80.2K

Verified Solution

Link Copied!

answer all a, b, c, and d

1 Aconued erperess at duly t twwo paid in canh ambunted ts $12t600 x \$tobodoo of accourc pryabe were paid in timh. 8. One yearis interest in the anocure of 5794.600 wat pald 10. Deoreciation was recorded in the anourt of 3.230 .50 the toroth. S. Weovidw accound for the jear wewe cloged. Repulred: c. Prepene a fumpent of Hipt Poution as of dine 30 . 2050 Cemplete this quevtion by antering pear anwers in the tabe belem. During the year ended June 30,2020 , the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,475,000; billings to the General Fund amounted to $127,000. 3. Liabilities for the following were recorded during the year: 4. Materials and supplies were used in the amount of $306,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15,800 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,572,000 from nongovernmental customers and $53,800 from the General Fund, 7. $1,150,200 of accounts payable were paid in cash. 8. One year's interest in the amount of $194,800 was paid. 9. Construction was completed on plant assets costing $269,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $279,100. 11. The Allowance for Uncollectible Accounts was increased by $12,000. 12. As required by the loan agreement, cash in the amount of $121,000 was transferred to Restricted Assets for eventual redemption the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $123,000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30,2020. d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress llability (see item 3) was paid in entry 7 . include restricted assets as cash and cash equivalents. In the reconciliation, assume the Accounts Receivable is netted against the Allowance account During the year ended June 30,2020 , the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,475,000; billings to the General Fund amounted to $127,000. 3. Liabilities for the following were recorded during the year: 4. Materials and supplies were used in the amount of $306,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15,800 of old accounts receivable were written off. 6. Accounts recelvable collections totaled $1,572,000 from nongovernmental customers and $53,800 from the General Fund. 7. $1,150,200 of accounts payable were paid in cash. 8. One year's interest in the amount of $194,800 was paid. 9. Construction was completed on plant assets costing $269,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $279,100. 11. The Allowance for Uncollectible Accounts was increased by $12,000. 12. As required by the loan agreement, cash in the amount of $121,000 was transferred to Restricted Assets for eventual redemption the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $123,000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2020. d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress llability (see item 3) was paid in entry 7 . include restricted assets as cash and cash equivalents. In the reconciliation, assume the Accounts Receivable is netted against the Allowance account During the year ended June 30,2020, the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,475,000; billings to the General Fund amounted to $127,000. 3. Llabilities for the following were recorded during the year: 4. Materials and supplies were used in the amount of $306,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15,800 of old accounts receivable were written off. 6. Accounts recelvable collections totaled $1,572,000 from nongovernmental customers and $53,800 from the General Fund. 7. $1,150,200 of accounts payable were paid in cash. 8. One year's interest in the amount of $194,800 was paid. 9. Construction was completed on plant assets costing $269,000; that amount was transferred to Uility Plant in Service. 10. Depreciation was recorded in the amount of $279,100. 11. The Allowance for Uncollectible Accounts was increased by $12,000. 12. As required by the loan agreement, cash in the amount of $121,000 was transferred to Restricted Assets for eventual redemption o the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $123,000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30,2020 d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7 . Include restricted assets as cash and cash equivalents. In the reconciliation, assume the Accounts Recelvable is netted against the Allowance account 1 Aconued erperess at duly t twwo paid in canh ambunted ts $12t600 x \$tobodoo of accourc pryabe were paid in timh. 8. One yearis interest in the anocure of 5794.600 wat pald 10. Deoreciation was recorded in the anourt of 3.230 .50 the toroth. S. Weovidw accound for the jear wewe cloged. Repulred: c. Prepene a fumpent of Hipt Poution as of dine 30 . 2050 Cemplete this quevtion by antering pear anwers in the tabe belem. During the year ended June 30,2020 , the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,475,000; billings to the General Fund amounted to $127,000. 3. Liabilities for the following were recorded during the year: 4. Materials and supplies were used in the amount of $306,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15,800 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,572,000 from nongovernmental customers and $53,800 from the General Fund, 7. $1,150,200 of accounts payable were paid in cash. 8. One year's interest in the amount of $194,800 was paid. 9. Construction was completed on plant assets costing $269,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $279,100. 11. The Allowance for Uncollectible Accounts was increased by $12,000. 12. As required by the loan agreement, cash in the amount of $121,000 was transferred to Restricted Assets for eventual redemption the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $123,000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30,2020. d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress llability (see item 3) was paid in entry 7 . include restricted assets as cash and cash equivalents. In the reconciliation, assume the Accounts Receivable is netted against the Allowance account During the year ended June 30,2020 , the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,475,000; billings to the General Fund amounted to $127,000. 3. Liabilities for the following were recorded during the year: 4. Materials and supplies were used in the amount of $306,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15,800 of old accounts receivable were written off. 6. Accounts recelvable collections totaled $1,572,000 from nongovernmental customers and $53,800 from the General Fund. 7. $1,150,200 of accounts payable were paid in cash. 8. One year's interest in the amount of $194,800 was paid. 9. Construction was completed on plant assets costing $269,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $279,100. 11. The Allowance for Uncollectible Accounts was increased by $12,000. 12. As required by the loan agreement, cash in the amount of $121,000 was transferred to Restricted Assets for eventual redemption the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $123,000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2020. d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress llability (see item 3) was paid in entry 7 . include restricted assets as cash and cash equivalents. In the reconciliation, assume the Accounts Receivable is netted against the Allowance account During the year ended June 30,2020, the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,475,000; billings to the General Fund amounted to $127,000. 3. Llabilities for the following were recorded during the year: 4. Materials and supplies were used in the amount of $306,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15,800 of old accounts receivable were written off. 6. Accounts recelvable collections totaled $1,572,000 from nongovernmental customers and $53,800 from the General Fund. 7. $1,150,200 of accounts payable were paid in cash. 8. One year's interest in the amount of $194,800 was paid. 9. Construction was completed on plant assets costing $269,000; that amount was transferred to Uility Plant in Service. 10. Depreciation was recorded in the amount of $279,100. 11. The Allowance for Uncollectible Accounts was increased by $12,000. 12. As required by the loan agreement, cash in the amount of $121,000 was transferred to Restricted Assets for eventual redemption o the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $123,000. 14. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30,2020 d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7 . Include restricted assets as cash and cash equivalents. In the reconciliation, assume the Accounts Recelvable is netted against the Allowance account

Answer & Explanation Solved by verified expert

See Answer