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Water Utility Fund Staternent of Fund Net Position June 30, 2019 Current assets Cash and investments Accounts receivable (net of $13,372 provision fo $1,775,704 uncollectible

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Water Utility Fund Staternent of Fund Net Position June 30, 2019 Current assets Cash and investments Accounts receivable (net of $13,372 provision fo $1,775,704 uncollectible accounts Accrued utility revenue Due from General Fund Interest receivable 306,984 500,100 29,317 82,017 2, 694,122 Total current assets Restricted assets Cash 9,197 Capital assets Land Buildings net of $3,421,492 in accunulated depreciation) Machinery and equipment (net of $5,132,168 in $1,781,721 5,216,683 8,492,103 accumulated depreciation) Total capital assets (net) Total Assets 15,490,507 18,193, 826 Liabilities Current liabilities Accounts payable 532,271 131,828 404,000 Current portion of long-term debt Total current liabilities Customer deposits Revenue 1,068, 099 Liabilities payable from restricted assets 9,197 Long-term liabilities 11,716, 000 12,793,296 bond payable Total Liabilities Net Position Set investment in capital assets 3,376, 100 2,024,430 $5,400, 530 Following is the information of the Water Utility Fund for fiscal year 2020. 1 The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2020 totaled $2,921,644; $189,907 of the total was biled to the General Fund. 3. Cash In the amount of $254,691 was recelved. The cash was for interest earned on investments and $80,326 in accrued interest. 4. Expenses accrued for the period were management and administration, $353,049, maintenance and distribution, $675,032; and treatment plant, $681,042. 5. Cash receipts for customer deposits totaled $2,379. 6. Cash collections on customer accounts totaled $2,885,189, of which $205,387 was from the General Fund 7 Cash payments for the period were as follows: Accounts Payable, $1,433,668; Interest (which Includes the Interest payable), $388,085; bond principal, $404,000; machinery and equipment, $589,261; and return of customer deposits, $920. 8. A state grant amounting to $479,168 was recelved to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,101. 0. The utlty fund transterred $807032 In excess operating Income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $242,165 and on machinery and equipment was $363,247, the allowance for uncollectible accounts was Increased by $15,045; an accrual for unbilled customer recelvables was made for $706196; accrued Interest income was $15,989; and accrued Interest expense was $61,950. 12. The Revenue Bond Payable account was adjusted by $404,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. Water Utility Fund Staternent of Fund Net Position June 30, 2019 Current assets Cash and investments Accounts receivable (net of $13,372 provision fo $1,775,704 uncollectible accounts Accrued utility revenue Due from General Fund Interest receivable 306,984 500,100 29,317 82,017 2, 694,122 Total current assets Restricted assets Cash 9,197 Capital assets Land Buildings net of $3,421,492 in accunulated depreciation) Machinery and equipment (net of $5,132,168 in $1,781,721 5,216,683 8,492,103 accumulated depreciation) Total capital assets (net) Total Assets 15,490,507 18,193, 826 Liabilities Current liabilities Accounts payable 532,271 131,828 404,000 Current portion of long-term debt Total current liabilities Customer deposits Revenue 1,068, 099 Liabilities payable from restricted assets 9,197 Long-term liabilities 11,716, 000 12,793,296 bond payable Total Liabilities Net Position Set investment in capital assets 3,376, 100 2,024,430 $5,400, 530 Following is the information of the Water Utility Fund for fiscal year 2020. 1 The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2020 totaled $2,921,644; $189,907 of the total was biled to the General Fund. 3. Cash In the amount of $254,691 was recelved. The cash was for interest earned on investments and $80,326 in accrued interest. 4. Expenses accrued for the period were management and administration, $353,049, maintenance and distribution, $675,032; and treatment plant, $681,042. 5. Cash receipts for customer deposits totaled $2,379. 6. Cash collections on customer accounts totaled $2,885,189, of which $205,387 was from the General Fund 7 Cash payments for the period were as follows: Accounts Payable, $1,433,668; Interest (which Includes the Interest payable), $388,085; bond principal, $404,000; machinery and equipment, $589,261; and return of customer deposits, $920. 8. A state grant amounting to $479,168 was recelved to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,101. 0. The utlty fund transterred $807032 In excess operating Income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $242,165 and on machinery and equipment was $363,247, the allowance for uncollectible accounts was Increased by $15,045; an accrual for unbilled customer recelvables was made for $706196; accrued Interest income was $15,989; and accrued Interest expense was $61,950. 12. The Revenue Bond Payable account was adjusted by $404,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts

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