[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. $ 1,275,010 306,8471 499,600 29,288 81,936 2,692,681 9,193 CITY OF BAY LAKE Water Utility Pund Statement of Fund Net Position June 30, 2022 Assets Current assets: Cash and investments Accounts receivable (net of $13,366 provision for uncollectible accounta) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets Cash Capital assets Land Buildings (net of $3,420,008 in accumulated depreciation) Machinery and equipment (net of $5,129,945 in accumulated depreciation) Total capital assets (net) Total Assets Liabilities Current liabilities Accounts payable Interest payable Current portion of long-term debt Total current liabilities Liabilities payable from restricted assets $1,780,947 5,214,422 8.488,427 15,483,796 18,185,670 532,033 131.769 390,000 1.061.002 8 NA 11,542,000 12,612,995 Long-term liabilities: Revenue bond payable Total Liabilities Net Position Net investment in capital assets Unrestricted 3,576,775 1,995,900 $ 5,572,675 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 $3,014,773 $195,960 of the total was billed to the General Fund. 3. Cash in the amount of $262,809 was received. The cash was for interest earned on investments and $82,886 in accrued interest 4. Expenses accrued for the period were management and administration, $364,299; maintenance and distribution, $696,542; and treatment plant, $702,745. 5. Cash receipts for customer deposits totaled $2,457 6. Cash collections on customer accounts totaled $2,979,787, of which $212,122 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,480,678; interest (which includes the interest payable), $400,809; bond principal, $398,000; machinery and equipment. $580,512; and return of customer deposits, $905. 8. A state grant amounting to $471,357 was received to help pay for new water treatment equipment. countritten off as uncollectible totaled $9937 10. The utility fund transferred $793,930 in excess operating income to the General Fund 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $238,236 and on machinery and equipment was $357,354; the allowance for uncollectible accounts was increased by $14,802; an accrual for unbilled customer receivables was made for $694,790; accrued interest income was $15,730; and accrued interest expense was $60,948. 12. The Revenue Bond Payable account was adjusted by $398,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. CITY OF BAY LAKE Water Utility Fund Statement of Revenue, Expenses, and Changes in Fund Net Position For The Year Ended June 30, 2023 Operating Income: Sales of Water Operating Expenses: Management and Administration $364,299 Maintenance and Distribution 696,542 Treatment Plant 702,745 Depreciation 550,372 2,313,958 (2,313,958) Total Operating Expenses Operating Income Nonoperating Revenue/Expenses: Interest Income (2,313,958) 329,988 X 329,988 Operating Income Nonoperating Revenue/Expenses: Interest Income Interest Expense Total Nonoperating Revenue/Expenses Income Before Transfers and Contributions Interfund Transfers Out Capital Contributions Change in Net Position Net Position, July 1, 2022 Net Position, June 30, 2023 793,930 793,930 $ 793,930 CITY OF BAY LAKE Water Utility Fund Statement of Net Position June 30, 2023 Assets Current Assets: Cash and Investments Accounts Receivable Accrued Utility Revenue Due from General Fund Interest Receivable $ 0 Total Current Assets Restricted Assets: Cash Capital Assets: Land Buildings Buildings Machinery and Equipment 0 $ $ 0 Total Capital Assets Total Assets Liabilities Current Liabilities: Accounts Payable Interest Payable Current Portion of Long-Term Debt 0 Total Current Liabilities Liabilities Payable from Restricted Assets: Customer Deposits Long-Term Liabilities: Revenue Bond Payable Total Liabilities $ 0 Alat Daniel Net Investment in Capital Assets Unrestricted Total Net Position $ 0 CITY OF BAYLAKE Water Utility Fund Statement of Cash Flows For the Year Ended June 30, 2023 Cash Flows from Operating Activities: Cash Received from Customers Cash Paid To: 0 Net Cash Provided by Operations Cash Flows from Noncapital Financing Activities: 0 0 Net Cash Used by Noncapital Financing Activities Cash Flows from Capital and Related Financing Activities: Cash Flows from Capital and Related Financing Activities: 0 o Net Cash Used by Capital and Related Financing Activities Cash Flows from Investing Activities: 0 Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, July 1, 2022 Cash and Cash Equivalents, June 30, 2023 $ Reconciliation of Cash and Cash Equivalents to the Balance Sheet End of Year Beginning of Year Cash and Cash Equivalents in Current and Accrued Assets Restricted Cash and Cash Equivalents Total Cash and Cash Equivalents $ 0 $ 0 Reconciliation of Operating Income to Net Cash Provided by Operations Operating Income Adjustments: Depreciation Expense Uncollectible Accounts Increase in Accounts Receivable Increase in Accrued Utility Revenue Decrease in Due from General Fund Increase in Accounts Payable Net Cash Provided by Operating Activities $ 0