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Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Debit Credit Cash $ 93,700 Accounts Receivable
Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows:
Debit | Credit | |||||||
Cash | $ | 93,700 | ||||||
Accounts Receivable | 25,300 | |||||||
Inventory of Supplies | 8,500 | |||||||
Land | 120,200 | |||||||
Plant and Equipment | 492,000 | |||||||
Accumulated Depreciation | $ | 81,900 | ||||||
Vouchers Payable | 16,900 | |||||||
Bonds Payable, 6% | 515,000 | |||||||
Net Position: | ||||||||
Invested in Capital Assets, Net of Related Debt | 15,300 | |||||||
Unrestricted | 110,600 | |||||||
Total | $ | 739,700 | $ | 739,700 | ||||
Additional Information for 20X1:
- Charges to customers for water and gas were $421,600; collections were $432,200.
- A loan of $30,900 for two years was received from the general fund.
- The water and gas lines were extended to a new development at a cost of $76,400. The contractor was paid.
- Supplies were acquired from central stores (internal service fund) for $12,900. Operating expenses were $328,700, and interest expense was $30,900. Payment was made for the interest and the payable to central stores, and $326,000 of the vouchers were paid.
- Adjusting entries were as follows: estimated uncollectible accounts receivable, $8,300; depreciation expense, $32,900; and supplies expense, $17,000.
Required: a. Prepare entries for the MUD enterprise fund for 20X1 and closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) [COMPLETE, SEE BELOW]
PLease help with questions listed below.
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1a 421,600 Account receivable Revenue 421,600 1b 432,200 Cash Account receivable 432,200 2 30,900 Cash Due to general fund 30,900 3a 76,400 Plant and equipment Contracts payable 76,400 3b Contracts payable Cash 76,400 76,400 4a 12,900 328,700 30,900 Inventory of supplies Operating expense Interest expense Due to central stores fund Voucher payable Interest payable 12,900 328,700 30,900 4b Due to central stores fund Voucher payable Interest payable Cash 12,900 326,000 30,900 369,800 5a Revenue Allowance for uncollectible 8,300 Sb 32,900 Depreciation expense Accumulated depreciation 32,900 Sc 17,000 Supplies expense Inventory of supplies 17,000 5d 413,300 Revenue Operating expense Depreciation expense Supplies expense Profit and loss summary Interest expense 328,700 32,900 17,000 3,800 30,900 5e 3,800 Profit and loss summary Net position-unrestricted 3,800 5f 58,800 Net position-unrestricted Net position invested in capital, net of related debt 58,800 b. Prepare a statement of net position for the fund for December 31, 20X1. (Select the assets account based on the order listed in the question table. Amounts to be deducted should be indicated by minus sign.) AUGUSTA MUD Enterprise Fund Statement of Net Position December 31, 20X1 Assets LE 0 0 $ 0 Total Assets Liabilities Total Liabilities $ 0 Net Position: Total Net Position $ 0 c. Prepare a statement of revenues, expenses, and changes in fund net position for 20X1. Assume that the $515,000 of the 6 percent bonds is related to the net capital assets of land and of plant and equipment. AUGUSTA MUD Enterprise Fund Statement of Revenue, Expenses, and Changes in Fund Net Position For Fiscal Year Ended December 31, 20X1 Revenue Expenses 0 0 $ Non operating Expense: $ 0 Net Position, January 1 Net Position. December 31 $ d. Prepare a statement of cash flows for 20X1. (Amounts to be deducted should be indicated by minus sign.) AUGUSTA MUD Enterprise Fund Statement of Cash Flows For the Year Ended December 31, 20X1 Cash Flows from Operating Activities: Docum $ 0 Cash Flows from Noncapital Financing Activities 0 Cash Flows from Capital and Related Financing Activities: 0 Cash Flows from Investing Activities: 0 $ 0 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Change in Assets and Liabilities: Total Adjustments 0 $ 0Step by Step Solution
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