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:

Chapter 6 Homework A Saved Help Save & Exit Submit Check my work 3 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 1.66 points $ Debits 343,000 207,800 $ 31,300 eBook 127,200 261,000 7,019,000 Print 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 2,619,000 113,000 References 135,600 90,000 3,519,000 1,676, 100 $8,071,000 $8,071,000 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 $1,424,000; billings to the General Fund amounted to $119,000. 3. Liabilities for the following were recorded during the year: Check my work 3 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,424,000; billings to the General Fund amounted to $119,000. 3. Liabilities for the following were recorded during the year: 1.66 points eBook Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $204,000 378,000 212,000 231,000 Print References 4. Materials and supplies were used in the amount of $298,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15,000 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,519,000 from nongovernmental customers and $51,400 from the General Fund. 7. $1,099,000 of accounts payable were paid in cash. 8. One year's interest in the amount of $186,000 was paid. 9. Construction was completed on plant assets costing $261,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $271,100. 11. The Allowance for Uncollectible Accounts was increased by $11,000. 12. As required by the loan agreement, cash in the amount of $113,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $107,000. 14. Nominal accounts for the year were closed. Check my work 3 No Transaction Debit Credit 1 1 General Journal Accrued Expenses Payable Cash 90,000 90,000 1.66 points 2 2 Customer Accounts Receivable Due From Other Funds Operating RevenuesCharges for Sales 1,424,000 119,000 eBook 1,543,000 Print 3 3 References Materials and Supplies Operating Expenses-Costs of Sales Operating Expenses-Administrative Construction Work in Progress Accounts Payable 204,000 378,000 212,000 231,000 1,025,000 4 4 298,000 Operating Expenses-Costs of Sales Materials and Supplies 298,000 5 5 15,000 Allowance for Uncollectible Accounts Customer Accounts Receivable 15,000 6 6 Cash 1,570,400 Customer Accounts Receivable Due From Other Funds 1,519,000 51,400 Check my work 3 Due From Other Funds 51,400 7 7 1,099,000 Accounts Payable Cash 1,099,000 1.66 points 8 8 186,000 Nonoperating Expenses Interest Cash 186,000 eBook Print 9 9 261,000 Utility Plant in Service Construction Work in Progress References 261,000 10 10 271,100 Operating Expenses-Depreciation Accumulated Depreciation 271,100 11 11 11,000 Operating Revenues-Charges for Sales Allowance for Uncollectible Accounts 11,000 12 12 113,000 Restricted Assets Cash 113,000 13 13 107,000 Operating Expenses-Costs of Sales Accrued Expenses Payable 107,000 Check my work 3 10 10 271,100 Operating Expenses-Depreciation Accumulated Depreciation 271,100 11 11 11,000 1.66 points Operating Revenues-Charges for Sales Allowance for Uncollectible Accounts 11,000 12 12 Restricted Assets 113,000 eBook Cash 113,000 Print References 13 13 107,000 Operating Expenses Costs of Sales Accrued Expenses Payable 107,000 14 14 1,532,000 Operating RevenuesCharges for Sales Operating Expenses-Costs of Sales Operating Expenses-Administrative Operating Expenses-Depreciation Nonoperating Expenses Interest Net Position 783,000 212,000 271,100 186,000 79,900 Check my work 3 1.66 points TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 Revenues: Operating Revenues-Charges for Sales $ 1,532,000 0 eBook Print 1,532,000 References Total Revenues Operating Expenses: Costs of Sales Administrative Expenses Depreciation Expenses 783,000 212,000 271,100 0 Total Operating Expenses 1,266,100 265,900 Nonoperating Income (Expenses): Interest Expense (186,000) 0 Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of Year Net Position - End of Year (186,000) 79,900 1,676,100 1,756,000 $ Check my work 3 Required A Required B Required C Required D Prepare a Statement of Net Position as of June 30, 2020. (Deductions should be entered as a negative amount.) 1.66 points TOWN OF WESTON WATER UTILITY FUND eBook Print References Statement of Net Position June 30, 2020 Assets Current Assets Cash Customer Fees Receivable Less: Allowance for Uncollectible accounts Due From Other Funds Supplies Inventory $ 425,400 97,800 (27,300) 67,600 33,200 596,700 Total Current Assets Noncurrent Assets: Restricted Assets Utility Plant in Service Less: Accumulated Depreciation Construction Work in Progress 374,000 7,280,000 (2,890, 100) 83,000 Total Assets $ 5,443,600 Check my work 3 Ulty Plant in Service Less: Accumulated Depreciation Construction Work in Progress 1,200,UUU (2,890, 100) 83,000 $ 5,443,600 1.66 points Total Assets Liabilities and Fund Equity Liabilities Current Liabilities: Accounts Payable Accrued Expenses Payable eBook Print 61,600 107,000 References 168,600 Total Current Liabilities Noncurrent Liabilities: Revenue Bonds Payable 3,519,000 3,687,600 Total Liabilities Net Position Net Investment in Capital Assets Restricted Unrestricted 953,900 374,000 428,100 Total Net Position $ 1,756,000 $ 5,443,600 Total Liabilities and Net Position