Following is the June 30, 2017, statement of net position for the City of Bay Lake Water Utility Fund.

CITY OF BAY LAKE
Water Utility Fund
Statement of Fund Net Position
June 30, 2017
Assets
Current assets:
Cash and investments				$	1,776,348
Accounts receivable (net of $13,376 provision for uncollectible accounts)					307,077
Accrued utility revenue					499,800
Due from General Fund					29,300
Interest receivable					81,970
Total current assets					2,694,495
Restricted assets:
Cash					9,201
Capital assets:
Land	$	1,782,499
Buildings (net of $3,422,992 in accumulated depreciation)		5,218,974
Machinery and equipment (net of $5,134,425 in accumulated depreciation)		8,495,843
Total capital assets (net)					15,497,316
Total Assets					18,201,012
Liabilities
Current liabilities:
Accounts payable		532,482
Interest payable		131,878
Current portion of long-term debt		390,000
Total current liabilities					1,054,360
Liabilities payable from restricted assets:
Customer deposits					9,201
Long-term liabilities:
Revenue bond payable					11,310,000
Total Liabilities					12,373,561
Net Position
Net investment in capital assets					3,869,442
Unrestricted					1,958,009
				$	5,827,451

Following is the information of the Water Utility Fund for fiscal year 2017.

(1)

The amount in the Accrued Utility Revenue account was reversed.

(2)

Billings to customers for water usage during fiscal year 2017 totaled $3,152,605; $204,918 of the total was billed to the General Fund.

(3)

Cash in the amount of $274,822 was received. The cash was for interest earned on investments and $86,673 in accrued interest.

(4)

Expenses accrued for the period were: management and administration, $380,945; maintenance and distribution, $728,368; and treatment plant, $734,853.

(5)

Cash receipts for customer deposits totaled $2,569.

(6)

Cash collections on customer accounts totaled $3,115,619, of which $221,794 was from the General Fund.

(7)

Cash payments for the period were as follows: Accounts Payable, $1,548,190; interest (which includes the interest payable), $419,081; bond principal, $390,000; machinery and equipment, $568,840; and return of customer deposits, $889.

(8)

A state grant amounting to $463,021 was received to help pay for new water treatment equipment.

(9)

Accounts written off as uncollectible totaled $9,761.

(10)

The utility fund transferred $779,866 in excess operating income to the General Fund.

(11)

Adjusting entries for the period were recorded as follows: depreciation on buildings was $234,012 and on machinery and equipment was $351,018; the allowance for uncollectible accounts was increased by $14,538; an accrual for unbilled customer receivables was made for $682,398; accrued interest income was $15,450; and accrued interest expense was $59,860.

(12)

The Revenue Bond Payable account was adjusted by $390,000 to record the current portion of the bond.

(13)

Closing entries and necessary adjustments were made to the net position accounts.

a-2.	For fiscal year 2017, 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.)

b.

Prepare a statement of revenues, expenses, and changes in fund net position for the Water Utility Fund for the year ended June 30, 2017. (Negative amounts should be indicated by a minus sign.)

c.	Prepare a statement of net position for the Water Utility Fund as of June 30, 2017.

d.	Prepare a statement of cash flows for the Water Utility Fund as of June 30, 2017. (Negative amounts should be indicated by a minus sign.)