Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please solve part d and make sure to include the reconciliation of Operating Income to Net Cash provided by Operating Activities ***third time

can you please solve part d and make sure to include the "reconciliation of Operating Income to Net Cash provided by Operating Activities" ***third time posting this no one has gotten it right*** ***will give thumbs up if complete and correct***
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The Town of Weston has a Water Ublify. Fund with the following trial balance as of July 1, 2019, the first day of the-fiscal year: Duting the year ended June 30,2020 , the following transactions and events occurred in the Town of Weston Water Utility Fund 1. Accrued expenses at July i were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,387,000 : billings to the General Fund amounted 10$114,000 3. Liabilities for the following were recordod during the year: 4. Materiats and supplies were used in the amount of $284,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $14,500 of old accounts recelvable wore written off. 6. Accounts receivoble collections totaled $1,514,000 from nongovernmental customers and $49.900 from the General Fund 7,$1,067,000 of accounts poyable were paid in cash 8. One year's interest in the amount of 5180,500 was paid 9 Construction was completed on plant assets costing $256,000; that amount wos transferred to Ueilify Plant in Service: 10. Depreciation was recorded in the amount of $266,100 11. The Allowance for Uncollectble Accounts was increased by $10.000 12. As requited by the loan agreement cash in the amount of $108,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $97.000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in qeneral joumal form. b. Prepare a Statement of Revenves, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30,2020 . d. Prepare o Statement of Cash Flows for the yeor ended June 30, 2020. Assume all debt and interest are related to capial outiay Assume the entire construction work in progress liability (see item 3 ) wos poid in entry 7 Include restricted assets as cashl and cash equivalents, in the reconciliation, assume the Accounts Recelvable is netled against the Alowance account. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7 . Include restricted assets as cash and cash equivalents. (Deductions should be entered as a negative amount.) 1 Required C Roguifed o

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions