Question: Please answer asap, bold the answers or do the same format. The Town of Weston has a Water Utility Fund with the following trial balance
Please answer asap, bold the answers or do the same format. The Town of Weston has a Water Utility Fund with the following trial balance of July the first day of the fiscal year:
Puring the year ended June the following transactions and events occurred in the Town of Weston Water Utility Fund:
Accrued expenses at July were paid in cash.
Billings to nongovernmental customers for water usage for the year amounted to $; billings to the General Fund amounted
to $
Lisbilities for the following were recorded during the yesr:
Materials and supplies were used in the amount of $ all for costs of sales and services.
After collection efforts were unsuccessful, $ of old accounts receivable were written off.
Accounts receivable collections totaled $ from nongovernmentsl customers and $ from the General Fund.
$ of accounts psysble were paid in cssh
One year's interest in the amount of $ was paid.
Construction was completed on plant assets costing $; that amount was transferred to Utility Plant in Service.
Depreciation was recorded in the amount of $
The Allowance for Uncollectible Accounts wss incressed by $
As required by the losn agreement, cash in the amount of $ was transferred to Restricted Assets for eventual redemption of
the bonds.
Accrued expenses, all related to costs of sales and services, amounted to $
Nominal accounts for the year were closed.
Required:
a Record the transsctions for the year in general joumsl form.
b Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.
c Prepare a Statement of Net Position as of June
d Prepare a Statement of Cash Flows for the year ended June Assume all debt and interest are related to capital outlay.
Assume the entire construction work in progress liability see item was paid in entry Include restricted assets as cash and cash
Equivalents. In the reconciliation, assume the Accounts Receivable is netted against the Allowance account. Required A
Required
Required C
Required D
Prepare a Statement of Net Position as of June Deductions should be entered as a negative amount.
tableTOWN OF WESTONWATER UTILITY FUNDStatement of Nat PobltionJune AsetsCurrent Assets:Cashtheta $xCustamer Fees Receivable,xLess: Allowance for Uncolectible accounts,xDue Fram Other Funds,xSupplies Inventary,grad,Total Current Assets,,Nancurrent Assets:Restricted Assets,theta Utlity Plant in Service,Less: Acoumulated Depreciation,OCanstruction Work in Progress,xTotal Assets,,$Llabillitles and Fund EquityLlabillitlesCurrent Liabilities:Accounts Payable,times Accrued Expenses Payable,OxTotal Current Liabilities,,Nancurrent Liabilities:Revenue Bonds Payable,times Total Liablities,,Net PositionNet Investrnent in Capital Assets,RestrictedxUnrestrictedtimes Total Net Pusition,,$Total Liabilites and Net Position,,$ Prepare a Statement of Cash Flows for the year ended June Assume all debt and interest are related to capital
outlay. Assume the entire construction work in progress liability see item was paid in entry Include restricted assets as
cash and cash equivalents. Deductions should be entered as a negative amount.
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