The following water and sewer fund information is available for the preparation of the financial statements for
Question:
The following water and sewer fund information is available for the preparation of the financial statements for the City of Western Sands for the year ended December 31, 2017:
Operating revenues-charges for services ........................... $18,087,000
Operating expenses:
Personnel services ...................................................... 6,177,000
Contractual services ...................................................... 2,995,000
Utilities ........................................................................888,000
Repairs and maintenance ..................................................1,992,000
Depreciation ................................................................5,422,000
Interest revenue ...............................................................29,000
State aid (intergovernmental revenue) ....................................100,000
Interest expense ..............................................................434,000
Capital contributions ......................................................1,632,000
Transfer to General Fund ...................................................365,000
Net position, January 1, 2017 ............................................2,700,000
From the information given above, prepare, in good form, a Water and Sewer Fund column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2017.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
Essentials of Accounting for Governmental and Not for Profit Organizations
ISBN: 978-1259741012
13th edition
Authors: Paul A. Copley