The following water and sewer fund information is available for the preparation of the financial statements for
Question:
The following water and sewer fund information is available for the preparation of the financial statements for the City of Western Sands for the year ended December 31, 2012:
Operating revenues—charges for services .. $18,387,000
Operating expenses:
Personal services ............. 6,977,000
Contractual services .............. 2,195,000
Utilities ................... 888,000
Repairs and maintenance .......... 1,992,000
Depreciation ............... 5,922,000
Interest revenue ............... 129,000
Interest expense ............... 834,000
Capital contributions ............ 1,632,000
Transfer to general fund ........... 965,000
Net assets, January 1, 2012 ......... 10,219,000
From the information given above, prepare, in good form, a Water and Sewer Fund column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Assets for the year ended December 31, 2012.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley