CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Po ton June 30, 2019 Assets Cash and investments Accounts receivable (net of $13,372 provision for $1,775,704 306,984 uncollectible accounts Accrued utility revenue Due from General Fund Interest receivable S00,100 29, 317 92,017 2, 694,122 Total current assets Restricted assets 9,197 Capital assets Land Buildings {net of $3,421,492 in accumulated depreciation) Machinery and equipment (net of $5,132,168 in $1,781,721 5,216, 683 9.492.103 accumulated depreciation) Total capital assets (net) Total Assets 15,490, 507 18,193, 826 Liabilities Current liabilities Accounts payable Interest payable Current portion of long-term debt 532,271 131,828 404,000 Total current liabilitie Customer deposits Revenue bond payable 1,068, 099 Liabilities payable from restricted assets 9,197 Long-term liabilities1 11,716,000 12,793,296 Total Liabilities Net Position 3, 376,100 2.024, 430 5,400,530 Net investment in capital assets Unrestricted $ Following is the Information of the Water Uility Fund for tiscal year 2020. L The amount in the Accrued Ut ity Revenue account was reversed 2. Billings to customers for water usage during fiscal year 2020 totaled $2,921644: $189,907 of the total was bled to the General Fund. 3. Cash in the amount of $254,691 was received. The cash was for interest earned on investments and $80,326 in accrued interest 4. Expenses accrued for the period were management and administration, $353,049, maintenance and distribution, $675,032; and treatment plant, $681042 5. Cash receipts for customer deposits totaled $2,379 6. Cash collections on customer accounts totaled $2,885,189, of which $205,387 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,433,668; interest (which includes the interest payable), $388,085; bond principal, $404,000; machinery and equipment, $589,261; and return of customer deposits, $920. 8. Astate grant amounting to $479,168 was recelved to help pay for new water treatment equipment 9. Accounts written off as uncollectible totaled $10,101. 10. The utlity fund transferred $807,032 in excess operating income to the General Fund. 1L Adjusting entries for the period were recorded as follows: depreciation on buildings was $242,165 and on machinery and equipment was $363,247, the allowance for uncollectible accounts was increased by $15,045; an accrual for unbilled customer recelvables was made for $706,196; accrued interest income was $15,989; and accrued interest expense was $61.950. 12. The Revenue Bond Payable account was adjusted by $404,000 to record the current portion of the bond 13. Closing entries and necessary adjustments were made to the net position accounts. a-2. For fliscal year 2020, prepare closing entries for the Water Utility Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ournal entry worksheet Record the closure of all revenue and expenses account Note: Enter debits before credits. Transaction General Journal Debit Credit 13a) Sales of Water nterest Income ontribution-Capital Grant anagement and Administration Expense aintenance and Distribution Expense reatment Plant Expense nterfund Transfers Out nterest Expense epreciation Expense ncollectible Accounts et Position-Unrestricted a-2. For fliscal year 2020, prepare closing entries for the Water Utility Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the net change in investment in capital assets. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry b. Prepare a statement of revenues, expenses, and changes in fund net position for the Water Utillty Fund for the year ended June 30, 2020. (Negative amounts should be indicated by a minus sign.) CITY OF BAY LAKE Water Utility Fund Statement of Revenue, Expenses, and Changes in Fund Net Position For The Year Ended June 30, 2020 Operating Income: Operating Expenses: Total Operating Expenses Nonoperating RevenuelExpenses: Total Nonoperating RevenuelExpenses Income Before Transfers and Contributions Interfund Transfers Out Capital Contributions Change in Net Position Net Position, July 1, 2019 Net Position, June 30, 2020 c. Prepare a statement of net position for the Water Utlity Fund as of June 30, 2020 CITY OF BAY LAKE Water Utility Fund Statement of Net Position June 30, 2020 Assets Current Assets: Total Current Assets Restricted Assets Capital Assets: Total Capital Assets Total Assets Liabilities Current Liabilities: Total Current Liabilities Liabilities Payable from Restricted Assets Long-Term Liabilities: Total Liabi ties Net Position Net Investment In Capital Assets Unrestricted Total Net Position d. Prepare a statement of cash flows for the Water Utility Fund as of June 30, 2020. (Negative amounts should be indicated by a minus sign.) Water Utility Fund Statement of Cash Flows For the Year Ended June 30, 2020 Cash Flows from Operating Activities: Cash Received from Customers ash Paid To ash Provided h Flow from Noncapital Financing d by Noncapital Financing Activities Cash Flows and Activities and Fin Cash Flows from Investing Activities: Net Increase in Cash and Cash Cash and Cash Equivalents, June 30, 202 and alents alents 1, 2019 Reconciliation of Cash and Cash Equivalents to the Balance Sheet End of Beginning of Year Year and and Accured Assets Restricted Cash and alents Total Cash and Cash Equivalents Reconciliation of Operating Income to Net Cash Provided by Income Adjustments: Uncollectible Accounts Increase in Accounts Receivable y Revenue Decrease in Due from General Fund