Please provide the answers along with how you got the answers for the following accounting problem. I am having a hard time in my ACCT 567 class. I can usually figure out the initial journal entries, and the closing statements, and the statement of revenue, but the balance sheets or statement of net assess or the cash flow statements confuse me. Please help. Thank you.

7-8 Enterprise Fund Journal Entries and Financial Statements. Following is the June 30, 2010, statement of net assets for the City of Bay Lake Water Utility Fund. Current assets: Cash and investments Accounts receivable (net of $13,367 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Accrued interest receivable $ 1,775,019 306,869 500,000 29,311 82,000 Total current assets Restricted assets: Cash Capital assets: Land Buildings (net of $3,420,000 in accumulated depreciation) Machinery and equipment (net of $5,129,928 in accumulated depreciation) $1,780,945 5,214,407 8,488,395 2,693,199 9,193 Total capital assets (net) 15,483,747 Total Assets 18,186,139 Current liabilities: Accounts payable Accrued interest payable Current portion of long-term debt 532,047 131,772 400,000 Total current liabilities Liabilities payable from restricted assets: Customer deposits Long-term liabilities: Revenue bond payable 1,063,819 9,193 11,600,000 Total Liabilities 12,673,012 Invested in capital assets, net of related debt Unrestricted 3,483,747 2,029,380 $ 5,513,127 Required a. For fiscal year 2011, prepare general journal entries for the Water Utility Fund using the following information. (1) The amount in the Accrued Utility Revenue account was reversed. (2) Billings to customers for water usage during fiscal year 2011 totaled $2,982,557; $193,866 of the total was billed to the General Fund. (3) Cash in the amount of $260,000 was received. The cash was for interest earned on investments and $82,000 in accrued interest. (4) Expenses accrued for the period were: management and administration, $360,408; maintenance and distribution, $689,103; and treatment plant, $695,237. (5) Cash receipts for customer deposits totaled $2,427. (6) Cash collections on customer accounts totaled $2,943,401, of which $209,531 was from the General Fund. (7) Cash payments for the period were as follows: Accounts Payable, $1,462,596; interest (which includes the accrued interest payable), $395,917; bond principal, $400,000; machinery and equipment, $583,425; and return of customer deposits, $912. (8) A state grant amounting to $475,000 was received to help pay for new water treatment equipment. (9) Accounts written off as uncollectible totaled $10,013. (10) The utility fund transferred $800,000 in excess operating income to the General Fund. (11) Adjusting entries for the period were recorded as follows: depreciation on buildings was $240,053 and on machinery and equipment it was $360,079; the allowance for uncollectible accounts was increased by $14,913; an accrual for unbilled customer receivables was made for $700,000; accrued interest income was $15,849; and accrued interest expense was $61,406. (12) The Revenue Bond Payable account was adjusted by $400,000 to record the current portion of the bond. (13) Closing entries and necessary adjustments were made to the net asset accounts. b. Prepare a statement of revenues, expenses, and changes in fund net assets for the Water Utility Fund for the year ended June 30, 2011. c. Prepare a statement of net assets for the Water Utility Fund as of June 30, 2011. d. Prepare a statement of cash flows for the Water Utility Fund as of June 30, 2011. a. CITY OF BAY LAKE WATER UTILITY FUND GENERAL JOURNAL Debits 1. SALES OF WATER 500,000 ACCRUED UTILITY REVENUE 2. ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND 500,000 2,788,691 193,866 SALES OF WATER 3. CASH 2,982,557 260,000 INTEREST INCOME 178,000 INTEREST RECEIVABLE 4. 82,000 MANAGEMENT & ADMINISTRATION EXPENSE 360,408 MAINTENANCE & DISTRIBUTION EXPENSE 689,103 TREATMENT PLANT EXPENSE 695,237 ACCOUNTS PAYABLE 5. CASHRESTRICTED 1,744,748 2,427 CUSTOMER DEPOSITS 6. CASH ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND Credits 2,427 2,943,401 2,733,870 209,531 Debits 7. ACCOUNTS PAYABLE 1,462,596 INTEREST PAYABLE 131,772 INTEREST EXPENSE 264,145 CURRENT PORTION OF LONG-TERM DEBT 400,000 MACHINERY & EQUIPMENT 583,425 CUSTOMER DEPOSITS 912 CASH 2,841,938 CASHRESTRICTED 8. CASH 912 475,000 CONTRIBUTIONCAPITAL GRANT 9. 475,000 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS 10,013 ACCOUNTS RECEIVABLE 10. INTERFUND TRANSFER OUT 10,013 800,000 CASH 11. Credits DEPRECIATION EXPENSE 800,000 600,132 UNCOLLECTIBLE ACCOUNTS 14,913 INTEREST EXPENSE 61,406 ACCUMULATED DEPRECIATIONBUILDINGS 240,053 ACCUMULATED DEPRECIATIONMACHINERY & EQUIPMENT 360,079 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS INTEREST PAYABLE 14,913 61,406 Debits ACCRUED UTILITY REVENUE ACCRUED INTEREST RECEIVABLE 12. 700,000 15,849 SALES OF WATER 700,000 INTEREST INCOME 15,849 REVENUE BOND PAYABLE 400,000 CURRENT PORTION OF LONG-TERM DEBT 13. Credits SALES OF WATER 400,000 3,182,557 INTEREST INCOME 193,849 CONTRIBUTIONCAPITAL GRANT 475,000 MANAGEMENT & ADMINISTRATION EXPENSE 360,408 MAINTENANCE & DISTRIBUTION EXPENSE 689,103 TREATMENT PLANT EXPENSE 695,237 INTERFUND TRANSFERS OUT 800,000 INTEREST EXPENSE 325,551 DEPRECIATION EXPENSE 600,132 UNCOLLECTIBLE ACCOUNTS 14,913 NET POSITIONUNRESTRICTED NET POSITIONUNRESTRICTED NET POSITIONNET INVESTMENT IN CAPITAL ASSETS* 366,062 383,293 383,293 *Net investment in capital assets was increased by the purchase of $583,425 of machinery and equipment and a $400,000 decrease in the revenue bonds. The account was decreased by $600,132 in depreciation. b. CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN FUND NET POSITION FOR THE YEAR ENDED JUNE 30, 2011 OPERATING INCOME: SALES OF WATER (NET OF $14,913 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) $3,167,644 OPERATING EXPENSES: MANAGEMENT & ADMINISTRATION $ 360,408 MAINTENANCE & DISTRIBUTION 689,103 TREATMENT PLANT 695,237 DEPRECIATION 600,132 TOTAL OPERATING EXPENSES 2,344,880 OPERATING INCOME 822,764 NONOPERATING REVENUE/EXPENSES: INTEREST INCOME INTEREST EXPENSE 193,849 ( 325,551) TOTAL NONOPERATING INCOME (EXPENSE) (131,702) INCOME BEFORE TRANSFERS & CONTRIBUTIONS 691,062 INTERFUND TRANSFERS OUT (800,000) CAPITAL CONTRIBUTIONS CHANGE IN NET POSITION NET POSITION, JULY 1, 2013 NET POSITION, JUNE 30, 2011 475,000 366,062 5,513,127 $5,879,189 c. CITY OF BAY LAKE WATER UTLITY FUND STATEMENT OF NET POSITION JUNE 30, 2011 ASSETS: CURRENT ASSETS: CASH AND INVESTMENTS ACCOUNTS RECEIVABLE (NET OF $18,267 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) ACCRUED UTILITY REVENUE DUE FROM GENERAL FUND ACCRUED INTEREST RECEIVABLE TOTAL CURRENT ASSETS RESTRICTED ASSETS: CASH CAPITAL ASSETS: LAND BUILDINGS (NET OF $3,660,053 IN ACCUMULATED DEPRECIATION MACHINERY AND EQUIPMENT (NET OF $5,490,007 IN ACCUMULATED DEPRECIATION) TOTAL CAPITAL ASSETS TOTAL ASSETS 18,365,502 LIABILITIES: CURRENT LIABILITIES: ACCOUNTS PAYABLE INTEREST PAYABLE CURRENT PORTION OF LONG-TERM DEBT TOTAL CURRENT LIABILITIES 1,275,605 $ 1,811,482 346,777 700,000 13,646 15,849 $ 2,887,754 10,708 $1,780,945 4,974,354 8,711,741 15,467,040 814,199 61,406 400,000 LIABILITIES PAYABLE FROM RESTRICTED ASSETS: CUSTOMER DEPOSITS 10,708 LONG-TERM LIABILITIES: REVENUE BOND PAYABLE TOTAL LIABILITIES NET POSITION: NET INVESTMENT IN CAPITAL ASSETS UNRESTRICTED TOTAL NET POSITION Ch. 7, Solutions, 7-8 (Cont'd) 11,200,000 12,486,313 3,867,040 2,012,149 $ 5,879,189 d. CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2011 CASH FLOWS FROM OPERATING ACTIVITIES: CASH RECEIVED FROM CUSTOMERS CASH PAID TO: EMPLOYEES AND SUPPLIERS ( 1,462,596) NET CASH PROVIDED BY OPERATIONS $2,943,401 1,480,805 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: TRANSFER TO GENERAL FUND $(800,000) CUSTOMER DEPOSITS 1,515 NET CASH USED BY NONCAPITAL FINANCING ACTIVITIES (798,485) CASH FLOWS FROM CAPITAL & RELATED FINANCING ACTIVITIES: PROCEEDS FROM CAPITAL GRANT PUCHASE OF MACHINERY & EQUIPMENT PRINCIPAL PAID ON CAPITAL DEBT INTEREST PAID ON CAPITAL DEBT NET CASH USED BY CAPITAL & RELATED FINANCING ACTIVITIES (904,342) 475,000 (583,425) (400,000) (395,917) CASH FLOWS FROM INVESTING ACTIVITIES: INTEREST RECEIVED ON INVESTMENTS NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JULY 1, 2013 CASH AND CASH EQUIVALENTS, JUNE 30, 2011 260,000 37,978 1,775,019 $1,812,997 RECONCILIATION OF CASH AND CASH EQUIVALENTS TO THE BALANCE SHEET END BEGINNING OF YEAR OF YEAR CASH AND CASH EQUIVALENTS IN CURRENT AND ACCRUED ASSETS $1,811,482 $1,775,019 RESTRICTED CASH AND CASH EQUIVALENTS 10,708 9,193 TOTAL CASH AND CASH EQUIVALENTS $1,822,190 $1,784,212 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATIONS OPERATING INCOME ADJUSTMENTS: $ 822,764 DEPRECIATION EXPENSEMACHINERY & EQUIPMENT UNCOLLECTIBLE ACCOUNTS INCREASE IN ACCOUNTS RECEIVABLE INCREASE IN ACCRUED UTILITY REVENUE DECREASE IN DUE FROM GENERAL FUND INCREASE IN ACCOUNTS AND ACCRUED PAYABLE 282,152 NET CASH PROVIDED BY OPERATING ACTIVITIES 600,132 4,900 (44,808) (200,000) 15,665 $1,480,805 a. CITY OF BAY LAKE WATER UTILITY FUND GENERAL JOURNAL Debits 1. SALES OF WATER 500,000 ACCRUED UTILITY REVENUE 2. ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND 500,000 2,788,691 193,866 SALES OF WATER 3. CASH 2,982,557 260,000 INTEREST INCOME 178,000 INTEREST RECEIVABLE 4. 82,000 MANAGEMENT & ADMINISTRATION EXPENSE 360,408 MAINTENANCE & DISTRIBUTION EXPENSE 689,103 TREATMENT PLANT EXPENSE 695,237 ACCOUNTS PAYABLE 5. CASHRESTRICTED 1,744,748 2,427 CUSTOMER DEPOSITS 6. CASH ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND Credits 2,427 2,943,401 2,733,870 209,531 Debits 7. ACCOUNTS PAYABLE 1,462,596 INTEREST PAYABLE 131,772 INTEREST EXPENSE 264,145 CURRENT PORTION OF LONG-TERM DEBT 400,000 MACHINERY & EQUIPMENT 583,425 CUSTOMER DEPOSITS 912 CASH 2,841,938 CASHRESTRICTED 8. CASH 912 475,000 CONTRIBUTIONCAPITAL GRANT 9. 475,000 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS 10,013 ACCOUNTS RECEIVABLE 10. INTERFUND TRANSFER OUT 10,013 800,000 CASH 11. Credits DEPRECIATION EXPENSE 800,000 600,132 UNCOLLECTIBLE ACCOUNTS 14,913 INTEREST EXPENSE 61,406 ACCUMULATED DEPRECIATIONBUILDINGS 240,053 ACCUMULATED DEPRECIATIONMACHINERY & EQUIPMENT 360,079 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS INTEREST PAYABLE 14,913 61,406 Debits ACCRUED UTILITY REVENUE ACCRUED INTEREST RECEIVABLE 12. 700,000 15,849 SALES OF WATER 700,000 INTEREST INCOME 15,849 REVENUE BOND PAYABLE 400,000 CURRENT PORTION OF LONG-TERM DEBT 13. Credits SALES OF WATER 400,000 3,182,557 INTEREST INCOME 193,849 CONTRIBUTIONCAPITAL GRANT 475,000 MANAGEMENT & ADMINISTRATION EXPENSE 360,408 MAINTENANCE & DISTRIBUTION EXPENSE 689,103 TREATMENT PLANT EXPENSE 695,237 INTERFUND TRANSFERS OUT 800,000 INTEREST EXPENSE 325,551 DEPRECIATION EXPENSE 600,132 UNCOLLECTIBLE ACCOUNTS 14,913 NET POSITIONUNRESTRICTED NET POSITIONUNRESTRICTED NET POSITIONNET INVESTMENT IN CAPITAL ASSETS* 366,062 383,293 383,293 *Net investment in capital assets was increased by the purchase of $583,425 of machinery and equipment and a $400,000 decrease in the revenue bonds. The account was decreased by $600,132 in depreciation. b. CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN FUND NET POSITION FOR THE YEAR ENDED JUNE 30, 2011 OPERATING INCOME: SALES OF WATER (NET OF $14,913 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) $3,167,644 OPERATING EXPENSES: MANAGEMENT & ADMINISTRATION $ 360,408 MAINTENANCE & DISTRIBUTION 689,103 TREATMENT PLANT 695,237 DEPRECIATION 600,132 TOTAL OPERATING EXPENSES 2,344,880 OPERATING INCOME 822,764 NONOPERATING REVENUE/EXPENSES: INTEREST INCOME INTEREST EXPENSE 193,849 ( 325,551) TOTAL NONOPERATING INCOME (EXPENSE) (131,702) INCOME BEFORE TRANSFERS & CONTRIBUTIONS 691,062 INTERFUND TRANSFERS OUT (800,000) CAPITAL CONTRIBUTIONS CHANGE IN NET POSITION NET POSITION, JULY 1, 2013 NET POSITION, JUNE 30, 2011 475,000 366,062 5,513,127 $5,879,189 c. CITY OF BAY LAKE WATER UTLITY FUND STATEMENT OF NET POSITION JUNE 30, 2011 ASSETS: CURRENT ASSETS: CASH AND INVESTMENTS ACCOUNTS RECEIVABLE (NET OF $18,267 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) ACCRUED UTILITY REVENUE DUE FROM GENERAL FUND ACCRUED INTEREST RECEIVABLE TOTAL CURRENT ASSETS RESTRICTED ASSETS: CASH CAPITAL ASSETS: LAND BUILDINGS (NET OF $3,660,053 IN ACCUMULATED DEPRECIATION MACHINERY AND EQUIPMENT (NET OF $5,490,007 IN ACCUMULATED DEPRECIATION) TOTAL CAPITAL ASSETS TOTAL ASSETS 18,365,502 LIABILITIES: CURRENT LIABILITIES: ACCOUNTS PAYABLE INTEREST PAYABLE CURRENT PORTION OF LONG-TERM DEBT TOTAL CURRENT LIABILITIES 1,275,605 $ 1,811,482 346,777 700,000 13,646 15,849 $ 2,887,754 10,708 $1,780,945 4,974,354 8,711,741 15,467,040 814,199 61,406 400,000 LIABILITIES PAYABLE FROM RESTRICTED ASSETS: CUSTOMER DEPOSITS 10,708 LONG-TERM LIABILITIES: REVENUE BOND PAYABLE TOTAL LIABILITIES NET POSITION: NET INVESTMENT IN CAPITAL ASSETS UNRESTRICTED TOTAL NET POSITION Ch. 7, Solutions, 7-8 (Cont'd) 11,200,000 12,486,313 3,867,040 2,012,149 $ 5,879,189 d. CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2011 CASH FLOWS FROM OPERATING ACTIVITIES: CASH RECEIVED FROM CUSTOMERS CASH PAID TO: EMPLOYEES AND SUPPLIERS ( 1,462,596) NET CASH PROVIDED BY OPERATIONS $2,943,401 1,480,805 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: TRANSFER TO GENERAL FUND $(800,000) CUSTOMER DEPOSITS 1,515 NET CASH USED BY NONCAPITAL FINANCING ACTIVITIES (798,485) CASH FLOWS FROM CAPITAL & RELATED FINANCING ACTIVITIES: PROCEEDS FROM CAPITAL GRANT PUCHASE OF MACHINERY & EQUIPMENT PRINCIPAL PAID ON CAPITAL DEBT INTEREST PAID ON CAPITAL DEBT NET CASH USED BY CAPITAL & RELATED FINANCING ACTIVITIES (904,342) 475,000 (583,425) (400,000) (395,917) CASH FLOWS FROM INVESTING ACTIVITIES: INTEREST RECEIVED ON INVESTMENTS NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JULY 1, 2013 CASH AND CASH EQUIVALENTS, JUNE 30, 2011 260,000 37,978 1,775,019 $1,812,997 RECONCILIATION OF CASH AND CASH EQUIVALENTS TO THE BALANCE SHEET END BEGINNING OF YEAR OF YEAR CASH AND CASH EQUIVALENTS IN CURRENT AND ACCRUED ASSETS $1,811,482 $1,775,019 RESTRICTED CASH AND CASH EQUIVALENTS 10,708 9,193 TOTAL CASH AND CASH EQUIVALENTS $1,822,190 $1,784,212 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATIONS OPERATING INCOME ADJUSTMENTS: $ 822,764 DEPRECIATION EXPENSEMACHINERY & EQUIPMENT UNCOLLECTIBLE ACCOUNTS INCREASE IN ACCOUNTS RECEIVABLE INCREASE IN ACCRUED UTILITY REVENUE DECREASE IN DUE FROM GENERAL FUND INCREASE IN ACCOUNTS AND ACCRUED PAYABLE 282,152 NET CASH PROVIDED BY OPERATING ACTIVITIES 600,132 4,900 (44,808) (200,000) 15,665 $1,480,805 a. CITY OF BAY LAKE WATER UTILITY FUND GENERAL JOURNAL Debits 1. SALES OF WATER 500,000 ACCRUED UTILITY REVENUE 2. ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND 500,000 2,788,691 193,866 SALES OF WATER 3. CASH 2,982,557 260,000 INTEREST INCOME 178,000 INTEREST RECEIVABLE 4. 82,000 MANAGEMENT & ADMINISTRATION EXPENSE 360,408 MAINTENANCE & DISTRIBUTION EXPENSE 689,103 TREATMENT PLANT EXPENSE 695,237 ACCOUNTS PAYABLE 5. CASHRESTRICTED 1,744,748 2,427 CUSTOMER DEPOSITS 6. CASH ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND Credits 2,427 2,943,401 2,733,870 209,531 Debits 7. ACCOUNTS PAYABLE 1,462,596 INTEREST PAYABLE 131,772 INTEREST EXPENSE 264,145 CURRENT PORTION OF LONG-TERM DEBT 400,000 MACHINERY & EQUIPMENT 583,425 CUSTOMER DEPOSITS 912 CASH 2,841,938 CASHRESTRICTED 8. CASH 912 475,000 CONTRIBUTIONCAPITAL GRANT 9. 475,000 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS 10,013 ACCOUNTS RECEIVABLE 10. INTERFUND TRANSFER OUT 10,013 800,000 CASH 11. Credits DEPRECIATION EXPENSE 800,000 600,132 UNCOLLECTIBLE ACCOUNTS 14,913 INTEREST EXPENSE 61,406 ACCUMULATED DEPRECIATIONBUILDINGS 240,053 ACCUMULATED DEPRECIATIONMACHINERY & EQUIPMENT 360,079 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS INTEREST PAYABLE 14,913 61,406 Debits ACCRUED UTILITY REVENUE ACCRUED INTEREST RECEIVABLE 12. 700,000 15,849 SALES OF WATER 700,000 INTEREST INCOME 15,849 REVENUE BOND PAYABLE 400,000 CURRENT PORTION OF LONG-TERM DEBT 13. Credits SALES OF WATER 400,000 3,182,557 INTEREST INCOME 193,849 CONTRIBUTIONCAPITAL GRANT 475,000 MANAGEMENT & ADMINISTRATION EXPENSE 360,408 MAINTENANCE & DISTRIBUTION EXPENSE 689,103 TREATMENT PLANT EXPENSE 695,237 INTERFUND TRANSFERS OUT 800,000 INTEREST EXPENSE 325,551 DEPRECIATION EXPENSE 600,132 UNCOLLECTIBLE ACCOUNTS 14,913 NET POSITIONUNRESTRICTED NET POSITIONUNRESTRICTED NET POSITIONNET INVESTMENT IN CAPITAL ASSETS* 366,062 383,293 383,293 *Net investment in capital assets was increased by the purchase of $583,425 of machinery and equipment and a $400,000 decrease in the revenue bonds. The account was decreased by $600,132 in depreciation. b. CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN FUND NET POSITION FOR THE YEAR ENDED JUNE 30, 2011 OPERATING INCOME: SALES OF WATER (NET OF $14,913 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) $3,167,644 OPERATING EXPENSES: MANAGEMENT & ADMINISTRATION $ 360,408 MAINTENANCE & DISTRIBUTION 689,103 TREATMENT PLANT 695,237 DEPRECIATION 600,132 TOTAL OPERATING EXPENSES 2,344,880 OPERATING INCOME 822,764 NONOPERATING REVENUE/EXPENSES: INTEREST INCOME INTEREST EXPENSE 193,849 ( 325,551) TOTAL NONOPERATING INCOME (EXPENSE) (131,702) INCOME BEFORE TRANSFERS & CONTRIBUTIONS 691,062 INTERFUND TRANSFERS OUT (800,000) CAPITAL CONTRIBUTIONS CHANGE IN NET POSITION NET POSITION, JULY 1, 2013 NET POSITION, JUNE 30, 2011 475,000 366,062 5,513,127 $5,879,189 c. CITY OF BAY LAKE WATER UTLITY FUND STATEMENT OF NET POSITION JUNE 30, 2011 ASSETS: CURRENT ASSETS: CASH AND INVESTMENTS ACCOUNTS RECEIVABLE (NET OF $18,267 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) ACCRUED UTILITY REVENUE DUE FROM GENERAL FUND ACCRUED INTEREST RECEIVABLE TOTAL CURRENT ASSETS RESTRICTED ASSETS: CASH CAPITAL ASSETS: LAND BUILDINGS (NET OF $3,660,053 IN ACCUMULATED DEPRECIATION MACHINERY AND EQUIPMENT (NET OF $5,490,007 IN ACCUMULATED DEPRECIATION) TOTAL CAPITAL ASSETS TOTAL ASSETS 18,365,502 LIABILITIES: CURRENT LIABILITIES: ACCOUNTS PAYABLE INTEREST PAYABLE CURRENT PORTION OF LONG-TERM DEBT TOTAL CURRENT LIABILITIES 1,275,605 $ 1,811,482 346,777 700,000 13,646 15,849 $ 2,887,754 10,708 $1,780,945 4,974,354 8,711,741 15,467,040 814,199 61,406 400,000 LIABILITIES PAYABLE FROM RESTRICTED ASSETS: CUSTOMER DEPOSITS 10,708 LONG-TERM LIABILITIES: REVENUE BOND PAYABLE TOTAL LIABILITIES NET POSITION: NET INVESTMENT IN CAPITAL ASSETS UNRESTRICTED TOTAL NET POSITION Ch. 7, Solutions, 7-8 (Cont'd) 11,200,000 12,486,313 3,867,040 2,012,149 $ 5,879,189 d. CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2011 CASH FLOWS FROM OPERATING ACTIVITIES: CASH RECEIVED FROM CUSTOMERS CASH PAID TO: EMPLOYEES AND SUPPLIERS ( 1,462,596) NET CASH PROVIDED BY OPERATIONS $2,943,401 1,480,805 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: TRANSFER TO GENERAL FUND $(800,000) CUSTOMER DEPOSITS 1,515 NET CASH USED BY NONCAPITAL FINANCING ACTIVITIES (798,485) CASH FLOWS FROM CAPITAL & RELATED FINANCING ACTIVITIES: PROCEEDS FROM CAPITAL GRANT PUCHASE OF MACHINERY & EQUIPMENT PRINCIPAL PAID ON CAPITAL DEBT INTEREST PAID ON CAPITAL DEBT NET CASH USED BY CAPITAL & RELATED FINANCING ACTIVITIES (904,342) 475,000 (583,425) (400,000) (395,917) CASH FLOWS FROM INVESTING ACTIVITIES: INTEREST RECEIVED ON INVESTMENTS NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JULY 1, 2013 CASH AND CASH EQUIVALENTS, JUNE 30, 2011 260,000 37,978 1,775,019 $1,812,997 RECONCILIATION OF CASH AND CASH EQUIVALENTS TO THE BALANCE SHEET END BEGINNING OF YEAR OF YEAR CASH AND CASH EQUIVALENTS IN CURRENT AND ACCRUED ASSETS $1,811,482 $1,775,019 RESTRICTED CASH AND CASH EQUIVALENTS 10,708 9,193 TOTAL CASH AND CASH EQUIVALENTS $1,822,190 $1,784,212 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATIONS OPERATING INCOME ADJUSTMENTS: $ 822,764 DEPRECIATION EXPENSEMACHINERY & EQUIPMENT UNCOLLECTIBLE ACCOUNTS INCREASE IN ACCOUNTS RECEIVABLE INCREASE IN ACCRUED UTILITY REVENUE DECREASE IN DUE FROM GENERAL FUND INCREASE IN ACCOUNTS AND ACCRUED PAYABLE 282,152 NET CASH PROVIDED BY OPERATING ACTIVITIES 600,132 4,900 (44,808) (200,000) 15,665 $1,480,805 a. CITY OF BAY LAKE WATER UTILITY FUND GENERAL JOURNAL Debits 1. SALES OF WATER 500,000 ACCRUED UTILITY REVENUE 2. ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND 500,000 2,788,691 193,866 SALES OF WATER 3. CASH 2,982,557 260,000 INTEREST INCOME 178,000 INTEREST RECEIVABLE 4. 82,000 MANAGEMENT & ADMINISTRATION EXPENSE 360,408 MAINTENANCE & DISTRIBUTION EXPENSE 689,103 TREATMENT PLANT EXPENSE 695,237 ACCOUNTS PAYABLE 5. CASHRESTRICTED 1,744,748 2,427 CUSTOMER DEPOSITS 6. CASH ACCOUNTS RECEIVABLE DUE FROM GENERAL FUND Credits 2,427 2,943,401 2,733,870 209,531 Debits 7. ACCOUNTS PAYABLE 1,462,596 INTEREST PAYABLE 131,772 INTEREST EXPENSE 264,145 CURRENT PORTION OF LONG-TERM DEBT 400,000 MACHINERY & EQUIPMENT 583,425 CUSTOMER DEPOSITS 912 CASH 2,841,938 CASHRESTRICTED 8. CASH 912 475,000 CONTRIBUTIONCAPITAL GRANT 9. 475,000 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS 10,013 ACCOUNTS RECEIVABLE 10. INTERFUND TRANSFER OUT 10,013 800,000 CASH 11. Credits DEPRECIATION EXPENSE 800,000 600,132 UNCOLLECTIBLE ACCOUNTS 14,913 INTEREST EXPENSE 61,406 ACCUMULATED DEPRECIATIONBUILDINGS 240,053 ACCUMULATED DEPRECIATIONMACHINERY & EQUIPMENT 360,079 ACCUMULATED PROVISION FOR UNCOLLECTIBLE ACCOUNTS INTEREST PAYABLE 14,913 61,406 Debits ACCRUED UTILITY REVENUE ACCRUED INTEREST RECEIVABLE 12. 700,000 15,849 SALES OF WATER 700,000 INTEREST INCOME 15,849 REVENUE BOND PAYABLE 400,000 CURRENT PORTION OF LONG-TERM DEBT 13. Credits SALES OF WATER 400,000 3,182,557 INTEREST INCOME 193,849 CONTRIBUTIONCAPITAL GRANT 475,000 MANAGEMENT & ADMINISTRATION EXPENSE 360,408 MAINTENANCE & DISTRIBUTION EXPENSE 689,103 TREATMENT PLANT EXPENSE 695,237 INTERFUND TRANSFERS OUT 800,000 INTEREST EXPENSE 325,551 DEPRECIATION EXPENSE 600,132 UNCOLLECTIBLE ACCOUNTS 14,913 NET POSITIONUNRESTRICTED NET POSITIONUNRESTRICTED NET POSITIONNET INVESTMENT IN CAPITAL ASSETS* 366,062 383,293 383,293 *Net investment in capital assets was increased by the purchase of $583,425 of machinery and equipment and a $400,000 decrease in the revenue bonds. The account was decreased by $600,132 in depreciation. b. CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN FUND NET POSITION FOR THE YEAR ENDED JUNE 30, 2011 OPERATING INCOME: SALES OF WATER (NET OF $14,913 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) $3,167,644 OPERATING EXPENSES: MANAGEMENT & ADMINISTRATION $ 360,408 MAINTENANCE & DISTRIBUTION 689,103 TREATMENT PLANT 695,237 DEPRECIATION 600,132 TOTAL OPERATING EXPENSES 2,344,880 OPERATING INCOME 822,764 NONOPERATING REVENUE/EXPENSES: INTEREST INCOME INTEREST EXPENSE 193,849 ( 325,551) TOTAL NONOPERATING INCOME (EXPENSE) (131,702) INCOME BEFORE TRANSFERS & CONTRIBUTIONS 691,062 INTERFUND TRANSFERS OUT (800,000) CAPITAL CONTRIBUTIONS CHANGE IN NET POSITION NET POSITION, JULY 1, 2013 NET POSITION, JUNE 30, 2011 475,000 366,062 5,513,127 $5,879,189 c. CITY OF BAY LAKE WATER UTLITY FUND STATEMENT OF NET POSITION JUNE 30, 2011 ASSETS: CURRENT ASSETS: CASH AND INVESTMENTS ACCOUNTS RECEIVABLE (NET OF $18,267 PROVISION FOR UNCOLLECTIBLE ACCOUNTS) ACCRUED UTILITY REVENUE DUE FROM GENERAL FUND ACCRUED INTEREST RECEIVABLE TOTAL CURRENT ASSETS RESTRICTED ASSETS: CASH CAPITAL ASSETS: LAND BUILDINGS (NET OF $3,660,053 IN ACCUMULATED DEPRECIATION MACHINERY AND EQUIPMENT (NET OF $5,490,007 IN ACCUMULATED DEPRECIATION) TOTAL CAPITAL ASSETS TOTAL ASSETS 18,365,502 LIABILITIES: CURRENT LIABILITIES: ACCOUNTS PAYABLE INTEREST PAYABLE CURRENT PORTION OF LONG-TERM DEBT TOTAL CURRENT LIABILITIES 1,275,605 $ 1,811,482 346,777 700,000 13,646 15,849 $ 2,887,754 10,708 $1,780,945 4,974,354 8,711,741 15,467,040 814,199 61,406 400,000 LIABILITIES PAYABLE FROM RESTRICTED ASSETS: CUSTOMER DEPOSITS 10,708 LONG-TERM LIABILITIES: REVENUE BOND PAYABLE TOTAL LIABILITIES NET POSITION: NET INVESTMENT IN CAPITAL ASSETS UNRESTRICTED TOTAL NET POSITION Ch. 7, Solutions, 7-8 (Cont'd) 11,200,000 12,486,313 3,867,040 2,012,149 $ 5,879,189 d. CITY OF BAY LAKE WATER UTILITY FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2011 CASH FLOWS FROM OPERATING ACTIVITIES: CASH RECEIVED FROM CUSTOMERS CASH PAID TO: EMPLOYEES AND SUPPLIERS ( 1,462,596) NET CASH PROVIDED BY OPERATIONS $2,943,401 1,480,805 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: TRANSFER TO GENERAL FUND $(800,000) CUSTOMER DEPOSITS 1,515 NET CASH USED BY NONCAPITAL FINANCING ACTIVITIES (798,485) CASH FLOWS FROM CAPITAL & RELATED FINANCING ACTIVITIES: PROCEEDS FROM CAPITAL GRANT PUCHASE OF MACHINERY & EQUIPMENT PRINCIPAL PAID ON CAPITAL DEBT INTEREST PAID ON CAPITAL DEBT NET CASH USED BY CAPITAL & RELATED FINANCING ACTIVITIES (904,342) 475,000 (583,425) (400,000) (395,917) CASH FLOWS FROM INVESTING ACTIVITIES: INTEREST RECEIVED ON INVESTMENTS NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JULY 1, 2013 CASH AND CASH EQUIVALENTS, JUNE 30, 2011 260,000 37,978 1,775,019 $1,812,997 RECONCILIATION OF CASH AND CASH EQUIVALENTS TO THE BALANCE SHEET END BEGINNING OF YEAR OF YEAR CASH AND CASH EQUIVALENTS IN CURRENT AND ACCRUED ASSETS $1,811,482 $1,775,019 RESTRICTED CASH AND CASH EQUIVALENTS 10,708 9,193 TOTAL CASH AND CASH EQUIVALENTS $1,822,190 $1,784,212 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATIONS OPERATING INCOME ADJUSTMENTS: $ 822,764 DEPRECIATION EXPENSEMACHINERY & EQUIPMENT UNCOLLECTIBLE ACCOUNTS INCREASE IN ACCOUNTS RECEIVABLE INCREASE IN ACCRUED UTILITY REVENUE DECREASE IN DUE FROM GENERAL FUND INCREASE IN ACCOUNTS AND ACCRUED PAYABLE 282,152 NET CASH PROVIDED BY OPERATING ACTIVITIES 600,132 4,900 (44,808) (200,000) 15,665 $1,480,805