Question
The following information relates to the Town of Leeville for the fiscal years ending 9/30/15 and 9/30/16. Following is selected information from the Statement of
The following information relates to the Town of Leeville for the fiscal years ending 9/30/15 and 9/30/16.
Following is selected information from the Statement of Net Position prepared for the Towns Water and Sewer Utility Fund for the year ended 9/30/15.
Cash and investments $ 1,200,000
Restricted cash and investments 1,600,000
Accounts receivable customers 350,000
Unbilled water and sewer revenues 200,000
Property, plant and equipment
Land 350,000
Buildings 1,000,000
Water Plant 4,000,000
Sewer Plant 6,000,000
Water Lines 10,000,000
Sewer Lines 13,000,000
Machinery and equipment 500,000
Construction in progress sewer plant upgrade 500,000
Accumulated depreciation 13,000,000
Accounts payable 500,000
Liabilities payable from restricted assets customer deposits 300,000
Accrued interest payable 275,000
Accrued salaries and benefits 200,000
Bonds payable current portion 750,000
Bonds payable long-term portion 20,000,000
Net position
Net investment in capital assets 1,600,000
Restricted - unspent bond proceeds sewer plant upgrade 1,300,000
Unrestricted 775,000
The following information relates to the Towns governmental funds.
Change in total fund balance for all governmental funds at 9/30/16 $ 1,000,000
The following transactions occurred during the year related to governmental funds and government-type activities.
General obligation bonds of $5,000,000 were issued on 11/1/15 at 103 the principal proceeds of which were used to purchase land for a new city hall on 12/15/15. All proceeds from the issuance of the bonds were deposited to the General Fund.
An additional $200,000 of general capital assets was purchased during the year.
Amounts paid on outstanding general obligation bonds were $500,000 for principal and $100,000 for interest.
Depreciation expense for general capital assets for the year ending 9/30/16 is $1,500,000.
At 9/30/16, $25,000 of property taxes receivable was expected to be collected in the spring of 2017.
Show the effects of these transactions on the accounts provided, and the ending balance of each of the accounts affected. You may use T accounts or basic line by line addition or subtraction to show your work, whichever is easier.
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