The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal year: Debits Credits Cash $220,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts $27,000 Materials and supplies 120,000 Restricted assets (cash) 280,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 78,000 Revenue bonds payable 3,600,000 Net position Totals 1,575,000 $8,000,000 $8,000,000 During 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 General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses $182,000 345,000 202,000
The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal year: Debits Credits Cash $220,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts $27,000 Materials and supplies 120,000 Restricted assets (cash) 280,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 78,000 Revenue bonds payable 3,600,000 Net position Totals 1,575,000 $8,000,000 $8,000,000 During 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 General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses $182,000 345,000 202,000
Chapter1: Financial Statements And Business Decisions
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Problem 1Q
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