The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscalyear:DebitsCreditsCash$220,000Customer accounts receivable200,000Allowance for uncollectible accounts$27,000Materials and supplies120,000Restricted assets (cash)280,000Utility plant in service7,000,000Accumulated depreciation-utility plant2,600,000Construction work in progress180,000Accounts payable120,000Accrued expenses payable78,000Revenue bonds payable3,600,000Net positionTotals1,575,000$8,000,000$8,000,000During the year ended June 30, 2024, 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 $1,372,000; billings to the GeneralFund amounted to $96,000.3. Liabilities for the following were recorded during the year:Materials and suppliesCosts of sales and servicesAdministrative expenses$182,000345,000202,000

To analyze the impact of the transactions and events on the Town of Weston's Water Utility Fund…

Answered: The Town of Weston has a Water Utility…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 fiscal year. Debits: Cash $250,000; Customer Accounts Receivable $200,000;Material and Supplies $120,000; Restricted Assets $250,000; Utility Plant in Service $7,000,000; Construction Work in Progress $180,000; Total $8,000,000 Credit: Allowance for Uncollectible Accounts $30,000; Accumulated depreciation - Utility Plant $2,600,000; Account Payable $120,000; Accrued Expenses Payable $75,000; Revenue Bonds Payable $3,600,000; Net Position $1,575,000; Total $8,000,000 During the year eded June 30, 2020, the following transactions and events occured in the Town of Weston Water Utility Fund. 1. Accured expenses at July 1, were paid in cash. 2. Billings to nongovernmental customers for water usage fir the year amounted to $1,380,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year materials and supplies…
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. Debits: Cash $250,000; Customer Accounts Receivable $200,000;Material and Supplies $120,000; Restricted Assets $250,000; Utility Plant in Service $7,000,000; Construction Work in Progress $180,000; Total $8,000,000 Credit: Allowance for Uncollectible Accounts $30,000; Accumulated depreciation - Utility Plant $2,600,000; Account Payable $120,000; Accrued Expenses Payable $75,000; Revenue Bonds Payable $3,600,000; Net Position $1,575,000; Total $8,000,000 During the year eded June 30, 2020, the following transactions and events occured in the Town of Weston Water Utility Fund. 1. Accured expenses at July 1, were paid in cash. 2. Billings to nongovernmental customers for water usage fir the year amounted to $1,380,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year materials and supplies…
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…
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: During the year ended June 30, 2020, the following transactions and events 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 the year amounted to $1,423,000; billings to the General Fund amounted to $118,000. Liabilities for the following were recorded during the year: Materials and supplies $ 202,000 Costs of sales and services 376,000 Administrative expenses 211,000 Construction work in progress 230,000 Materials and supplies were used in the amount of $294,000, all for costs of sales and services. After collection efforts were unsuccessful, $14,900 of old accounts receivable were written off. Accounts receivable collections totaled $1,518,000 from nongovernmental customers and $51,100 from the General Fund. $1,092,600 of accounts payable were paid…
2 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the closing entries for December 31. Prepare the Statement of Revenues, Expenses, and Changes in Fund…
Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…
3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…
4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…
Jefferson County operates a centeralized motor pool to service county vehicles. At the endof 2019, the motor pool Internal Service Fund had the following account balances: Debits: Due from General Fund $7,000; Cash $17,500; Capital assests $35,000; Supplies $4,000 Total $63,500. Credits: Accounts Payable $5,500; Accured Waged Payable $300; Accumulated Depreciation $6,500; Advance from Enterprise Fund $25,000; Net Position $26,200; Total $63,500. The following Journal Entries took place in 2020: Jefferson County Internal Service Fund Journal Entries December 31, 2020 Account Title Debits Credits 1 Inventory of Supplies 37,500 Accounts Payable 37,500 2 Due from Other Funds 96,000 Operating Revenue - Charges for Services 96,000 3 Operating Expenses - Cost of Services 36,700 Inventory of Supplies 36,700 4 Accounts Payable 38,800 Cash…
Jefferson County operates a centeralized motor pool to service county vehicles. At the endof 2019, the motor pool Internal Service Fund had the following account balances: Debits: Due from General Fund $7,000; Cash $17,500; Capital assests $35,000; Supplies $4,000 Total $63,500. Credits: Accounts Payable $5,500; Accured Waged Payable $300; Accumulated Depreciation $6,500; Advance from Enterprise Fund $25,000; Net Position $26,200; Total $63,500. The following events took place in 2020: 1. Additional supplies were purchased on account in the amount of $37,500. 2. Services provided to other departments on account totaled $96,000. A total of $66,000 was for departments in the General Fund and $30,000 for Enterprise Fund Department. 3. Supplies used amounted to $36,700 4. Payments made on accounts payable amounted to $38,800. 5. Cash collected from the General Fund totaled 462,000, and cash collected from the Enterprise Fundtotaled $30,000. 6. Salaries Paid in the amount of…
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.

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