The Following is the June 30, 2019, 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, 2019
	Assets
	Current assets:
	Cash and investments					$	1,774,824
	Accounts receivable (net of $13,365 provision for uncollectible accounts)						306,824
	Accrued utility revenue						499,600
	Due from General Fund						29,288
	Interest receivable						81,936
	Total current assets						2,692,472
	Restricted assets:
	Cash						9,192
	Capital assets:
	Land	$	1,780,753
	Buildings (net of $3,419,635 in accumulated depreciation)		5,213,853
	Machinery and equipment (net of $5,129,385 in accumulated depreciation)		8,487,500
	Total capital assets (net)						15,482,106
	Total Assets						18,183,770
	Liabilities
	Current liabilities:
	Accounts payable		531,977
	Interest payable		131,755
	Current portion of long-term debt		399,000
	Total current liabilities						1,062,732
	Liabilities payable from restricted assets:
	Customer deposits						9,192
	Long-term liabilities:
	Revenue bond payable						11,571,000
	Total Liabilities						12,642,924
	Net Position
	Net investment in capital assets						3,540,210
	Unrestricted						2,000,636
						$	5,540,846

Following is the information of the Water Utility Fund for fiscal year 2020.

1. The amount in the Accrued Utility Revenue account was reversed.
2. Billings to customers for water usage during fiscal year 2020 totaled $2,997,554; $194,841 of the total was billed to the General Fund.
3. Cash in the amount of $261,308 was received. The cash was for interest earned on investments and $82,413 in accrued interest.
4. Expenses accrued for the period were management and administration, $362,220; maintenance and distribution, $692,567; and treatment plant, $698,735.
5. Cash receipts for customer deposits totaled $2,443.
6. Cash collections on customer accounts totaled $2,962,808, of which $210,913 was from the General Fund.
7. Cash payments for the period were as follows: Accounts Payable, $1,472,239; interest (which includes the interest payable), $398,525; bond principal, $399,000; machinery and equipment, $581,971; and return of customer deposits, $907.
8. A state grant amounting to $472,399 was received to help pay for new water treatment equipment.
9. Accounts written off as uncollectible totaled $9,959.
10. The utility fund transferred $795,688 in excess operating income to the General Fund.
11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $238,764 and on machinery and equipment was $358,146; the allowance for uncollectible accounts was increased by $14,835; an accrual for unbilled customer receivables was made for $696,339; accrued interest income was $15,765; and accrued interest expense was $61,084.
12. The Revenue Bond Payable account was adjusted by $399,000 to record the current portion of the bond.
13. Closing entries and necessary adjustments were made to the net position accounts.