Following is the June 30, 2019, statement of net position for the City of Bay Lake...

 

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Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments $ 1,775, 019 Accounts receivable (net of $13,367 provision for uncollectible accounts) Accrued utility revenue Due from General Fund 306,869 500, 000 29,311 82, 000 Intereat receivable Total current assets Reptricted asseta: Cash 2,693,199 9,193 Capital asseta: Land $1,780,945 Buildinga (net of $3,420,000 in accumulated depreciation) Machinery and equipment (net of $5, 129,928 in accumulated depreciation) Total capital assets (net) 5,214,407 8,488,395 15,483,747 Total Asaets 18,186,139 Liabilities Current liabilities 532,047 131,772 Accounts payable Interest payable Current portion of long-term debt Total current liabilities Liabilities payable from restricted asseta: 400,000 1,063,819 Customer deposita Long-term liabilities: Revenue bond payable 9,193 11,600,000 12,673,012 Total Liabilitien Net Position Net investment in capital assets 3,483,747 2,029,380 $ 5,513,127 Unrestricted Folowing is the information of the Water Utility Fund for fiscal year 2020. 1. The amount in the Accrued Utility Revenue account was reversed. 2. BIlings to customers for water usage during fiscal year 2020 totaled $2,982,557; $193,866 of the total was billed to the General Fund. 3. Cash in the amount of $260,000 was recelved. The cash was for interest earned on investments and $82,000 in accrued interest. 4. Expenses accrued for the period were management and administration, $360,408; maintenance and distribution, $689,103; and treatment plant, $695,237. 5. Cash receipts for customer deposits totaled $2,427. 6. Cash collections on customer accounts totaled $2,943,401, of which $209,531 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,462,596; Interest (which Includes the interest payable), $395,917: bond principal, $400,000; machinery and equipment, $583,425; and return of customer deposits, $912. B. A state grant amounting to $475,000 was recelved to heip pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,013. 10. The utility fund transferred $800,000 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreclation on bulldings was $240,053 and on machinery and equipment was $360,079; the allowance for uncoilectible accounts was increased by $14,913; an accrual for unbiled customer receivables was made for $700,000; accrued interest income was $15,849; and accrued interest expense was $61,406. 12. The Revenue Bond Payable account was adjusted by $400,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. a-1 For fiscal year 2020, prepare general journal entries for the Water Utlity Fund. (If no entry is required for a transactionvevent, select "No Journal Entry Required" in the first account field.) View transaction lis Journal entry worksheet A BC D E FG H The amount in the Accrued Utility Revenue account was reversed. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record entry View general Journal Clear entry a-2. For fiscal year 2020, prepare closing entries for the Water Utility Fund. (If no entry is requlred for a transactionvevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A B <> Record the closure of all revenue and expenses account. Note: Enter debits before credits. Transaction General Journal Debit Credit 13(a) Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments $ 1,775, 019 Accounts receivable (net of $13,367 provision for uncollectible accounts) Accrued utility revenue Due from General Fund 306,869 500, 000 29,311 82, 000 Intereat receivable Total current assets Reptricted asseta: Cash 2,693,199 9,193 Capital asseta: Land $1,780,945 Buildinga (net of $3,420,000 in accumulated depreciation) Machinery and equipment (net of $5, 129,928 in accumulated depreciation) Total capital assets (net) 5,214,407 8,488,395 15,483,747 Total Asaets 18,186,139 Liabilities Current liabilities 532,047 131,772 Accounts payable Interest payable Current portion of long-term debt Total current liabilities Liabilities payable from restricted asseta: 400,000 1,063,819 Customer deposita Long-term liabilities: Revenue bond payable 9,193 11,600,000 12,673,012 Total Liabilitien Net Position Net investment in capital assets 3,483,747 2,029,380 $ 5,513,127 Unrestricted Folowing is the information of the Water Utility Fund for fiscal year 2020. 1. The amount in the Accrued Utility Revenue account was reversed. 2. BIlings to customers for water usage during fiscal year 2020 totaled $2,982,557; $193,866 of the total was billed to the General Fund. 3. Cash in the amount of $260,000 was recelved. The cash was for interest earned on investments and $82,000 in accrued interest. 4. Expenses accrued for the period were management and administration, $360,408; maintenance and distribution, $689,103; and treatment plant, $695,237. 5. Cash receipts for customer deposits totaled $2,427. 6. Cash collections on customer accounts totaled $2,943,401, of which $209,531 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,462,596; Interest (which Includes the interest payable), $395,917: bond principal, $400,000; machinery and equipment, $583,425; and return of customer deposits, $912. B. A state grant amounting to $475,000 was recelved to heip pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,013. 10. The utility fund transferred $800,000 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreclation on bulldings was $240,053 and on machinery and equipment was $360,079; the allowance for uncoilectible accounts was increased by $14,913; an accrual for unbiled customer receivables was made for $700,000; accrued interest income was $15,849; and accrued interest expense was $61,406. 12. The Revenue Bond Payable account was adjusted by $400,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. a-1 For fiscal year 2020, prepare general journal entries for the Water Utlity Fund. (If no entry is required for a transactionvevent, select "No Journal Entry Required" in the first account field.) View transaction lis Journal entry worksheet A BC D E FG H The amount in the Accrued Utility Revenue account was reversed. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record entry View general Journal Clear entry a-2. For fiscal year 2020, prepare closing entries for the Water Utility Fund. (If no entry is requlred for a transactionvevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A B <> Record the closure of all revenue and expenses account. Note: Enter debits before credits. Transaction General Journal Debit Credit 13(a)