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please help need (b, c, and d) the Statements only!! The Town of Weston has a Water Utility Fund with the following trial balance as
please help need (b, c, and d) the Statements only!!
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 yea Debits Credits Cash $ 250,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts Materials and supplies $ 30,000 120,000 Restricted assets (cash) 250,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 75,000 Revenue bonds payable 3,600,000 Net position 1,575,000 Totals $8,000,000 $8,000,000 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 $1,380,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses $185,000 345,000 202,800 Prey 1 of 2 Next > 180,000 Allung Construction work in progress Accounts payable Accrued expenses payable Revenue bonds payable Net position Totals 120,000 75,000 3,600,000 1,575,000 $8,000,000 $8,000,000 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 $1,380,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $185,000 345,000 202,000 220,000 4. Materials and supplies were used in the amount of $275,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $9,000 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,459,000 from nongovernmental customers and $48.400 from the General Fund. 7. $1,035,000 of accounts payable were paid in cash. 8. One year's interest in the amount of $175,000 was paid. 9. Construction was completed on plant assets costing $250,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $260,000 11. The Allowance for Uncollectible Accounts was increased by $9,900. 12. As required by the loan agreement, cash in the amount of $100,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $83,000. 14. Nominal accounts for the year were closed. Required: a. 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 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. Complete this question by entering your answers in the tabs below. 25 Required a Required B Required Required D Prepare a statement of Revenues, Expenses, and Changes in Fund Net Position. (Deductions should be entered as a negative amount.) TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 Revenues: $ 1.466,100 1,466,100 Total Revenues Operating Expenses: TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 Revenues: $ 1,466,100 ok ces 1.466,100 Total Revenues Operating Expenses: Costs of Sales Administrative Expenses Depreciation Expenses 703,000 202,000 260,000 Total Operating Expenses Operating Income Nonoperating Income (Expenses); 1,165,000 301,100 0 301,100 Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of your Not Position - End of Year $ 301,100 Required A Required B Required Required D Prepare a statement of Net Position as of June 30, 2020. (Deductions should be entered as a negative amoun TOWN OF WESTON WATER UTILITY FUND Statement of Net Position June 30, 2020 Assets $ Current Assets: Cash Customer Fees Receivable Less: Allowance for Uncollectible accounts Due From Other Funds Supplies Inventory 372,400 112,000 (30.900) 47,600 30,000 531,100 Total Current Assets Noncurrent Assets: Restricted Assets Utility Plant in Service Add: Accumulated Depreciation Utility Plant in Service 350,000 7,250,000 (2,860,000) 4,390,000 175,000 $ 9,836,100 Total Assets Liabilities and Fund Equity Liabilities Current Liabilities: + Noncurrent Assets: Restricted Assets Utility Plant in Service Add: Accumulated Depreciation Utility Plant in Service 350,000 7,250,000 (2,860,000) 4,390,000 175,000 $ 9,836,100 Total Assets Liabilities and Fund Equity Liabilities Current Liabilities: 0 es Total Current Liabilities Noncurrent Liabilities: 0 Total Liabilities Net Position Total Net Position Total Liabilities and Net Position 0 0 $ Required A Required B Required 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. (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: 0 Cash Flows from Noncapital Financing Activities: + Cash Flows from Capital and Related Financing Activities: 0 Cash Flows from Investing Activities: 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 Step by Step Solution
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