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:

During the year end June 30, 2020, the following transactions ans 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 $1,495,000; billings to the General Fund amounted to $129,000.

3. Liabilities for the following were recorded during the year:

4. Materials and supplies were used in the amount of $315,000, all for costs of sales and services.

5. After collection efforts were unsuccessful, $16,000 of old accounts receivable were written off.

6. Accounts receivable collections totaled $1,574,000 from nongovernmental customers and $54,000 from General Fund.

7. $1,163,000 of accounts payable were paid in cash.

8. One years interest in the amount of $197,000 was paid.

9. Construction was completed on plant assets costing $271,000; that amount was transferred to Utility Plant in Service.

10. Depreciation was recorded in the amount of $281,100.

11. The Allowance for Uncollectible Accounts was increased by $10,000.

12. As required by the loan agreement, cash in the amount of $123,000 was transferred to Restricted Assets for eventual redemption of the bonds.

13. Accrued expenses, all related to costs of sales and services, amounted to $127,000.

14. Nominal accounts for the year were closed.

Required:

a) Record the transactions for the year in general journal form.

b) Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.

c) Prepare a Statement of Net Postion 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.

Credits Debits $ 353,000 213,800 $ 32,300 135,200 271,000 7,039,000 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 2,639,000 123,000 147,600 98,500 3,539,000 1,678,600 $8,135,000 $8,135,000 Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $224,000 398,000 222,000 241,000 NO Transaction General Journal Debit Credit 1 1 147,600 Accrued Expenses Payable Cash 147,600 2 2 Customer Accounts Receivable Due From Other Funds Operating Revenues-Charges for Sales 3 3 Materials and Supplies Operating Expenses --Costs of Sales Operating Expenses --Administrative Construction Work in Progress Accounts Payable 4 4 Operating Expenses-Costs of Sales Materials and Supplies 5 5 Allowance for Uncollectible Accounts Customer Accounts Receivable 6 6 Cash Due From Other Funds Customer Accounts Receivable 7 Accounts Payable Cash 8 8 Nonoperating Expenses - Interest Cash 9 9 Utility Plant in Service Construction Work in Progress 10 10 Operating Expenses-Depreciation Accumulated Depreciation 11 11 Operating Revenues-Charges for Sales Allowance for Uncollectible Accounts TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 Revenues: 0 Total Revenues Operating Expenses: Total Operating Expenses 0 0 Nonoperating Income (Expenses): Total Nonoperating (Expense) 0 Total Operating Expenses 0 0 Nonoperating Income (Expenses): 0 0 Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of Year Net Position - End of Year $ 69 0 TOWN OF WESTON WATER UTILITY FUND Statement of Net Position June 30, 2020 Assets Current Assets: Total Current Assets 0 Noncurrent Assets: Total Assets $ 0 Total Assets $ 0 Liabilities and Fund Equity Liabilities Current Liabilities: Total Current Liabilities 0 Noncurrent Liabilities: Total Liabilities 0 Net Position $ 0 Total Net Position Total Liabilities and Net Position $ 0 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. 0 Cash Flows from Investing Activities: -...------------- 0 Cash Flows from Investing Activities: Cash and Cash Equivalents Beginning of Year Cash and Cash Equivalents End of Year $ 0 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: $ 0