Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please fill out this table. only had trouble with the last part. The Town of Weston has a Water Utility Fund with the following trial

Please fill out this table. only had trouble with the last part.
image text in transcribed
image text in transcribed
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 nongovernmental customers for water usage for the year amounted to $1,453,000; billings to the General Fund amounted to $121,000 3. Liablities for the following were recorded during the year: 4. Moterials and supplies were used in the amount of $305,000, all for costs of sales and setvices 5. After collection efforts were unsuccessful, $15,200 of old accounts receivable were written off 6. Accounts recelvable collections totaled \$1,541,000 from nongovemmental customers and $52,000 from the General Fund. 7. 51,111.800 of accounts payable were paid in cash. 8. One year's interest in the amount of $188,200 was paid 9. Construction was completed on plant assets costing $263,000; that amount was transterred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $273100 11. The Aliowance for Uncollectible Accounts was increased by $13.000 12. As required by the loan agreement, cast in the amount of \$115.000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, bll related to costs of soles and services, amounted to $11t.000. 14. Nominal accounts tor the year were closed TOWN OF WESTON WATER UTILTY FUND Statement of Cash Flowe For the Year Ended June 30, 2020 4. Required 0 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 nongovernmental customers for water usage for the year amounted to $1,453,000; billings to the General Fund amounted to $121,000 3. Liablities for the following were recorded during the year: 4. Moterials and supplies were used in the amount of $305,000, all for costs of sales and setvices 5. After collection efforts were unsuccessful, $15,200 of old accounts receivable were written off 6. Accounts recelvable collections totaled \$1,541,000 from nongovemmental customers and $52,000 from the General Fund. 7. 51,111.800 of accounts payable were paid in cash. 8. One year's interest in the amount of $188,200 was paid 9. Construction was completed on plant assets costing $263,000; that amount was transterred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $273100 11. The Aliowance for Uncollectible Accounts was increased by $13.000 12. As required by the loan agreement, cast in the amount of \$115.000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, bll related to costs of soles and services, amounted to $11t.000. 14. Nominal accounts tor the year were closed TOWN OF WESTON WATER UTILTY FUND Statement of Cash Flowe For the Year Ended June 30, 2020 4. Required 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Audit The Process Based QMS

Authors: Arter, Dennis R., Cianfrani, Charles A, And West, John E., 'Jack'

2nd Edition

0873898443, 978-0873898447

More Books

Students also viewed these Accounting questions