Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utilty Fund CIT OF BAY LAKE Water utility Fund Statenent of Fund Net Position June 30, 2019 Cash and investments Accounts receivable (net of $13,367 provision $1,775,019 for uncollectible accounts) Accrued utility revenue Due fron General Fund Interent receivable 306, 869 500,000 29,311 82,000 2, 693,199 Total current assets Restricted assets Cash Capital assets Land Buildings net of $3,420,000 in aceumulated depreciation) Machinery and equipment (net of $5,129, 928 in 9,193 $1,780,945 5,214,407 8,488,395 accumulated depreciation) Total capital assets (net) Total Assets 15,483,747 18,186,139 Liabi1ities Current liabilities Accounts payable Interest payable Current portion of long-term debt 532,047 131,772 400,000 Total current liabilities Liabilities payable from restricted assets Customer deposits Long-term liabilities1 Revenue bond payable Total Liabilities 1,063, 819 9,193 11,600,000 2,673,012 Net Position Net investment in capital assets Unrestricted 3,483,747 2,029,380 $5,513,127 Following is the information of the Water Utility Fund for fiscal year 2020. 1 The amount in the Accrued Utlity Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2020 totaled $2,982,557; $193,866 of the total was biled to the General Fund. 3. Cash In the amount of $260,000 was received. The cash was for interest earned on investments and $82,000 in accrued Interest. 4. Expenses accrued for the period were management and administration, $360,40B; maintenance and distribution, $689,103; and treatment plant, $695,237. 5. Cash receipts for customer deposits totaled $2,427. 6. Cash collections on customer accounts totaled $2,943,401, of which $209,531 was from the General Fund 7 Cash payments for the period were as follows: Accounts Payable, $1,462,596; Interest(which Includes the Interest payable), $395,917; bond princlpal, $400,000; machinery and equipment, $583,425, and return of customer deposits, $912. B. A state grant amounting to $475,000 was recelved to help pay for new water treatment equlpment. 9. Accounts written off as uncollectible totaled $10,013. 0. The utlity fund transterred $800,000 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreclation on buildings was $240,053 and on machinery and equipment was $360,079; the allowance for uncollectible accounts was increased by $14,913; an accrual tor unbilled customer recelvables was made for $700,000; accrued interest ncome was $15,849; and accrued Interest expense was $61,406. 12. The Revenue Bond Payable account was adjusted by $400,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts