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, 2024: Operating revenues-charges for services. Operating expenses: Personnel services. Contractual services. Utilities Repairs and maintenance Depreciation Interest revenue State aid (intergovernmental revenue) Interest expense Capital contributions Transfer to General Fund (noncapital) Net position, January 1, 2024 $18,116,000 6,203,000 3,008,000 899,000 2,003,000 5,434,000 42,000 112,000 441,000 1,644,000 375,000 2,712,000 Required: 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, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis.

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, 2024: Operating revenues-charges for services. Operating expenses: Personnel services. Contractual services. Utilities Repairs and maintenance Depreciation Interest revenue State aid (intergovernmental revenue) Interest expense Capital contributions Transfer to General Fund (noncapital) Net position, January 1, 2024 $18,116,000 6,203,000 3,008,000 899,000 2,003,000 5,434,000 42,000 112,000 441,000 1,644,000 375,000 2,712,000 Required: 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, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Concord Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and…

A: The company issues either common shares or preferred shares. When the company issues these shares…

Q: Can I have the answer for part iv) and v) please.

A: i) Work in process inventory - Process 2 T-account: Account Debit Credit Direct…

Q: Q1:Examples of the following: Gharrar in Wordings Gharrar in Subject Matter Gharrar in…

A: Examples of gharar in wordings (1) In finanace gharar is discovered among derivatives transactions…

Q: QUESTION 4 Consider the Black-Scholes-Merton formula: c = SoN(d₁) - Ke-TN(d₂) p= Ke-TN(-d₂) -…

A: Black Scholes Merton's model represents a pricing model of financial instruments. It is primarily…

Q: nkkkk

A: We can decide upon the better choice of loan by computing the future value of both the loans. Lower…

Q: What happened to questions 4 and 5?

A: 4.Margin of safety in revenue = Actual sales – Break-even sales= (35,000*5.90) – 88,382= 206,500 –…

Q: Jane Evans receives payments of $900 at the beginning of each month from a earned by the fund is…

A: Pension fund provides the pension for retirement based on the fund available interest rate and time…

Q: Can i see the exact working out for 2a

A: FIFO stands for First in First Out which is the inventory method states that the inventory which is…

Q: Complete requirement 1

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: WHat ia 2 plus 2

A: Answer:

Q: 4. What is sensitivity analysis?

A: What Is Sensitivity Analysis?

Q: An oil company executive is considering investing $10.1 million in one or both of two wells: well 1…

A: NPV It is the present cash inflows less the present values of cash out flows. If the cash inflows…

Q: Answer Question 4

A: a. Prepare a bank reconciliation of Graser company at December 31, 2019 as shown below:

Q: What about requirement 4+5

A: Since only requirement 4 and 5 is asked I am not solving the 6th requirement.For solution one…

Q: about Question D and E?

A: Answering the part D and E as specifically asked

Q: What is MM Proposition II?

A: MM Model determines and defines a relationship between the capital structure of the firms, the cost…

Q: What is the difference between a Form 10–K and a Form 10–Q?

A: Answer:

Q: Q.3.2 Discuss technical insolvency and explain how this is different from absolute insolvency.

A: When a person or an organization is unable to pay off its debts it is known as an insolvency. This…

Q: Select one: a. (iii) and (iv) only b. (ii) and (iii) only c. (i) and (ii) only d. All four

A: Diluted EPS Potential Ordinary Shares : It is a financial instrument or other contract, which may…

Q: What does the IAS 2 explains?

A: The answer is provided as follows:

Q: Define Rule of 78

A: The rule of 78 is a financial method of calculating interest.

Question

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, 2024:
Operating revenues-charges for services
Operating expenses:
Personnel services.
Contractual services.
Utilities
Repairs and maintenance
Depreciation
Interest revenue
State aid (intergovernmental revenue)
Interest expense
Capital contributions
Transfer to General Fund (noncapital)
Net position, January 1, 2024
$18,116,000
6,203,000
3,008,000
899,000
2,003,000
5,434,000
42,000
112,000
441,000
1,644,000
375,000
2,712,000
Required:
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, 2024.
Note: Negative entries should be entered with a minus sign and will appear in parenthesis.

Statement of Revenues, Expenses, and Changes in Fund Net Position
Water and Sewer Fund
For the Year Ended December 31, 2024
Operating Revenues:
Charges for Services
Toal Operating Revenue
Operating Expenses:
Personnel Services
Contractual Services
Utilities
Repairs and Maintenance
Depreciation
Total Operating Expenses
Operating Income (Loss)
Noncapital Subsidies
Total Noncapital Subsidies
Operating Income (Loss) and Noncapital Subsidies
Other Nonoperating Revenues (Expenses)
Interest Expense
State Aid
Interest Expense
Total Other Nonoperating Revenue (Expense)
Change in Net Position
Net Position, Beginning of Year
Net Position, End of Year
$ 18,116,000
18,116,000
(6,203,000)
(3,008,000)
(899,000)
(2,003,000)
(5,434,000)
(17,547,000)
569,000
0
569,000
42,000
112,000 X
(441,000)
(287,000)
282,000
2,712,000
$ 2,994,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define income statement and Balance sheet

VIEW

Step 2: Showing workings for statement of revenue, expenses and changes in fund net position:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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.)
please do not give images format
The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 $ 27,025,000 13,323,000 1,332,000 1,730,000 2,375,000 661,000 831,000 11,731,000 24,451,000 6,219,000 1,171,000 2,163,000 1,127,000 1,819,000 Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis.
The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2024: Inflow of Financial Resources: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Proceeds from sale of land Outflows of Financial Resources: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Fund balance, October 1, 2023 Revenues: Taxes: Total Revenues Required: From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the city of Eastern Shores General Fund for the year ended September 30, 2024. Note: Negative entries should be entered with a minus sign and will appear in parenthesis. CITY OF EASTERN SHORES Statement of Revenues, Expenditures, and Changes in Fund Balance General fund For the Year Ended September 30,…
Calculate operating margin Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: Assets: City of Tallahassee General Fund Balance Sheet (in thousands) Cash and cash equivalents Due from other governments All other assets Total assets Liabilities: Total current liabilities Fund balance: Nonspendable Committed Assigned $2,480 0 11,848 $14,328 $11,287 1,500 0 0
Please do not give solution in image format thanku
Assume the following information was derived from the fund financial statements prepared by the city of Tallahassee, Florida for the fiscal year ended September 30, 2019: City of Tallahassee General Fund City of Tallahassee General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance Balance Sheet (in thousands) Assets: Cash and cash equivalents $2,480 Due from other governments All other assets 11,848 Total assets $14,328 Liabilities: Total current liabilities $11,287 Fund balance: Nonspendable 1,500 Committed 0 Assigned 0 Unassigned 1,541 Total fund balance 3,041 Total liabilities and fund balance $14,328 (in thousands) Total revenues $109,901 Total expenditures 164,473 Excess of revenues over (under) expenditures 54,572 Other financing sources (uses): Transfers in 49,597 Transfers out -21,522 Proceeds from sale of capital assets 430 Total other financing sources (uses) 28,505 Net change in fund balance -26,067 Fund balance, October 1, 2019 Fund balance, September…
From the information given above, prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the City of Eastern Shores General Fund for the year ended September 30, 2020. (Negative entries should be entered with a minus sign and will appear in parenthesis.)
ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…
Prepare a preclosing trial balance for the General Fund as of December 31, 2021.
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…
The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…