Using the following information, prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for
Question:
Charges for water services rendered . . . . . . . . . . . . . . . . . $ 1,800,000
Charges for sewer services rendered . . . . . . . . . . . . . . . . . 2,000,000
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Increase in fair value of investments . . . . . . . . . . . . . . . . . 12,000
Proceeds of bond issuance . . . . . . . . . . . . . . . . . . . . . . 13,000,000
Salaries and wages . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000
Contractual services (purchased) . . . . . . . . . . . . . . . . . . . 2,600,000
Depreciation on infrastructure capital assets . . . . . . . . . . . . . 100,000
Depreciation on capital assets contributed by subdividers . . . . . . 75,000
Depreciation on other capital assets . . . . . . . . . . . . . . . . . 80,000
Capital grants received (all grant conditions met) . . . . . . . . . . 1,500,000
Operating grants received (half expended for operations; half
for capital asset purchases; all grant conditions met) . . . . . . . . 250,000
Gain on sale of equipment . . . . . . . . . . . . . . . . . . . . . . 13,000
Deferred interest expense adjustment (debit), beginning of year . . 100,000
Transfer to General Fund . . . . . . . . . . . . . . . . . . . . . . 127,000
Transfer from Special Revenue Fund . . . . . . . . . . . . . . . 500,000
Interest on short-term note payable . . . . . . . . . . . . . . . . . 5,000
Repayment of short-term note payable . . . . . . . . . . . . . . . 75,000
Interest on bonds payable . . . . . . . . . . . . . . . . . . . . . . 95,000
Net Position, July 1, 20X5 . . . . . . . . . . . . . . . . . . . . . 22,000,000
Water and sewer service claims and judgments paid during the year totaled $100,000. The liability (half of which is long-term) for these claims and judgments increased by $10,000 during the year. The refunded bonds have a 5-year remaining term, and the term of the new bonds is 10 years.
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Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
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