CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2017
ID: 2544938 • Letter: C
Question
CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2017 Assets Current assets $ 1,775,704 306,984 500,100 29,317 82,017 Cash and investments Accounts receivable (net of $13,372 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assetS 2,694,122 Restricted assets Cash 9,197 Capital assets $ 1,781,721 5,216,683 8,492,103 Land Buildings (net of $3,421,492 in accumulated depreciation) Machinery and equipment (net of $5,132,168 in accumulated depreciation) Total capital assets (net) 15,490,507 Total Assets 18,193,826 Liabilities Current liabilities: Accounts payable Interest payable Current portion of long-term debt 532,271 131,828 404,000 1,068,099 9,197 11,716,000 12,793,296 Total current liabilities Liabilities payable from restricted assets Customer deposits Long-term liabilities Revenue bond payable Total Liabilities Net Position Net investment in capital assets Unrestricted 3,376,100 2,024,430 5,400,530Explanation / Answer
S. No. Journal Dr Cr 1 Sales of Water 500,100.00 To Accrued Utility Revenue 500,100.00 2 Acounts receivables 2,731,737.00 Due from General Fund 189,907.00 To sales of water 2,921,644.00 3 Cash 254,691.00 To Interest Income 174,365.00 To Interest Receivable 80,326.00 4 Management and Administrative Expense 353,049.00 Maintenance and Distribution Expense 675,032.00 Treatment Plant Expense 681,042.00 To Accounts Payable 1,709,123.00 5 Cash-Restricted 2,379.00 To customer Deposits 2,379.00 6 Cash 2,885,189.00 To Due from General Fund 205,387.00 To Accounts Receivables 2,679,802.00 7 Acounts Payable 1,433,668.00 Interest Payable 131,828.00 Interest Expense 256,257.00 Current portion of Long Term Debt 404,000.00 Machinery anf Equipment 589,261.00 Customer Deposits 920.00 To Cash 2,815,014.00 To cash-Restricted 920.00 8 Cash 479,168.00 To Contribution-Capital Grant 479,168.00 9 Accumulated Provision for Uncollectible Accounts 10,101.00 To Accounts Receivables 10,101.00 10 Interfund Trasfer Out 807,032.00 To Cash 807,032.00 11 Depreciation Expense 605,412.00 Uncollectible Accounts 15,045.00 Accrued Utility Revenue 706,196.00 Interest Receivable 15,989.00 Accured Interest Expense 61,950.00 To Accumulated Depreciation-Buildings 242,165.00 To Accumulated Depreciation-Machinery and Equipment 363,247.00 To Accumulated Provision for Uncollectible Accounts 15,045.00 To sales of water 706,196.00 To Interest Income 15,989.00 To Interest Payable 61,950.00 12 Revenue Bond Payable 404,000.00 To Current portion of Long Term Debt 404,000.00 13(a) sales of water 3,317,647.00 Interest Income 190,354.00 Contribution-Capital Grant 479,168.00 To Management and Administrative Expense 353,049.00 To Maintenance and Distribution Expense 675,032.00 To Treatment Plant Expense 681,042.00 To Interest Expense 388,085.00 To Interfund Trasfer Out 807,032.00 To Depreciation Expense 605,412.00 To Uncollectible Accounts 15,045.00 To Net Position - Unrestricted 462,472.00 13(b) Net Position - Unrestricted 387,849.00 To Net Position - Net investment in Capital Assets 387,849.00 (Net investment in capital assets was increased by the purchase of $589,261 of machinery and equipment and a $404,000 decrease in the revenue bonds. The account was decreased by $605,412 in depreciation) Statement of Fund Net position Operating Income: Sales of Water 3,317,647.00 Operating Expenses: Management and Administration 353,049.00 Maintenance and Distribution 675,032.00 Treatment Plant 681,042.00 Depreciation 605,412.00 Total Operating Expenses: 2,314,535.00 Operating Income 1,003,112.00 Non-operating Revenue/Expenses: Interest Expense - 450,035.00 Interest Income 190,354.00 - 259,681.00 Income Before Transfers and Contributions 743,431.00 Interfund Transfers Out - 807,032.00 Capital Contributions 479,168.00 Change in Net Position 415,567.00 Net Position July 1, 2016 5,400,530.00 Net Position June 30, 2017 5,816,097.00