w USUS and liabilities is zero. 6-6. The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2016, the first day of the fiscal year: Proprietary Funds in Cash Debits $ 330,000 200.000 Credits $ 30,000 Customer accounts receivable Allowance for uncollectible account 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 120,000 250.000 7.000.000 100,000 2.500.000 120.000 75.000 3.500.000 1.675.000 $8,000,000 $8.000.000 o the year ended June 30, 2017, 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 $1,380,000; billings to the General Fund amounted to $107.000 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $185,000 360,000 200,000 220.000 4. Materials and supplies were used in the amount of $275,000, all for costs of sales and services. 5. $14,000 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1.462.000 from nongovernmental customers and $48.400 from the General Fund. 7. $1,035,000 of accounts payable were paid in cash. 9. Construction was 10. Depreciation 11. Interest in One year's interest in the amount of S175,000 was paid instruction was completed on plant assets costing $250,000, that amount was transferred to Utility Plant in Service Depreciation was recorded in the amount of $260,000 Herest in the amount of $25.000 was reclassified to Construction Work In Progress. (This was previously paid in item 8.) 12. The Allowance for Uncollectible Accounts was increased by $9,900. 13. As required by the loan agreement, cash in the amount of $100,000 Was transferred to Restricted Assets for eventual redemption of the bonds. 12. The Allowance for Uncollectible Accounts was increased by $9,900. 13. As required by the loan agreement, cash in the amount of $100,000 wa transferred to Restricted Assets for eventual redemption of the bonds! 14. Accrued expenses, all related to costs of sales and services, amounted to $89,000. 15. Nominal accounts for the year were closed. 00 Required: ooca. Record the transactions for the year in general journal form. 00 b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Nat! 000, 0 Position 000 c. Prepare a Statement of Net Position as of June 30, 2017 d. Prepare a Statement of Cash Flows for the year ended June 30, 2017. ny b A ssume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability (see item 3) was paid entry 7. Include restricted assets as cash and cash equivalents. -7. The City of Sandwich 6-8
