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Following is the information of the water utility fund for fiscal year 2020. For fiscal year 2020, prepare general journal entries for the Water Utility
Following is the information of the water utility fund for fiscal year 2020. For fiscal year 2020, prepare general journal entries for the Water Utility Fund.
A) Cash payments for the period were as follows: Accounts Payable, $1,480,678; interest (which includes the interest payable), $400,809; bond principal, $398,000; machinery and equipment, $580,512; and return of customer deposits, $905.
B) Record the closure of all revenue and expenses account.
C) Record the net change in investment in capital assets.
Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. $ 1,775,010 306,847 499,600 29,288 81,936 2,692,681 9,193 CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments Accounts receivable (net of $13,366 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: Land Buildings (net of $3,420,008 in accumulated depreciation) Machinery and equipment (net of $5,129,945 in accumulated depreciation) Total capital assets (net) Total Assets Liabilities Current liabilities: Accounts payable Interest payable Current portion of long-term debt Total current liabilities Liabilities payable from restricted assets: Customer deposits Long-term liabilities: Revenue bond payable Total Liabilities Net Position Net investment in capital assets Unrestricted $1,780,947 5,214,422 8,488,427 15,483,796 18, 185,670 532,033 131,769 398,000 1,061,802 9,193 11,542,000 12,612,995 3,576,775 1,995,900 $ 5,572,675 Following is the information of the water i Itility Fund for fiscal year 2020
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