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 $ 338,000 284,888 $ 38,888 123,200 256, eee 7,689, eee 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 2,689,eee 188,eee 129,689 81,188 3,5e9, eee 1,679,500 $8, e39,888 $8, e39, eee 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. Billings to nongovernmental customers for water usage for the year amounted to $1.387.000; billings to the General Fund amounted to $114,000. 3. Liabilities for the following were recorded during the year. Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $194, eee 368, eee 287,eee 226, eee 4. Materials and supplies were used in the amount of $284,000, all for costs of sales and services. 5. After collection efforts were unsuccessful. $14.500 of old accounts receivable were written off. 4. Materials and supplies were used in the amount of $284.000, all for costs of sales and services. 5. After collection efforts were unsuccessful. $14.500 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1.514.000 from nongovernmental customers and $49.900 from the General Fund. 7. $1.067.000 of accounts payable were paid in cash. 8. One year's Interest in the amount of $180,500 was pald. 9. Construction was completed on plant assets costing $256.000 that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $266.100. 11. The Allowance for Uncollectible Accounts was increased by $10.000 12. As required by the loan agreement, cash in the amount of $108,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $97.000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general Joumal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2020. d. 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. Include restricted assets as cash and cash equivalents. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. (Deductions should be entered as a negative amount.) TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 Revenues: Total Revenues Operating Expenses: Total Operating Expenses Nonoperating Income (Expenses): Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of Year Net Position - End of Year TOWN OF WEBTON WATER UTILITY FUND statement of Net Position June 30, 2020 Accots Current Assets Total Current Assets Noncurrent Assets Total Assets Liabilities and Fund Equity Liabilities Current Liabilities Total Current Liabile Noncurrent Liabile Total Labs Not Position Total Not Position Total Liabilis and Net Position Required A Required Required Required D 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. Include restricted assets as cash and cash equivalents. (Deductions should be entered as a negative amount.) TOWN OF WESTON WATER UTILITY FUND Statement of Cash Flowe For the Year Ended June 30, 2020 Cash Flows from Operating Activities Cash Flows from Noncapital Financing Activities Cash Flows from Capital and Related Financing Activities. Cash Flows from Investing Activities Cash and Cash Equivalents Beginning of Year Cash and Cash Equivalents End of Year Reconciliation of Operating Income to Net Cash Provided by Operating Activities: 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 $ 338,000 284,888 $ 38,888 123,200 256, eee 7,689, eee 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 2,689,eee 188,eee 129,689 81,188 3,5e9, eee 1,679,500 $8, e39,888 $8, e39, eee 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. Billings to nongovernmental customers for water usage for the year amounted to $1.387.000; billings to the General Fund amounted to $114,000. 3. Liabilities for the following were recorded during the year. Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $194, eee 368, eee 287,eee 226, eee 4. Materials and supplies were used in the amount of $284,000, all for costs of sales and services. 5. After collection efforts were unsuccessful. $14.500 of old accounts receivable were written off. 4. Materials and supplies were used in the amount of $284.000, all for costs of sales and services. 5. After collection efforts were unsuccessful. $14.500 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1.514.000 from nongovernmental customers and $49.900 from the General Fund. 7. $1.067.000 of accounts payable were paid in cash. 8. One year's Interest in the amount of $180,500 was pald. 9. Construction was completed on plant assets costing $256.000 that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $266.100. 11. The Allowance for Uncollectible Accounts was increased by $10.000 12. As required by the loan agreement, cash in the amount of $108,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $97.000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general Joumal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2020. d. 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. Include restricted assets as cash and cash equivalents. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. (Deductions should be entered as a negative amount.) TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 Revenues: Total Revenues Operating Expenses: Total Operating Expenses Nonoperating Income (Expenses): Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of Year Net Position - End of Year TOWN OF WEBTON WATER UTILITY FUND statement of Net Position June 30, 2020 Accots Current Assets Total Current Assets Noncurrent Assets Total Assets Liabilities and Fund Equity Liabilities Current Liabilities Total Current Liabile Noncurrent Liabile Total Labs Not Position Total Not Position Total Liabilis and Net Position Required A Required Required Required D 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. Include restricted assets as cash and cash equivalents. (Deductions should be entered as a negative amount.) TOWN OF WESTON WATER UTILITY FUND Statement of Cash Flowe For the Year Ended June 30, 2020 Cash Flows from Operating Activities Cash Flows from Noncapital Financing Activities Cash Flows from Capital and Related Financing Activities. Cash Flows from Investing Activities Cash and Cash Equivalents Beginning of Year Cash and Cash Equivalents End of Year Reconciliation of Operating Income to Net Cash Provided by Operating Activities