The Town of Weston has a Water Uulity Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year Credits Debits $ 341, eee 206,600 31,100 125,600 259, eee 7,815,000 Cash Customer accounts receivable Allowance for uncollectible accounts Materials and supplies Restricted assets (cash) Utility piant in service Accumulated depreciation-utility plant Construction work in progress Accounts payable Accrued expenses payable Revenue bonds payable Net position Totals 2,615, eee 111,00 133,200 81, eee 3,515, eee 1,682,900 $8,858,2ee $8,058,200 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 $1,402,000, billings to the General Fund amounted to $117.000 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales services Aninistrative expenses Construction work in progress $200.000 294,000 210,000 229.000 4. Materials and supplies were used in the amount of $291,000, all for costs of sales and services 4. Materials and supplies were used in the amount of $291,000, all for costs of sales and services 5. After collection efforts were unsuccessful, $14,800 of old accounts receivable were written off 6. Accounts receivable collections totaled $1,517,000 from nongovernmental customers and $50,800 from the General Fund. 7. $1,086,200 of accounts payable were paid in cash 8. One year's interest in the amount of $183,800 was pald. 9. Construction was completed on plant assets costing $259,000, that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $269,100. 11. The Allowance for Uncollectible Accounts was increased by $12,000 12 As required by the loan agreement, cash in the amount of $111,000 was transferred to Restricted Assets for eventual redemption of 13. Accrued expenses, all related to costs of sales and services, amounted to $103,000. 14. Nominal accounts for the year were closed. the bonds 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 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 itability (see item 3) was part 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 Required Required Bacond the transactions for the year in general journal Form ne antes required for a tranzaction/event select "No Journal Entry Pequired the first account fold) Views The Town of Weston has a Water Utility Fund with the following tlal balance as of July 1, 2019, the first day of the fiscal year. Credits Debits $ 341,000 206,600 $ 31, 100 125,689 259,000 7,015, 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 2,615,000 111,000 133, 2ee 81, eee 3,515, eee 1,682,9ee $8,058, 200 $8,258, 200 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 pald In cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,402.000 billings to the General Fund amounted to $117.000. 3. Liabilities for the following were recorded during the year. Materials and supplies Costs of sales and services Administrative extes construction work in progress $200.ee 374.ee 210 de 220 Bee Check my work 4. Materials and supplies were used in the amount of $291,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $14,800 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,517,000 from nongovernmental customers and $50,800 from the General Fund. 7. $1,086,200 of accounts payable were paid In cash. 8. One year's interest in the amount of $183,800 was pald. 9. Construction was completed on plant assets costing $259,000; that amount was transferred to Utility Plant In Service, 10. Depreciation was recorded in the amount of $269,100, 11. The Allowance for Uncollectible Accounts was increased by $12,000. 12. As required by the loan agreement, cash in the amount of $111,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $103,000. 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 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 Hability (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. quired Required D Required B Required K Prey 3 of 6! Next > 11:18 AM 3/19/2021 2 x AENG
