The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year Credits Debits $ 344,000 208,400 5 31,400 128,000 262,600 7,021,000 Cash Customer accounts receivable Allowance for uncollectible accounts Materials and supplies Restricted assets (cash) utility plant in service Accumulated depreciation-utility plant Construction work in progress Accounts payable Accrued expenses payable Revenue bonds payable Net position Totals 2,621,000 114,000 136,800 90,500 3,521,000 1,676 20 $8,077,468 58,077,400 During the year ended June 30, 2020, the following transactions and events occurred in the Town of Weston Water Utility Fund During the year ended June 30, 2020, the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Bilings to nongovernmental customers for water usage for the year amounted to $1,452,000, billings to the General Fund 3. Liabilities for the following were recorded during the year Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $206,000 380,000 213,000 232,899 4. Materials and supplies were used in the amount of $301,000, all for costs of sales and services 5. After collection efforts were unsuccessful. 515,100 of old accounts receivable were written off 6. Accounts receivable collections totaled $1.530,000 from nongovernmental customers and $51,700 from the General Fund. 7. $1105,400 of accounts payable were paid in cash 8. One year's interest in the amount of $187,100 was pald. 9. Construction was completed on plant assets costing $262.000; that amount was transferred to Utility Plant in Service 10. Depreciation was recorded in the amount of $272,100. 11. The Allowance for Uncollectible Accounts was increased by $12.000. 12 As required by the loan agreement, cash in the amount of $114,000 was transferred to Restricted Assets for eventual redemption of the bonds 13. Accrued expenses, all related to costs of sales and services, amounted to $109,000 14. Nominal accounts for the year were closed Prey 1 of 12 Next > Required A Required B Required c Required D Prepare a statement of Net Position as of June 30, 2020. (Deductions should be en TOWN OF WESTON WATER UTILITY FUND Statement of Net Position June 30, 2020 Assets Current Assets: 0 Total Current Assets Noncurrent Assets: Required A Required B Required Required Prepare a statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7. Indude restricted assets as cash and cash equivalents. (Deductions should be entered as a negative amount.) TOWN OF WESTON WATER UTILITY FUND Statement of Cash Flows For the Year Ended June 30, 2020 Cash Flows from Operating Activities: 0 Cash Flows from Noncapital Financing Activities: Cash Flows from Capital and Related Financing Activities