In: Accounting
Required information
Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund.
CITY OF BAY LAKE | |||||||||
Water Utility Fund | |||||||||
Statement of Fund Net Position | |||||||||
June 30, 2019 | |||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and investments | $ | 1,776,504 | |||||||
Accounts receivable (net of $13,377 provision for uncollectible accounts) | 307,099 | ||||||||
Accrued utility revenue | 500,100 | ||||||||
Due from General Fund | 29,317 | ||||||||
Interest receivable | 82,017 | ||||||||
Total current assets | 2,695,037 | ||||||||
Restricted assets: | |||||||||
Cash | 9,201 | ||||||||
Capital assets: | |||||||||
Land | $ | 1,782,497 | |||||||
Buildings (net of $3,422,984 in accumulated depreciation) | 5,218,959 | ||||||||
Machinery and equipment (net of $5,134,408 in accumulated depreciation) | 8,495,811 | ||||||||
Total capital assets (net) | 15,497,267 | ||||||||
Total Assets | 18,201,505 | ||||||||
Liabilities | |||||||||
Current liabilities: | |||||||||
Accounts payable | 532,496 | ||||||||
Interest payable | 131,884 | ||||||||
Current portion of long-term debt | 409,000 | ||||||||
Total current liabilities | 1,073,380 | ||||||||
Liabilities payable from restricted assets: | |||||||||
Customer deposits | 9,201 | ||||||||
Long-term liabilities: | |||||||||
Revenue bond payable | 11,861,000 | ||||||||
Total Liabilities | 12,943,581 | ||||||||
Net Position | |||||||||
Net investment in capital assets | 3,209,712 | ||||||||
Unrestricted | 2,048,212 | ||||||||
$ | 5,257,924 | ||||||||
Following is the information of the Water Utility Fund for fiscal year 2020.
Required
a-1. For fiscal year 2020, prepare general journal entries for the Water Utility Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
a-2. For fiscal year 2020, prepare closing entries for the Water Utility Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)