• Use the provided information to complete the steps in the box below. City Water and Sewer Enterprise Fund are used to account for the city's Water and Sewer Department. This department serves city residents and also provides services to the city's own departments and agencies. City policy is that the charges for water and sewer services should be set at rates sufficient to recover the full cost of providing the services. Required Steps Prepare a worksheet for the Water and Sewer Enterprise Fund. Enter the effects of the following transactions and events in the appropriate columns of the worksheet. Enter the preclosing trial balance in the appropriate worksheet columns. Enter the pre-closing trial balance amounts in the closing entry (operating statement data) and post-closing trial balance (statement of net position data) columns, as appropriate. Prepare the 2017 statement of revenues, expenses, and changes in fund net position for the Water and Sewer Enterprise Fund. Prepare the year-end 2017 statement of net position for the Water and Sewer Enterprise Fund.

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Beginning 2017 Trial Balance The January 1, 2017, trial balance for the Water and Sewer Enterprise Fund of City is presented here: City Water and Sewer Enterprise Fund Trial Balance 1-Jan-17 Debit Credit Cash 180,000 Accounts Receivable 40,000 Allowance for Uncollectible Accounts 1,200 Inventory of Materials and Supplies 25,000 Customer Deposits - Cash 25,000 Land 22,000 Buildings 1,215,000 Accumulated Depreciation - Buildings 315,000 Furniture and Equipment 2,250,000 Accumulated Depreciation - Furniture and Equipment 1,250,000 Water and Sewer Lines 4,600,000 Accumulated Depreciation - Water and Sewer 3,350,000 Vouchers Payable 70,000 Accrued Interest Payable 600 Customer Deposits Payable 35,000 Bonds Payable 850,000 Long-term Claims and Judgement Payable 30,000 Net Position 2,455,200 Totals 8,357,000 8,357,000 Beginning 2017 Trial Balance The January 1, 2017, trial balance for the Water and Sewer Enterprise Fund of City is presented here: City Water and Sewer Enterprise Fund Trial Balance 1-Jan-17 Debit Credit Cash 180,000 Accounts Receivable 40,000 Allowance for Uncollectible Accounts 1,200 Inventory of Materials and Supplies 25,000 Customer Deposits - Cash 25,000 Land 22,000 Buildings 1,215,000 Accumulated Depreciation - Buildings 315,000 Furniture and Equipment 2,250,000 Accumulated Depreciation - Furniture and Equipment 1,250,000 Water and Sewer Lines 4,600,000 Accumulated Depreciation - Water and Sewer 3,350,000 Vouchers Payable 70,000 Accrued Interest Payable 600 Customer Deposits Payable 35,000 Bonds Payable 850,000 Long-term Claims and Judgement Payable 30,000 Net Position 2,455,200 Totals 8,357,000 8,357,000

Answer rating: 100% (QA)

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