Following is the June 30, 2019. statement of net position for the City of Bay Lake Water Utility Fund. $ 1,275.019 306,869 500,000 29, 311 82.ee 2,693, 199 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 $13,367 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,eee in accumulated depreciation) Machinery and equipment (net of $5,129,928 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 $1,780,945 5,214,407 8,488,395 15,483,747 18, 186, 139 532.847 131,772 488,888 1,863,819 9,193 11,600,000 12.673,012 3,483,747 2,829, 380 $5.513.127 Following is the information of the Water Utility Fund for fiscal year 2020. 1. The amount in the Accrued Utility 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 billed 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, $360,408, 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 principal. $400,000: machinery and equipment. $583,425 and return of customer deposits. $912. 8. A state grant amounting to $475,000 was received to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10.013. 10. The utility fund transferred $800.000 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation 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 for unbilled customer receivables was made for $700,000; accrued interest income 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. a-1. For fiscal year 2020. prepare general journal 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.) Answer is not complete. No General Journal Credit Transaction 01 Debit 500.000 Sales of Water Accrued Utility Revenue 500.000 Accounts Receivable Due From General Fund Sales of Water 2,788,691 193.886 2.982,557 Cash 260,000 Interest Income Interest Receivable 178,000 82,000 Management and Administration Expense Maintenance and Distribution Expense Treatment Plant Expense Accounts Payable 360,408 889,103 695,237 1.744,748 05 2.427 Cash-Restricted Customer Deposits 2,427 08 2.943,401 Cash Due From General Fund Accounts Receivable 209.531 2.733.870 G 07 Accounts Payable Interest Payable Current Portion of Long-Term Debt Machinery and Equipment Customer Deposits Cash Cash-Restricted 1,462.596 395,917 400,000 583,425 912 2,841,938 X 912 08 475.000 Cash Contribution-Capital Grant 475,000 09 10.013 Accumulated Provision for Uncollectible Accounts Accounts Receivable 10.013 10 800.000 Interfund Transfers Out Cash 800,000 600, 132 Depreciation Expense Uncollectible Accounts Interest Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Machinery and Equipment Accumulated Provision for Uncollectible Accounts Interest Payable 14.913 61,406 240,053 X 360,079 X 14,913 81,406 400.000 Revenue Bond Payable Current Portion of Long-Term Debt 400,000 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.) $ 2.943.401 CITY OF BAYLAKE Water Utility Fund Statement of Cash Flows For the Year Ended June 30, 2020 Cash Flows from Operating Activities: Cash Received from Customers Cash Paid To: Employees and Suppliers Net Cash Provided by Operations Cash Flow from Noncapital Financing Activities: Transfer to General Fund s Customer Deposits (1.462,500) 1.480.805 (800,000) 1,515 (798,485) Net Cash Used by Noncapital Financing Activities Cash Flows from Capital and Related Financing Activities: Proceeds from Capital Grant Purchase of Machinery and Equipment Principal Paid on Capital Debt Interest Paid on Capital Debt 475.000 (583.425) (400.000) 395.917) (904,342) Net Cash Used by Capital and Related Financing Activities Cash Flows from Investing Activities: Interest Received on Investments Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, July 1, 2019 Cash and Cash Equivalents, June 30, 2020 260.000 37.978 1.784,212 1.822.190 $ Vear Reconciliation of Cash and Cash Equivalents to the Balance Sheet End of Year Beginning of Cash and Cash Equivalents in Current and Accured Assets Restricted Cash and Cash Equivalents Total Cash and Cash Equivalents S0S Reconciliation of Operating Income to Net Cash Provided by Operations Operating Income Adjustments: Depreciation Expense Uncollectible Accounts Increase in Accounts Receivable Increase in Accrued Utility Revenue Decrease in Due from General Fund Increase in Accounts Payable Net Cash Provided by Operating Activities $ 0