The Town of Weston has a Water Utility Fund with the followingtrial balance as of July 1, 2016, the

The Town of Weston has a Water Utility Fund with the followingtrial balance as of July 1, 2016, the

The Town of Weston has a Water Utility Fund with the followingtrial balance as of July 1, 2016, the first day of the fiscalyear: During the year ended June 30, 2017, the following transactions andevents occurred in the Town of Weston Water Utility Fund: Accrued expenses at July 1 were paid in cash. Billings to nongovernmental customers for water usage for theyear amounted to $1,380,000; billings to the General Fund amountedto $107,000. Liabilities for the following were recorded during the year: Materials and supplies were used in the amount of $275,000, allfor costs of sales and services. $14,000 of old accounts receivable were written off. Accounts receivable collections totaled $1,462,000 fromnongovernmental customers and $48,400 from the General Fund. $1,035,000 of accounts payable were paid in cash. One year’s interest in the amount of $175,000 was paid. Construction was completed on plant assets costing $250,000;that amount was transferred to Utility Plant in Service. Depreciation was recorded in the amount of $260,000. Interest in the amount of $25,000 was reclassified toConstruction Work in Progress. (This was previously paid in item8.) The Allowance for Uncollectible Accounts was increased by$9,900. As required by the loan agreement, cash in the amount of$100,000 was transferred to Restricted Assets for eventualredemption of the bonds. Accrued expenses, all related to costs of sales and services,amounted to $89,000. Nominal accounts for the year were closed. Required:
a. Record the transactions for the year in generaljournal form.
b. Prepare a Statement of Revenues, Expenses, andChanges in Fund Net Position.
c. Prepare a Statement of Net Position as of June30, 2017.
d. Prepare a Statement of Cash Flows for the yearended June 30, 2017. Assume all debt and interest are related tocapital outlay. Assume the entire construction work in progressliability (see item 3) was paid in entry 7. Include restrictedassets as cash and cash equivalents. . . .

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