60.1K

Verified Solution

Link Copied!

please complete part D, decrease in acc rec and decrease in supllies inv

he Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year: 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 $1,380,000, bilings to the General Fund amounted to $96,000 3. Llablities for the following were recorded during the year: 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 $1,380,000; billings to the General Fund amounted to $96.000. 3. Llabilities for the following were recorded during the year. 4. Materials and supplies were used in the amount of \$275.000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $9,000 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,459,000 from nongovernmental customers and $48,400 from the General Fund 7. $1,035.000 of accounts payable were paid in cash. 8. One year's interest in the amount of $175,000 was paid. 9. Construction was completed on plant assets costing $250,000, that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $260,000, 11. The Allowance for Uncollectible Accounts was increased by $9,900. 12 As required by the loan agreement, cash in the amount of $100,000 was transferred to Restricted Assets for eventual redemption the bonds: 13 Accrued exnenses all related to chsts of cales and services amnunted to $83000 Prepare a Statement of Cash Flows for the year ended June 30,2020 . Assume all debt and interest are related to capita outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7. Include restricted asse cash and cash equivalents. (Deductions should be entered as a neaative amount.)

Answer & Explanation Solved by verified expert

See Answer