The following financial information is for the Village of Pine Hill for the year ended December 31, 2021.

Village of Pine Hill

Statement of Net Position

Water Utility Enterprise Fund

At December 31, 2021

Assets

Current assets

Cash$27,000

Accounts receivable (net)97,500

Due from other funds8,000

Supplies50,000

Total current assets$182,500

Noncurrent assets

Restricted assets$30,000

Property and equipment, net of accumulated depreciation1,020,000

Total noncurrent assets$ 1,050,000Total assets $ 1,232,500

Liabilities

Current liabilities

Vouchers payable$58,000

Interest payable10,000

Total current liabilities$68,000

Noncurrent liabilities:

Net pension liability$12,000

Revenue bonds payable600,000

Total noncurrent liabilities$612,000

Total liabilities$680,000

Net Position

Invested in capital assets, net of related debt420,000

Restricted for debt service30,000

Unrestricted102,500

Total net position$552,500

Worksheet used to determine governmental activities for the Village of Pine Hill at 12/31/21 Governmental funds Internal service funds Adjustments Governmental activities Debits Credits Cash $187,000 $ 67,000 $254,000 Taxes receivable-property(net) 51,000 51,000 Due from general fund 2,000 (3) 2,000 Supplies 3,000 4,000 7,000 Advance to ISF 80,000 1) 80,000 Property and equipment 111,000 (4)550,000 661,000 Accumulated depreciation (22,000) (4) (70,000) (92,000) Total assets $321,000 $162,000 550,000 152,000 $881,000 Vouchers payable 35,000 12,000 $ 47,000 Due to enterprise fund 6,000 2,000 8,000 Due to ISF fund 2,000 (3) 2,000 Interest payable (7) 3,000 3,000 General obligation bonds (5)150,000 150,000 Net pension liability (6)250,000 250,000 Advance from general fund 80,000 (1) 80,000 Total liabilities $43,000 $94,000 82,000 403,000 $458,000 Deferred inflows of resources Property taxes $34,000 (2) 34,000 Fund balance $244,000 (5)150,000 (2) 34,000 (6)250,000 (4) 480,000 -0- (7) 3,000 (8)355,000 Net position $68,000 (8) 355,000 423,000 Total fund balance et position $244,000 $68,000 758,000 869,000 $423,000 Adjustments: 1. To eliminate interfund advance made from the general fund to an internal service fund. 2. To record an increase in fund balance for revenues recognized on the accrual basis in 2021 that were measurable but not available under the modified accrual basis at 12/31/21. 3. To eliminate interfund borrowing between the general fund and an internal service fund. 4. To record capital assets that were charged to expenditures in the governmental funds. 5. To record general obligation debt that was recorded as other financing sources when issued by a governmental fund. 6. To record the net pension liability for public safety employees. 7. To record accrued but unmatured interest on general obligation bonds. 8. To transfer the net amount of the adjustments from fund balance to net position