debt, 1/1X6 & 4,300,000 \\ \hline Net Position--Unrestricted, I/1/X6 & 261,400 \\ \hline Sales of Water & 1,500,000 \\ \hline Production Expense & 340,000 \\ \hline Distribution Expense & 151,000 \\ \hline Office Expense & 90,000 \\ \hline Administrative and General Expense & 105,000 \\ \hline Maintenance Expense & 140,000 \\ \hline Interest on Bonds & 9,000 \\ \hline \end{tabular} CITY OF DOUGLAS WATER DEPARTMENT ENTERPRISE FUND ADDITIONAL INFORMATION RELATING TO GENERAL LEDGER BALANCES PROVIDED FOR YEAR ENDING DECEMBER 31, 20X6 (a) Included in Accounts Payable--Trade is an amount due to other funds of $28,500, and $500 for postage reimbursement for the postage machine which was included in office expense but should properly be included as a prepaid expense. (b) Items included in book inventory in the amount of $2,000 were shipped FOB destination by the vendor and were received on 1/5/X7. \begin{tabular}{|l|l|} \hline (c) Inventoriable items that were charged as Distribution Expense amounted to $1,000. \\ (d) The following items of 20X7 expense were recorded as 20X6 Accounts Payable--Trade and \\ \hline \end{tabular} charged to expense in 20X6. (e) Included in Accounts Receivable is an amount due from another fund of $1,250. (f) There is an unrecorded receivable from the General Fund for water used in the amount of $5,750. CITY OF DOUGLAS WATER DEPARTMENT ENTERPRISE FUND STATEMENT OF NET POSITION (CONTINUED)