60.1K

Verified Solution

Link Copied!

I Do not know what to put for Adjustments.

The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2016, the first day of the fiscal year Cash Customer accounts receivable Allowance for uncollectible accounts Materials and supplies Restricted assets (cash) Utility plant in service Accumulated depreciation- utility plant Construction work in progress Accounts payable Accrued expenses payable Revenue bonds payable Net position Totals Debits Credits $ 338,000 284,800 $ 39,800 123,200 256, 7,009,000 2,609,000 188,000 129,600 81,100 3,509,000 1,679,500 $8,039,000 $8, e39,000 During the year ended June 30, 2017, 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 $1,387,000 billings to the General Fund amounted to $114,000. 3. Liabilities for the following were recorded during the year. Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $194,000 368,000 207,000 226,000 4. Materials and supplies were used in the amount of $284,000, all for costs of sales and services. 5. $14,500 of old accounts receivable were written oft 6. Accounts receivable collections totaled $1.514,000 from nongovernmental customers and $49,900 from the General Fund 7. $1,067,000 of accounts payable were paid in cash 8 One year's interest in the amount of $180.500 was paid. 9. Construction was completed on plant assets costing $256,000, that amount was transferred to Utility Plant in Service 0. Depreciation was recorded in the amount of $266,100. 12. Interest in the amount of $25,600 was reclassified to Construction Work in Progress. (This was previously paid in Item 8.) 2. The Allowance for Uncollectible Accounts was increased by $10.000 3. As required by the loan agreement, cash in the amount of $108,000 was transferred to Restricted Assets for eventual redemption of the bonds M. Accrued expenses, all related to costs of sales and services, amounted to $97,000. 5. Nominal accounts for the year were closed Required: a. Record the transactions for the year in general loumal 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, 2017 d. Prepare a statement of Cash Flows for the year ended June 30, 2017. 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. Complete this question by entering your answers in the tabs below. Required Required Required Required Prepare a Statement of Cash Flows for the year ended June 30, 2017. 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. (Deductions should be entered as a negative amount.) TOWN OF WESTON WATER UTILITY FUND Statement of Cash Flows For the Year Ended June 30, 2017 Cash Flows From Operating Activities: Cash Received From Customers 1.563 900 Cash Paid to Suppliers and Employees (922,100) 641,800 Cash Flows From Capital and Related Financing Activities: Interest Paid on Long-Term Debt Construction of Fixed Assets (180.5000 (226,000) Net Increase in Cash and Cash Equivalents Sash and Cash Equivalents, July 1, 2016 Cash and Cash Equivalents, June 30, 2017 (406,500) 235,300 594,000 $ 829,300 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Adjustments: Total Adjustments

Answer & Explanation Solved by verified expert

See Answer