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I just need help with Required D. I figured all the other requirements. I am just stuck on REQUIREMENT D. The Town of Weston has
I just need help with Required D. I figured all the other requirements. I am just stuck on REQUIREMENT D.
The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year During the year ended June 30,2020 , the following transactions and events occurred in the Town of Weston Water Utility Fund 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmentai customers for water usage for the year amounted to $1,454,000 : billings to the General Fund amounted to $122,000. 3. Llabilities for the following were recorded during the year 4. Materials and supplies were used in the amount of $308,000, all for costs of sales and services. 5. After collection efforts were unsuccessful: $15,300 of old accounts receivable were written oft 6. Accounts recelvable collections totaled $1,552,000 from nongovernmental customers and $52,300 from the General Fund 7. $1.118,200 of accounts payable were paid in cash 8. One year's interest in the amount of $189,300 was paid 9. Construction was completed on plant assets costing $264,000, that amount was transferred to Unity Plant in Service 10. Depreciation was recorded in the amount of $274100. 11. The Allowance for Uncollectible Accounts was increased by $14,000 12. As required by the loan agreement, cash in the amount of $116,000 was transferred to Restricted Assets for eventual redemption ot the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $113,000. 14. Nominal accounts for the year were closed. Required: Required: o. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30,2020 . d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capial outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7 . Include restricted assets as cash and cash equivalents. In the reconciliation, assume the Accounts Recelvable is netted against the Allowance account. Answer is not complete. Complete this question by entering your answers in the tabs below. Record the transactions for the year in general journal form. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Complete this question by entering your answers in the tabs below. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. (Deductions should be entered as a negativ amount.) Complete this question by entering your answers in the tabs below. Prepare a Statement of Net Position.as of June 30. anon inaduaions should be entered as a negative anount? Complete this question by entering your answers in the tabs below. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outiay, Assume the entire construction work in proqress llability (see item a) wae nald in entry 7 . Include restricted assets as Step by Step Solution
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