Illowing is the June $30,2022,$ statement of net position for the City of Bay Lake Water Utility Fund.

Following is the information of the Water Utility Fund for fiscal year $2023.$

The amount in the Accrued Utility Revenue account was reversed.

Billings to customers for water usage during fiscal year $2023$ totaled $$3,031,965$; $$197,077$ of the total was

billed to the General Fund.

Cash in the amount of $$264,307$ was received. The cash was for interest earned on investments and $$83,358$

in accrued interest.

Expenses accrued for the period were management and administration, $$366,374$; maintenance and

distribution, $$700,509$; and treatment plant, $$706,747.$

Cash receipts for customer deposits totaled $$2,471.$

Cash collections on customer accounts totaled $$2,996,766,$ of which $$213,331$ was from the General Fund.

Cash payments for the period were as follows: Accounts Payable, $$1,489,117$; interest $($which includes the

interest payable$),$ $$403,093$; bond principal, $$397,000$; machinery and equipment, $$579,053$; and return of

customer deposits, $$903.$

A state grant amounting to $$470,315$ was received to help pay for new water treatment equipment.

Accounts written off as uncollectible totaled $$9,915.$

The utility fund transferred $$792,172$ in excess operating income to the General Fund.

Adjusting entries for the period were recorded as follows: depreciation on buildings was $$237,708$ and on

machinery and equipment was $$356,562$; the allowance for uncollectible accounts was increased by $$14,769$;

an accrual for unbilled customer receivables was made for $$693,241$; accrued interest income was $$15,695$;

and accrued interest expense was $$60,812.$

The Revenue Bond Payable account was adjusted by $$397,000$ to record the current portion of the bond.

Closing entries and necessary adjustments were made to the net position accounts.

Exercise $7-25($Algo$)$ Part b

b$.$ Prepare a statement of revenues, expenses, and changes in fund net position for the Water Utility Fund for the year ended June $30,$

$($Deductions should be indicated by a minus sign.$)$