I am having trouble with the Statement of net assets and computations

7-3. TOWN OF FREDERICKSBURG CENTRAL DUPLICATING FUND GENERAL JOURNAL (NOT REQUIRED) DON'T FORGET PART B!! Debits a) Credits 1 WAGE EXPENSE PAYROLL TAX EXPENSE CASH DUE TO FEDERAL GOVERNMENT TOWN OF FREDERICKSBURG CENTRAL DUPLICATING FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS FOR YEAR ENDED SEPTEMBER 30, 2011 BILLINGS TO DEPARTMENTS $ OPERATING EXPENSES: WAGE EXPENSE PAYROLL TAX EXPENSE OFFICE EXPENSES UTILITY EXPENSE PARTS AND SUPPLIES USED DEPRECIATION OF MACHINERY AND EQUIPMENT TOTAL OPERATING EXPENSES OPERATING INCOME NET ASSETS, OCTOBER 1, 2010 2 DUE TO FEDERAL GOVERNMENT CASH 3 UTILITY EXPENSE DUE TO OTHER FUNDS 4 OFFICE EXPENSES CASH $ $ $ $ 118,950 $ $ 180,000 298,950 $ 18,625 $ 280,325 $ 578,200 $ $ $ $ 544,750 33,450 15,000 48,450 333,500 23,375 10,500 23,500 152,300 $ 573,175 14,825 265,500 280,325 $ $ $ $ $ $ 588,000 30,000 NET ASSETS, SEPTEMBER 30, 2011 5 SERVICE SUPPLIES INVENTORY ACCOUNTS PAYABLE 6 COST OF PARTS AND SUPPLIES USED SERVICE SUPPLIES INVENTORY c) 7 DUE FROM OTHER FUNDS BILLINGS TO DEPARTMENTS ASSETS: CURRENT ASSETS: CASH DUE FROM OTHER FUNDS SERVICE SUPPLIES INVENTORY TOTAL CURRENT ASSETS CAPITAL ASSETS: MACHINERY AND EQUIPMENT LESS: ALLOWANCE FOR DEPRECIATION TOTAL CAPITAL ASSETS TOTAL ASSETS LIABILITIES: ACCOUNTS PAYABLE DUE TO FEDERAL GOVERNMENT DUE TO OTHER FUNDS TOTAL CURRENT LIABILITIES DUE FROM OTHER FUNDS 9 DUE TO OTHER FUNDS CASH 10 ACCOUNTS PAYABLE CASH 11 DEPRECIATION OF MACHINERY AND EQUIPMENT ALLOWANCE FOR DEPRECIATION 12 Closing Entries: BILLINGS TO DEPARTMENTS WAGE EXPENSE PAYROLL TAX EXPENSE UTILITY EXPENSE OFFICE EXPENSES COST OF PARTS AND SUPPLIES USED DEPRECIATION OF MACHINERY AND EQUIPMENT OPERATING INCOME c) OPERATING INCOME NET ASSETSUNRESTRICTED NET ASSETSINVESTED IN CAPITAL ASSETS NET ASSETSUNRESTRICTED $ $ NET ASSETS: NET ASSETSINVESTED IN CAPITAL ASSETS NET ASSETSUNRESTRICTED TOTAL NET ASSETS 8 CASH b) TOWN OF FREDERICKSBURG CENTRAL DUPLICATING FUND STATEMENT OF NET ASSETS AS OF SEPTEMBER 30, 2011 $ $ $ $ $ 48,450 30,000 40,500 300,000 120,000 13,250 2,875 2,500 180,000 100,325 TOWN OF FREDERICKSBURG CENTRAL DUPLICATING FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 2011 CASH FLOWS FROM OPERATING ACTIVITIES: CASH RECEIVED FROM CUSTOMERS CASH PAID TO: EMPLOYEES FEDERAL GOVERNMENT (W/T, FICA) SUPPLIERS OTHER DEPARTMENTS TOTAL CASH PAID NET CASH PROVIDED BY OPERATIONS CASH AND CASH EQUIVALENTS, 10/1/2010 CASH AND CASH EQUIVALENTS, 9/30/2011 State your response here $ $ $ $ $ $ $ 290,000 65,500 167,450 21,800 CITY OF BAY LAKE WATER UTILITY FUND GENERAL JOURNAL b) Debits 1 2 3 SALES OF WATER ACCRUED UTILITY REVENUE $ $ $ CASH $ 5 6 2,788,691 193,866 CASHRESTRICTED CUSTOMER DEPOSITS $ 2,982,557 $ $ $ $ $ CASH 500,000 $ MANAGEMENT & ADMINISTRATION EXPENSE MAINTENANCE & DISTRIBUTION EXPENSE TREATMENT PLANT EXPENSE ACCOUNTS PAYABLE 178,000 82,000 260,000 NONOPERATING REVENUE/EXPENSES: INTEREST INCOME INTEREST EXPENSE TOTAL NONOPERATING INCOME (EXPENSE) INCOME BEFORE TRANSFERS & CONTRIBUTIONS INTERFUND TRANSFERS OUT CAPITAL CONTRIBUTIONS CHANGE IN NET ASSETS NET ASSETS, JULY 1, 2010 NET ASSETS, JUNE 30, 2011 360,408 689,103 695,237 $ 1,744,748 $ $ OPERATING INCOME: SALES OF WATER (NET OF $14,913 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) OPERATING EXPENSES: MANAGEMENT & ADMINISTRATION MAINTENANCE & DISTRIBUTION TREATMENT PLANT DEPRECIATION TOTAL OPERATING EXPENSES OPERATING INCOME 500,000 INTEREST INCOME ACCRUED INTEREST RECEIVABLE 4 2,427 2,427 2,943,401 ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND $ $ 2,733,870 209,531 8 ACCOUNTS PAYABLE ACCRUED INTEREST PAYABLE INTEREST EXPENSE CURRENT PORTION OF LONG-TERM DEBT MACHINERY & EQUIPMENT CUSTOMER DEPOSITS CASH CASHRESTRICTED CASH $ $ $ $ $ $ 1,462,596 131,772 264,145 400,000 583,425 912 $ $ $ 475,000 CONTRIBUTIONCAPITAL GRANT 9 10 11 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS ACCOUNTS RECEIVABLE INTERFUND TRANSFER OUT CASH $ $ 13 475,000 10,013 $ 10,013 $ $ 800,000 800,000 $ DEPRECIATION EXPENSE UNCOLLECTIBLE ACCOUNTS $ INTEREST EXPENSE $ ACCUMULATED DEPRECIATIONBUILDINGS ACCUMULATED DEPRECIATIONMACHINERY & EQUIPMENT ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS ACCRUED INTEREST PAYABLE 600,132 ACCRUED UTILITY REVENUE ACCRUED INTEREST RECEIVABLE SALES OF WATER INTEREST INCOME 12 2,841,938 912 700,000 15,849 REVENUE BOND PAYABLE CURRENT PORTION OF LONG-TERM DEBT $ $ 14,913 61,406 $ 240,053 $ 360,079 $ 14,913 $ 61,406 $ $ $ $ SALES OF WATER $ INTEREST INCOME $ CONTRIBUTIONCAPITAL GRANT MANAGEMENT & ADMINISTRATION EXPENSE MAINTENANCE & DISTRIBUTION EXPENSE TREATMENT PLANT EXPENSE INTERFUND TRANSFERS OUT INTEREST EXPENSE DEPRECIATION EXPENSE UNCOLLECTIBLE ACCOUNTS 700,000 15,849 400,000 $ 400,000 3,182,557 193,849 475,000 $ 360,408 $ $ $ $ $ $ 689,103 695,237 800,000 325,551 d) 600,132 14,913 $ $ $ $ $ 3,167,644 $ 360,408 689,103 695,237 600,132 $ $ $ $ $ $ $ $ 2,344,880 822,764 $ $ $ 475,000 366,062 $ $ 5,513,127 5,879,189 $ $ $ 2,344,880 816,630 360,408 689,103 695,237 600,132 (131,702) 691,062 (800,000) $ $ 3,161,510 ### 193,849 (325,551) ### 5,879,189 CITY OF BAY LAKE WATER UTLITY FUND STATEMENT OF NET ASSETS 6/30/2011 c) 7 Professor, my computation for water was incorrect see so I took the operating income you gave + Operating e get correct sale of water, can you tell me where my for from General Journal is incorret? Thank you! Credits $ ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND SALES OF WATER CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN FUND ASSETS FOR THE YEAR ENDED JUNE 30, 2011 ASSETS: CURRENT ASSETS: CASH AND INVESTMENTS ACCOUNTS RECEIVABLE (NET OF $18,267 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) ACCRUED UTILITY REVENUE DUE FROM GENERAL FUND ACCRUED INTEREST RECEIVABLE TOTAL CURRENT ASSETS RESTRICTED ASSETS: CASH CAPITAL ASSETS: LAND BUILDINGS (NET OF $3,660,053 IN ACCUMULATED DEPRECIATION MACHINERY AND EQUIPMENT (NET OF $5,490,007 IN ACCUMULATED DEPRECIATION) TOTAL CAPITAL ASSETS TOTAL ASSETS LIABILITIES: CURRENT LIABILITIES: ACCOUNTS PAYABLE ACCRUED INTEREST PAYABLE CURRENT PORTION OF LONG-TERM DEBT TOTAL CURRENT LIABILITIES $ $ $ $ 4 $ 700,000 (15,665) $ $ $ 1,811,482 $ 15,849 700,188 $ (346,773) 13,646 $ (2,019) 700,188 - $ 18,365,502 $ 18,365,502 $ LONG-TERM LIABILITIES: REVENUE BOND PAYABLE TOTAL LIABILITIES $ 12,486,313 $ 12,486,313 NET ASSETS: NET ASSETSINVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT NET ASSETSUNRESTRICTED TOTAL NET ASSETS $ 5,879,189 $ 5,879,189 LIABILITIES PAYABLE FROM RESTRICTED ASSETS: CUSTOMER DEPOSITS CITY OF BAY LAKE WATER UTILITY FUND 7,369,519 3642850 3726669 NET ASSETSUNRESTRICTED $ NET ASSETSUNRESTRICTED NET ASSETSINVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT* $ 366,062 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2011 383,293 $ 383,293 CASH FLOWS FROM OPERATING ACTIVITIES: CASH RECEIVED FROM CUSTOMERS CASH PAID TO: EMPLOYEES AND SUPPLIERS NET CASH PROVIDED BY OPERATIONS $ $ $ CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: $ TRANSFER TO GENERAL FUND CUSTOMER DEPOSITS $ NET CASH USED BY NONCAPITAL FINANCING ACTIVITIES CASH FLOWS FROM CAPITAL & RELATED FINANCING ACTIVITIES: PROCEEDS FROM CAPITAL GRANT PUCHASE OF MACHINERY & EQUIPMENT PRINCIPAL PAID ON CAPITAL DEBT INTEREST PAID ON CAPITAL DEBT NET CASH USED BY FINANCING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES: INTEREST RECEIVED ON INVESTMENTS NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JULY 1, 2010 CASH AND CASH EQUIVALENTS, JUNE 30, 2011 2,943,401 (1,462,596) 1,480,805 $1,480,805 $ (798,485) ### $ (904,342) ### $ $ 260,000 37,978 ### $ 1,775,019 $ 1,812,997 $ (800,000) 1,515 $ $ $ 475,000 (583,425) (400,000) $ (395,917) 1,812,997 e below expense to rmula