Needing help with the Statement of Net Position and Statement of Cash flows.

6-C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2020: Credits Debits $ 32,000 27,000 27,500 18,000 80,000 $ 28,000 Cash Due from Other Funds Materials and Supplies Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Advance from Water Utility Fund Net Position Totals 46,000 25,000 19,888 30,000 128,500 $230,500 $230, 500 Required: a Record the following transactions in the general Journal of the City of Monroe Stores and Service Fund (1) A budget was prepared for FY 2020. It was estimated that the price charged other departments for supplies should be 1.25% cost to achieve the desired breakeven for the year (2 The amount due from other funds as of January 1, 2020, was collected in full During the year Supplies were ordered and received in the amount of $12,000. This amount was posted to accounts payabile (4) $15.000 of the advance from the Water Utility Fund, originally provided for construction was repaid. No interest is charged (5) During the year, supplies costing $250,560 were issued to the Generat Fund, and supplies costing 546400 were wed to the Water Utility Fund. These funds were charged based on the previously determined markup $ 313.200 to General Fund ind 58,000 to the Water Utility Fund) (6) Operating expenses, exclusive of depreciation were recorded in accounts payable as follows. Purchasing $16,200. Warehousing, $16.900: Delivery $17.500and Administrative, $8.000 in Cash was received from the General Fund in the amount of $310,000 and from the Water Utility Fund in the amount of $50,000 (8) Accounts payable were paid in the amount of $367500 (9) Depreciation in the amount of $8.400 was recorded for buildings and $6.200 for equipment a fost the entries to the Stones and Service Fund ledger accounts) Prepare and post an entry closing all nominal accounts to Net position Compute the balance in the Net Position accounts, assuming there are no Restricted Net Position The City of Monroe maintains a Water and Sewer Fund to provide till sevices to its citizens As of January 2020, the City of Monroe Water and Sewer Fund had the following account balances Cash Customer Accounts Receivable Estimated Uncollectible Account Icelvable Materials and Supplies Advance to Stores and Services Fund Restricted Assets Water Treatant Plant In Service Construction work in Progress Accumulated Depreciation Water Treatment plant Accounts Payable Revenue Bonds Payable Hot Position Totals Debitis Credits $ 102,000 110,000 $ 4,500 20.000 30,000 112,000 4,200,000 203,00 1,200,000 96,500 2,500,000 959,000 $4,750,000 $4,750,000 Required: a. Record the following transactions in the general journal of the City of Montoe Water and Sewer Utility Fund. (1) During the year sales of water to non-government customers amounted to $1025,000 and sales of water to the General Fund amounted to $37,000 (2) Collections from non-government customers amounted to $983.000 (3) The Stores and Services Fund repaid $15.000 of the long term advance to the Water and Sewer Fund (4) Materials and supplies in the amount of $261.000 were received allability in that amount was recorded (5) Materials and supplies were issued and were changed to the following accounts: cost of sales and services. $180,000: selling $15,000; administration, $18.000; construction work in progress. $50.000, (6) Payroll costs for the year totaled S416,200 plus $34.200 for the employer's share of payroll taxes Of that amount. $351900 was paid in cash, and the remainder was withheld for taxes. The $450,400 (416.200 34,200) was distributed as follows: cost of sales and services. $265,800: sales. $43.900, administration. $91,400, construction work in progress, $49.300 Bond interest (61336) in the amount of $162,500 was paid, (8) In accord with the revenue bond indenture. $25,000 cash was transferred ftom operating cash to restricted assets 19) Construction projects at the water treatment plant (reflected in the beginning balance of construction in process) were completed In the amount of $214.000, and the assets were placed in service Payments for these amounts were made in the previous year (no effect on 2020 Statement of Cash Flows). (10) Collection efforts were discontinued on bis totaling $3,500. The unpaid receivables were written oft (11) An analysis of customer receivable balances indicated the Estimated Unicollectible Accounts needed to be increased by $6.500 (12) Payment of accounts payable amounted to $332000. Payments of payroll taxes totaled $95.200, (13) Supplies transferred from the Storos and Services Fund amounted to $58.000. Cash in the amount of $50,000 was paid to the Stores and Services Fund for supplies (14) Depreciation expense for the year was computed to be $267.000, b. Post the entries to the Water and Sewer Fund ledger (t-accounts) c. Prepare and post an entry closing all nominal accounts to Net Position Compute the balance in the Net Poution accounts, assuming the only restricted assets are those identified with the bond Indenture and the outstanding bonds are associated with the purchase of capital assets CITY OF MONROE PROPRIETARY FUNDS Statement of Net Position December 31, 2020 Business Type Activities Enterprise Funds Governmental Activities Internal Service Funds Stores and Service Fund Water and Sewer Assets Current Assets 83.400 0 Cash Customer Accounts Receivable (Net) Due from General Funds Materials and Supplies Total Current Assets 37,000 84,000 204,400 36,500 0 11,200 42,540 90.240 15,000 O 0 Noncurrent Assets Advance to Stores and Services Fund Restricted Assets (Cash) Capital Assets, Net of Accumulated Depreciation Total Noncurrent Assets Total Assets 0 X 142,000 0 x 157,000 361,400 0 90 240 Liabilities 25,500 Liabilities Current Liabilities Accounts Payable Payroll Taxes Payable Due to Stores and Services Fund Total Current Liabilities 22,100 0 3,300 8,000 38 800 0 22.100 0 Noncurrent Liabilities Revenue Bonds Payable Advance from Water Utility Fund Total Noncurrent Liabilities 15,000 2,500,000 0 2,500,000 2,536,800 15,000 37.100 Total Liabilities Net Position 0 0 0 Net Investment in Capital Assets Restricted Unrestricted Total Net Position 142,000 0 % 142.000 0 X 0 s CITY OF MONROE PROPRIETARY FUNDS Statement of Cash Flows For the Year Ended December 31, 2020 Governmental Activities Business Type Activities Enterprise Funds Water and Sewer Internal Service Funds Stores and Service Fund Cash Flows from Operating Activities: 0 0 Cash Flows from Capital Related Financing Activities: 0 0 Cash Flows from Investing Activities: Cash Flows from Investing Activities: 0 0 Cash and Restricted Cash December 31 S 0 S 0 Reconciliation of Operating Income to Net Cash Provided by (Used in) Operating Activities Adjustments to Roconclo Operating Income to Net Cash Provided by Operating Activities 0 $ 0