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 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 Debits Credits $347.000 210,200 $ 31,700 130,400 265,000 7.027,000 2,627.000 127,000 140,400 92,000 3.527,000 1.679 500 $8,096,600 $8,096, 600 ces 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 $1455,000, billings to the General Fund amounted to $123,000 3. Liabilities for the following were recorded during the year Materials and supplies Costs of sales and services Administrative expenses Construction work in progress 5212,000 386,000 216,000 235,000 4. Materials and supplies were used in the amount of $311,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15.400 of old accounts receivable were written off 6. Accounts receivable collections totaled $1558,000 from nongovernmental customers and $52,600 from the General Fund 7 $1,124,600 of accounts payable were paid in cash. 8 One year's interest in the amount of $190,400 was paid 9. Construction was completed on plant assets costing $265,000; that amount was transferred to Utility Plant in Service 10. Depreciation was recorded in the amount of $275,100 11. The Allowance for Uncollectible Accounts was increased by $11,000 12 As required by the loan agreement, cash in the amount of $117000 was transferred to Restricted Assets for eventual redemption of the bonds 13. Accrued expenses, all related to costs of sales and services, amounted to $115,000. 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 captal 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 the tabs below 1 Accrued Expenses Payable Cash 22 2 Customer Accounts Receivable Due From Other Funds Operating Revenues-Charges for Sales 3 3 Materials and Supplies Operating Expenses-Administrative Operating Expenses --Costs of Sales Construction Work in Progress Accounts Payable ? 4 Operating Expenses-Costs of Sales Materials and Supplies 5 Allowance for Uncollectible Account Customer Accounts Receivable 2 6 Cash Customer Accounts Receivable Due From Other Funds 7 7 Accounts Payable Cash 8 8 Nonoperating Expenses--Interest Cash 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 4 12 12 Restricted Assets Cash 2 13 13 Operating Expenses-Costs of Sales Accrued Expenses Payable 14 14 Operating Revenues-Charges for Sales Operating Expenses-Costs of Sales Operating Expenses Administrative Operating Expenses --Depreciation Nonoperating Expenses-rest Net Position 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: Operating Revenues-Charges for Sales 0 Total Revenues Operating Expenses: Costs of Sales Administrative Expenses Depreciation Expenses 0 Total Operating Expenses Operating Income Nonoperating Income (Expenses): 0 0 Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of Year Net Position - End of Year TOWN OF WESTON WATER UTILITY FUND Statement of Net Position June 30, 2020 Assets Current Assets Cash Customer Fees Receivable Less: Allowance for Uncollectible accounts Due From Other Funds Total Current Assets Noncurrent Assets Total Assets Liabilities and Fund Equity Liabilities Current Liabilities Accounts Payable Accrued Expenses Payable Total Current Liabilities Noncurrent Liabilities: Total Liabilities Net Position 0 Total Net Position Total Liabilities and Net Position $ $ 0 Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and in outlay. Assume the entire construction work in progress liability (see item 3) was paid in entr 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 Cash Received from Customers Cash Paid to Suppliers 0 Cash Flows from Noncapital Financing Activities Cash Flows from Capital and Related Financing Activities: Interest Paid on Long-Term Debt 0 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 0