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Answer is complete but not entirely correct. Required information [ The following information applies to the questions displayed below. ] Following is the June 3
Answer is complete but not entirely correct. Required information
The following information applies to the questions displayed below.
Following is the June statement of net position for the City of Bay Lake Water Utility Fund. Following is the information of the Water Utility Fund for fiscal year
The amount in the Accrued Utility Revenue account was reversed.
Billings to customers for water usage during fiscal year totaled $;$ of the total was billed to
the General Fund.
Cash in the amount of $ was received. The cash was for interest earned on investments and $ in
accrued interest.
Expenses accrued for the period were management and administration, $; maintenance and distribution,
$; and treatment plant, $
Cash receipts for customer deposits totaled $
Cash collections on customer accounts totaled $ of which $ was from the General Fund.
Cash payments for the period were as follows: Accounts Payable, $; interest which includes the interest
payable $; bond principal, $; machinery and equipment, $; and return of customer deposits,
$
A state grant amounting to $ was received to help pay for new water treatment equipment.
Accounts written off as uncollectible totaled $
The utility fund transferred $ in excess operating income to the General Fund.
Adjusting entries for the period were recorded as follows: depreciation on buildings was $ and on
machinery and equipment was $; the allowance for uncollectible accounts was increased by $; an
accrual for unbilled customer receivables was made for $; accrued interest income was $; and
accrued interest expense was $
The Revenue Bond Payable account was adjusted by $ to record the current portion of the bond.
Closing entries and necessary adjustments were made to the net position accounts. Answer is complete but not entirely correct.
tableCITY OF BAY LAKEWater Utility FundStatement of Net PositionJune AssetsCurrent Assets:Cash and Investments $ Accounts Receivable,,times Accrued Utility Revenue Due from General Fund,,Interest Receivable,,Total Current Assets,,$ Restricted Assets:CashCapital Assets:Land$ BuildingsMachinery and Equipment,Total Capital Assets,,Total Assets,,$LiabilitiesCurrent Liabilities:Accounts Payable,Interest Payable,Current Portion of LongTerm Debt,Total Current Liabilities,,Liabilities Payable from Restricted Assets:Customer Deposits LongTerm Liabilities:Revenue Bond Payable,,Total Liabilities,,$Net PositionNet Investment In Capital Assets,UnrestrictedTotal Net Position,,$
All I need is the accounts receivable's net position as of June everything else is correct. An explanation for how to get it would be nice but the answer is what Im truly needing. Thanks!
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