The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscalyear:DebitsCreditsCash$220,000Customer accounts receivable200,000Allowance for uncollectible accounts$27,000Materials and supplies120,000Restricted assets (cash)280,000Utility plant in service7,000,000Accumulated depreciation-utility plant2,600,000Construction work in progress180,000Accounts payable120,000Accrued expenses payable78,000Revenue bonds payable3,600,000Net positionTotals1,575,000$8,000,000$8,000,000During 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 GeneralFund amounted to $96,000.3. Liabilities for the following were recorded during the year:Materials and suppliesCosts of sales and servicesAdministrative expenses$182,000345,000202,000

To analyze the impact of the transactions and events on the Town of Weston's Water Utility Fund…

Answered: The Town of Weston has a Water Utility…

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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The City of Meringen operates a central garage through an internal service fund to provide garage space and repairs for all city-owned and operated vehicles. The central garage fund was established by a contribution of $200,000 from the general fund, when the building was acquired several years ago. The postclosing trail balance at June 30, 2014, was as follows: Debit Credit Cash $ 150,000 Due from general fund $ 20,000 Inventory of materials and supplies $ 80,000 Land $ 60,000 Building $ 200,000 Accumulated depreciation-building $ 10,000 Machinery and equipment $ 56,000 Accumulated depreciation-machinery $ 12,000 and equipment $ 38,000 Vouchers payable $ 200,000 Contribution from general fund $ 306,000 Net position $…
The government makes appropriations of RO 200,000 to Sohar School for the month of January 2019. During the month the following transactions occurred: Salary paid RO 50,000 Purchase orders were placed for office supplies RO 72,000 Office supplies were received with a voucher for RO 60,000 An amount of RO 25,000 was transferred to Debt service fund. The unreserved fund balance at the end of the period is: a. 90,000 b. 150,000 c. 78,000 d. 65,000
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Altona City opened a landfill that it elects to account for in an enterprise fund. At the time the landfill was opened the government estimated total capacity of the landfill to be 5 million cubic feet, useful life to be 20 years, and total closure and postclosure costs to be $18 million. At the end of Year 1, the government reestimated total closure costs to be $18.3 million and estimated capacity to be same as the original estimate. At the end of Year 2, the government reestimated total capacity to be 4.8 million cubic feet and total closure costs to be $18.5 million. At the end of Year 3, the government reestimated useful life to be 17 years but capacity remained unchanged from the preceding year and closure and postclosure costs were estimated to be $18.4 million. REQUIRED: Prepare journal entries in the enterprise fund to record the following events. a)During Year 1, the city estimates that 300,000 cubic feet of capacity were used. Record the landfill expense. b)During…

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