Hogsmeade Village Utility Enterprise Fund (HVUEF)

Trial Balance

Cash 4300

Account receivable 1,095

Short-term investments 1,000

Capital Assets 48,000

Accumulated depreciation 14,000

Accrued interest payable 260

Serial bonds payable 26,000

Net position 14,135

Totals 54,393 54,395

1. HVUEF billed residents of Hogsmeade Village 4400 for water services.

2. HVUEF collected $4,950 of its accounts receivable.

3. HVUEF received $ 1,500 from the 2 year loan from the General Fund.

4. HVUEF billed Hogsmeade Village General Fund $ 220 for water services provided to city department

5. HVUEF paid $ 1,430 in salaries to its employees and $ 440 in other operating expenses

6. HVUEF collected the entire amount billed to the city's General Fund.

7. The outstanding serial bonds of $ $26,000 are being paid at a rate of $2,000 every year, starting October 1, 2017, with interest of 4% per annum on the outstanding debt. The $260 interest (The accrued interest was recorded the previous year). HVUEF paid the debt service on October 1, 2016 payable shown in the trial balance has been accrued on December 31, 2016. HVUEF paid the debt service due on October 1, 2017.

8. The short-term investments shown in the trail blance matured. HVUEF received $ 1,155 which included investment income of $ 55 .

9. At year-end, HVUEF accrued interest on its outstanding debt.

10. At year-end, HVUEF recorded $ 1,760 depreciation on its captial assets.

11. At year-end, HVUEF made and adjusting entry to report the current portion of its serial bonds payable as a current liability.

Use the preceding information to do the following:

Prepare the journal entries necessary to record these transaction in the HVUEF.

Prepare a trial balance

Prepare a statement, revenues, expenses, and changes in net position

Prepare a statement of net position.

Prepare a statement of cash flows.