Check my work The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2016, the first day of the fiscal year: Credits $ 10 points Debits 330,000 200,000 $ 30,000 Skipped 120,000 250, eee 7,800,000 Cash Customer accounts receivable Allowance for uncollectible accounts Materials and supplies Restricted assets (cash) Utility plant in service Accumulated depreciation-utility plant Construction work in progress Accounts payable Accrued expenses payable Revenue bonds payable Net position Totals 2,600,000 100,000 eBook 120,000 75,000 3,500,000 1,675,000 $8,000,000 $8,000,000 Print During the year ended June 30, 2017, the following transactions and events occurred in the Town of Weston Water Utility Fund: References 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,380,000, billings to the General Fund amounted to $107,000. 3. Liabilities for the following were recorded during the year Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $185,000 360, 200,000 220,000 4. Materials and supplies were used in the amount of $275,000, all for costs of sales and services. 5. $14,000 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,462,000 from nongovernmental customers and $48,400 from the General Fund. 7. $1,035,000 of accounts payable were paid in cash. 8. One year's interest in the amount of $175,000 was paid. 9. Construction was completed on plant assets costing $250,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $260,000. 11. Interest in the amount of $25,000 was reclassified to Construction Work in Progress. (This was previously paid in item 8.) 12. The Allowance for Uncollectible Accounts was increased by $9,900. 13. As required by the loan agreement, cash in the amount of $100,000 was transferred to Restricted Assets for eventual redemption of the bonds 14. Accrued expenses, all related to costs of sales and services, amounted to $89,000. 15. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general Journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2017 d. Prepare a Statement of Cash Flows for the year ended June 30, 2017. 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. Complete this question by entering your answers in the tabs below. Check my Materials and Supplies Operating Expenses-Costs of Sales and Services Operating Expenses-Administration Construction Work in Progress Accounts Payable 185,000 360,000 200,000 220,000 10 points 965,000 Skipped 275,000 Operating ExpensesCosts of Sales and Services Materials and Supplies 275,000 eBook 55 14,000 Allowance for Uncollectible Accounts Customer Accounts Receivable 14,000 Print 6 1,510,000 Cash Customer Accounts Receivable Due From Other Funds 1,462,000 48,400 References 1,035,000 Accounts Payable Cash 1,035,000 8 175,000 Nonoperating Expenses-Interest Cash 175,000 1 9 250,000 Utility Plant in Service Construction Work in Progress 250,000 10 10 260,000 Operating Expenses-Depreciation Accumulated Depreciation of Utility Plant 260,000 11 25,000 Construction Work in Progress Nonoperating Expenses Interest 25,000 12 | 12 9,900 Operating RevenuesCharges for Sales and Services Customer Accounts Receivable 9,900 13 13 100,000 Restricted Assets Cash 100,000 14 14 47,000 Operating Expenses-Costs of Sales and Services Accrued Expenses Payable 89,000 15 15 1,473,000 Operating Revenues-Charges for Sales and Services Operating Expenses-Costs of Sales and Services Operating Expenses Administration Operating Expenses-Depreciation Nonoperating Expenses Interest Net Position 724,000 200,000 260,000 150,000 139,000 Required A Required B > Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2017. d. Prepare a Statement of Cash Flows for the year ended June 30, 2017. Assume all debt and interest are Assume the entire construction work in progress liability (see item 3) was paid in entry 7. Include restricte equivalents. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. (Deductions should be enter amount.). TOWN OF WESTON WATER UTILITY FUND Statement of Revenues. Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2017 Operating Revenues: Operating Expenses: Total Operating Expenses Nonoperating Revenues (Expenses): 0 Change in Net Position Net Position - July 1, 2016 Net Position - June 30, 2017 | $ Required A Required B Required C Required D Prepare a Statement of Net Position as of June 30, 2017. (Deductions should be entered as a negative amount.)........... 10 points Skipped TOWN OF WESTON WATER UTILITY FUND Statement of Net Position As of June 30, 2017 Assets: Current and Accrued Assets: eBook Print 0 References Total Current and Accrued Assets Other Property and Investments: Utility Plant: Utility Plant-Net Net Utility Plant Total Assets Liabilities: Current Liabilities: Total Current Liabilities Long-Term Debt: Total Liabilities Net Position: Total Net Position Complete this question by entering your answers in the tabs below. 10 points Required A Required B Required Required D Skipped Prepare a Statement of Cash Flows for the year ended June 30, 2017. Assume all debt and interest are related to c outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7. Include restricted cash and cash equivalents. (Deductions should be entered as a negative amount.) eBook TOWN OF WESTON WATER UTILITY FUND Statement of Cash Flows For the Year Ended June 30, 2017 Cash Flows From Operating Activities: Print References Cash Flows From Capital and Related Financing Activities: Cash and Cash Equivalents, July 1, 2016 Cash and Cash Equivalents, June 30, 2017 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Adjustments: Total Adjustments Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2017. d. Prepare a Statement of Cash Flows for the year ended June 30, 2017. Assume all debt and interest are Assume the entire construction work in progress liability (see item 3) was paid in entry 7. Include restricte equivalents. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. (Deductions should be enter amount.). TOWN OF WESTON WATER UTILITY FUND Statement of Revenues. Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2017 Operating Revenues: Operating Expenses: Total Operating Expenses Nonoperating Revenues (Expenses): 0 Change in Net Position Net Position - July 1, 2016 Net Position - June 30, 2017 | $ Required A Required B Required C Required D Prepare a Statement of Net Position as of June 30, 2017. (Deductions should be entered as a negative amount.)........... 10 points Skipped TOWN OF WESTON WATER UTILITY FUND Statement of Net Position As of June 30, 2017 Assets: Current and Accrued Assets: eBook Print 0 References Total Current and Accrued Assets Other Property and Investments: Utility Plant: Utility Plant-Net Net Utility Plant Total Assets Liabilities: Current Liabilities: Total Current Liabilities Long-Term Debt: Total Liabilities Net Position: Total Net Position Complete this question by entering your answers in the tabs below. 10 points Required A Required B Required Required D Skipped Prepare a Statement of Cash Flows for the year ended June 30, 2017. Assume all debt and interest are related to c outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7. Include restricted cash and cash equivalents. (Deductions should be entered as a negative amount.) eBook TOWN OF WESTON WATER UTILITY FUND Statement of Cash Flows For the Year Ended June 30, 2017 Cash Flows From Operating Activities: Print References Cash Flows From Capital and Related Financing Activities: Cash and Cash Equivalents, July 1, 2016 Cash and Cash Equivalents, June 30, 2017 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Adjustments: Total Adjustments