From the information given above, prepare a Water and Sewer Fund column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020. (Deductions should be entered with a minus sign.) **City of Western Sands: Water and Sewer Fund****Statement of Revenues, Expenses, and Changes in Fund Net Position***For the Year Ended December 31, 2020*---**Operating Revenues:**- [Description A] __________- [Description B] __________- [Description C] __________**Operating Expenses:**- [Description A] __________- [Description B] __________- [Description C] __________- [Description D] __________**Total Operating Expenses:** __________**Operating Income:** __________**Nonoperating Revenues (Expenses):**- [Description A] __________- [Description B] __________- [Description C] __________**Total Nonoperating Revenues and Expenses:** __________**Income (Loss) Before Contributions and Transfers:**- [Description A] __________- [Description B] __________**Change in Net Position**- __________**Net Position, Beginning of Year**- __________**Net Position, End of Year**- __________---This structured financial statement outlines the revenues, expenses, and changes in net position for the Water and Sewer Fund of the City of Western Sands. The statement categorizes and totals operating revenues and expenses, providing a clear view of operating income. It also includes nonoperating revenues and expenses, culminating in an analysis of income or loss before contributions and transfers. The document concludes with a summary of the net position's change from the beginning to the end of the year. The following water and sewer fund information is available for the preparation of the financial statements for the City of Western Sands for the year ended December 31, 2020:- **Operating revenues—charges for services:** $18,236,000**Operating expenses:**- Personnel services: $6,323,000- Contractual services: $3,032,000- Utilities: $923,000- Repairs and maintenance: $2,027,000- Depreciation: $5,458,000- **Interest revenue:** $66,000- **State aid (intergovernmental revenue):** $136,000- **Interest expense:** $123,000- **Capital contributions:** $1,668,000- **Transfer to General Fund:** $387,000- **Net position, January 1, 2020:** $2,736,000This information outlines the financial activities and balances related to the water and sewer fund, detailing both revenue and expenses involved, along with additional financial transactions for the specified period.

Operating expenses are costs associated with the company's provision of goods or services. The cost,…

The following water and sewer fund information is available for the preparation of the financial statements for the City of Western Sands for the year ended December 31, 2020: Operating revenues-charges for services Operating expenses: Personnel services $18,236,000 6,323,000 3,032,000 923,000 2,027,000 5,458,000 66,000 136,000 123,000 1,668,000 387,000 2,736,000 Contractual services Utilities Repairs and maintenance Depreciation Interest revenue State aid (intergovernmental revenue) Interest expense Capital contributions Transfer to General Fund Net position, January 1, 2020

The following water and sewer fund information is available for the preparation of the financial statements for the City of Western Sands for the year ended December 31, 2020: Operating revenues-charges for services Operating expenses: Personnel services $18,236,000 6,323,000 3,032,000 923,000 2,027,000 5,458,000 66,000 136,000 123,000 1,668,000 387,000 2,736,000 Contractual services Utilities Repairs and maintenance Depreciation Interest revenue State aid (intergovernmental revenue) Interest expense Capital contributions Transfer to General Fund Net position, January 1, 2020

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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