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[The following information applies to the questions displayed below.] Following is the June 30, 2022, statement of net position for the City of Bay Lake

[The following information applies to the questions displayed below.]

Following is the June 30, 2022, statement of net position for the City of Bay Lake Water Utility Fund.

CITY OF BAY LAKE
Water Utility Fund
Statement of Fund Net Position
June 30, 2022
Assets
Current assets:
Cash and investments $ 1,776,396
Accounts receivable (net of $13,376 provision for uncollectible accounts) 307,076
Accrued utility revenue 500,100
Due from General Fund 29,317
Interest receivable 82,017
Total current assets 2,694,906
Restricted assets:
Cash 9,201
Capital assets:
Land $ 1,782,497
Buildings (net of $3,422,984 in accumulated depreciation) 5,218,959
Machinery and equipment (net of $5,134,408 in accumulated depreciation) 8,495,811
Total capital assets (net) 15,497,267
Total Assets 18,201,374
Liabilities
Current liabilities:
Accounts payable 532,492
Interest payable 131,883
Current portion of long-term debt 408,000
Total current liabilities 1,072,375
Liabilities payable from restricted assets:
Customer deposits 9,201
Long-term liabilities:
Revenue bond payable 11,832,000
Total Liabilities 12,913,576
Net Position
Net investment in capital assets 3,244,334
Unrestricted 2,043,464
$ 5,287,798

Following is the information of the Water Utility Fund for fiscal year 2023.

  1. The amount in the Accrued Utility Revenue account was reversed.
  2. Billings to customers for water usage during fiscal year 2023 totaled $2,860,657; $185,943 of the total was billed to the General Fund.
  3. Cash in the amount of $249,375 was received. The cash was for interest earned on investments and $78,650 in accrued interest.
  4. Expenses accrued for the period were management and administration, $345,681; maintenance and distribution, $660,944; and treatment plant, $666,830.
  5. Cash receipts for customer deposits totaled $2,331.
  6. Cash collections on customer accounts totaled $2,826,977, of which $201,243 was from the General Fund.
  7. Cash payments for the period were as follows: Accounts Payable, $1,404,740; interest (which includes the interest payable), $380,253; bond principal, $408,000; machinery and equipment, $595,097; and return of customer deposits, $928.
  8. A state grant amounting to $483,336 was received to help pay for new water treatment equipment.
  9. Accounts written off as uncollectible totaled $10,189.
  10. The utility fund transferred $814,064 in excess operating income to the General Fund.
  11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $244,277 and on machinery and equipment was $366,415; the allowance for uncollectible accounts was increased by $15,177; an accrual for unbilled customer receivables was made for $712,392; accrued interest income was $16,129; and accrued interest expense was $62,494.
  12. The Revenue Bond Payable account was adjusted by $408,000 to record the current portion of the bond.
  13. Closing entries and necessary adjustments were made to the net position accounts.

  1. Prepare a statement of net position for the Water Utility Fund as of June 30, 2023.

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