Item 1

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:

	Debits			Credits
Cash	$	332,000
Customer accounts receivable		201,200
Allowance for uncollectible accounts				$	30,200
Materials and supplies		120,800
Restricted assets (cash)		252,000
Utility plant in service		7,002,000
Accumulated depreciationutility plant					2,601,000
Construction work in progress		102,000
Accounts payable					122,400
Accrued expenses payable					76,500
Revenue bonds payable					3,501,000
Net position					1,678,900
Totals	$	8,010,000		$	8,010,000

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 nongovernmental customers for water usage for the year amounted to $1,381,000; billings to the General Fund amounted to $109,000.
3. Liabilities for the following were recorded during the year:

Materials and supplies	$	187,000
Costs of sales and services		361,000
Administrative expenses		202,000
Construction work in progress		221,000

4. Materials and supplies were used in the amount of $276,000, all for costs of sales and services.
5. After collection efforts were unsuccessful, $14,100 of old accounts receivable were written off.
6. Accounts receivable collections totaled $1,472,400 from nongovernmental customers and $48,700 from the General Fund.
7. $1,041,400 of accounts payable were paid in cash.
8. One years interest in the amount of $176,100 was paid.
9. Construction was completed on plant assets costing $252,000; that amount was transferred to Utility Plant in Service.
10. Depreciation was recorded in the amount of $262,100.
11. The Allowance for Uncollectible Accounts was increased by $10,000.
12. As required by the loan agreement, cash in the amount of $102,000 was transferred to Restricted Assets for eventual redemption of the bonds.
13. Accrued expenses, all related to costs of sales and services, amounted to $90,000.
14. Nominal accounts for the year were closed.

Required:

d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital 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.

Required A Required B Required C Required D Prepare a statement of Cash Flows for the year ended June 30, 2020. Assume all debt a outlay. Assume the entire construction work in progress liability (see item 3) was paid in cash and cash equivalents. (Deductions should be entered as a negative amount.) TOWN OF WESTON 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 Suppliers $ 1,521,100 1,521,100 0 Net Cash Provided by Operating Activities Cash Flows from Noncapital Financing Activities: Net Cash Provided by Noncapital Financing Activities Cash Flows from Capital and Related Financing Activities: Acquisition of Capital Assets Interest Paid on Long-Term Debt 0 Net Cash Used for Capital and Related Financing Activities Cash Flows from Investing Activities: Net Cash Provided from Investing Activities Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents Beginning of Year Cash and Cash Equivalents End of Year $ 0 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Operating Income Depreciation Expense Decrease in Accounts Receivables Increase in Interfund Receivables Decrease in Supplies Inventory Decrease in Accounts Payables Increase in Accrued Expenses Payable Net Cash Provided by Operating Activities $ 0