The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2019. The first day of the fi

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The Town Of Weston Has A Water Utility Fund With The Following Trial Balance As Of July 1 2019 The First Day Of The Fi 1 (56.91 KiB) Viewed 38 times

The Town Of Weston Has A Water Utility Fund With The Following Trial Balance As Of July 1 2019 The First Day Of The Fi 2 (49.26 KiB) Viewed 38 times

The Town Of Weston Has A Water Utility Fund With The Following Trial Balance As Of July 1 2019 The First Day Of The Fi 3 (18.01 KiB) Viewed 38 times

The 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 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 CER $ 353,000 213,800 32,300 135,200 271,000 7,039,000 2,639,000 123,000 147,600 98,500 3,539,000 1,678,600 $8,135,000 $8,135,000 During the year end 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 Bilings to nongovermental customers for water usage for the year amounted to $1,495,000, billings to the General Fund amounted to $129,000 3. Liabilities for the following were recorded during the year
Materials and supplies $224,000 Costs of sales and services 398,000 Administrative expenses 222,000 Construction work in progress 241,000 4. Materials and supplies were used in the amount of S315,000, all for costs of sales and services 5. After collection efforts were unsuccessful, $16,000 of old accounts receivable were written off 6. Accounts receivable collections totaled 51,574,000 from nongovermental customers and $54.000 from General Fund 7. $1,163,000 of accounts payable were paid in cash. 8. One years interest in the amount of $197,000 was paid. 9. Construction was completed on plant assets costing S271,000, that amount was transferred to Utility Plant in Service, 10. Depreciation was recorded in the amount of $281,100 11. The Allowance for Uncollectible Accounts was increased by $10,000 12. As required by the loan agreement, cash in the amount of $123,000 was transferred to Restricted Assets for eventual redemption of the bonds 13. Accrued expenses, all related to costs of sales and services, amounted to $127.000 14. Nominal accounts for the year were closed
Required c) Prepare a Statement of Net Postion 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 pakt in entry 7 Include restricted assets as cash and cash equivalents.