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(solution) Assets Question 1 Current and accrued assets: Cash and


I need help with this project. If someone can guide me in the right directions so I can answer these 16 questions, I would appreciate it. I have attached the background information, my work sheet and the questions. Thanks.
Assets Question 1 Current and accrued assets:

 

Cash and investments

 

Accounts receivable - customers

 

Unbilled water and sewer revenues Beginning Balance

 

Salaries and Benefits Expense-Operations

 

Salaries and Benefits Expense-General/Administrati

 

Operating Expense 1,800,000

 

450,000

 

400,000 Accrued interest receivable

 

Total current and accrued assets

 

Restricted assets:

 

Cash and investments

 

Property, plant and equipment:

 

Land

 

Buildings 50,000 General/Administrative Expense

 

2,700,000 Unresticted Cash and Investments

 

1,800,000

 

1,800,000

 

400,000

 

600,000

 

50,000 500,000

 

1,500,000 Investment Income-Unrestricted

 

Investment Income-Restricted

 

Interest Paid on Bonds

 

Principal Paid on Bonds

 

Net investment in Capital Assets-Unrestricted

 

Accounts Payable-2014 Water Plant 5,000,000 Accounts Receivable Payments 5,800,000 Sewer Plant

 

Water Lines

 

Sewer Lines 8,000,000

 

15,000,000

 

20,000,000 Ending Balance 9/30/15 3,435,000 1,700,000 Machinery and Equipment

 

Construction in Progress-Sewer Plant Upgrade

 

Less: Accumulated Depreciation 700,000

 

500,000 Question 2

 

Beginning Balance (15,000,000) Total Property, Plant and Equipment Construction in Progress Completed 40,600,000 Current Liabilities:

 

Accounts payable

 

Accrued interest payable 800,000

 

600,000

 

25,000

 

- Restricted Cash and Investments

 

1,700,000 Net Investment in Capital Assets-Restricted

 

36,200,000 Total Assets

 

Liabilities 50,000

 

10,000 35,000 Ending Balance 9/30/15 100,000

 

400,000 Question 3

 

Beginning Balance

 

Accounts Receivable-Customers Accrued salaries and benefits 105,000

 

600,000 Ending Balance 9/30/15 235,000 Accounts Receivable Payments Bonds payable-current portion 1,500,000 Total Current Liabilities Accounts Receivable-Customers

 

450,000

 

6,000,000

 

5,800,000

 

650,000 1,205,000 Liabilities Payable From Restricted Assets:

 

Customer deposits 200,000 Long-term Liabilities: Question 4

 

Beginning Balance Accrued Interest Receivable

 

50,000 Accrued Interest Receivable-Unrestricted Bonds payable-long-term portion 20,000,000 Total Liabilites 15,000 Ending Balance 9/30/15 65,000 21,405,000 Net Position

 

Net investment in capital assets

 

Restricted - unspent bond proceeds -sewer plant upgrade 17,100,000

 

1,500,000 Unrestricted 595,000 Total Net Position 19,195,000 Question 5

 

Net Book Beginning Balance

 

Construction in Progress Completed Property, Plant and Equipment

 

36,200,000

 

1,500,000 Depreciation Expense

 

Ending Book Balance 9/30/15 1,700,000

 

36,000,000 Journal Entries for Fiscal Year 9/30/15 Question 6

 

Property, Plant and Equipment

 

Beginning Balance Not Including Accumulated Deprec

 

51,200,000 15) Construction in Progress Completed Accounts Receivable-Customers

 

Water and Sewer Revenue

 

Billed customers for water and sewer services

 

16)

 

Salaries and Benefits Expense-Operations

 

Cash-Unrestricted

 

Paid salaries and benefits-operations 6,000,000 Ending Balance Not Including Accumulated Depre 52,700,000 6,000,000 1,800,000

 

1,800,000 Question 7

 

Accounts Payable-Operating Supplies

 

Accrued Interest Payable

 

Accrued Salaries and Benefits-Operating

 

Total Amount at 9/30/15

 

Question 8

 

Beginning Balance 17)

 

Salaries and Benefits Expense - General/Administrat 295,000 Net Income 2015 Accrued Salaries and Benefits

 

Cash-Unrestricted

 

Paid salaries and benefits-general/administrative 105,000 Ending Balance 9/30/15 18)

 

Operating Expenses

 

Cash-Unrestricted 1,500,000 200,000

 

60,000

 

260,000 19,195,000

 

1,052,870

 

20,247,870 400,000 600,000

 

600,000 Paid operating expenses Question 9

 

Beginning Balance

 

Construction in Progress Completed

 

Principal Paid to Bond Holders

 

Depreciation Expense Net Investment in Capital Assets

 

17,100,000

 

1,500,000

 

600,000

 

1,700,000 Ending Balance 9/30/15 17,500,000 19)

 

General/Administrative Expenses

 

Accounts Payable (2014)

 

Cash-Unrestricted 50,000

 

100,000

 

150,000 Paid general and administrative expenses Question 10

 

Beginning Balance

 

Net Investment in Capital Assets-Restricted

 

Construction in Progress Completed Restricted Net Position

 

2,000,000

 

30,000

 

1,500,000 Ending Balance 9/30/15

 

20)

 

Cash-Unrestricted

 

50,000

 

Investment Income-Unrestricted

 

Received investment income from unrestricted investments

 

21)

 

Cash-Restricted

 

Customer Deposits

 

Received investment income from customer deposits 50,000 Question 11

 

Net Position 9/30/15 (Question 8)

 

Net Investment in Capital Assets (Question 9)

 

Restricted Net Position (Question 10)

 

Unrestricted Net Position 9/30/15 530,000 20,247,870

 

(17,500,000)

 

530,000

 

2,747,870 10,000

 

10,000 Question 12

 

Beginning Balance-Unbilled Revenues

 

Water and Sewer Revenues 2015 (400,000)

 

6,000,000 22)

 

No Entry-Estimated Amount

 

23)

 

Sewer Plant

 

Construction in Progress-Sewer Plant Upgrade

 

Construction completed on sewer plant upgrade

 

24)

 

Interest Expense

 

Accured Interest

 

Cash-Unrestricted

 

Paid interest to bond holders

 

25)

 

Bonds Payable-Current Portion

 

Cash-Unrestricted

 

Paid principal to bond holders Accounts Payable

 

Cash-Unrestricted

 

Paid Accounts Payable

 

26)

 

Accounts Receivable-Customer-Billed 10/1/15

 

Accounts Receivable-Customer-Billed 10/15/15

 

Accounts Receivable-Customer-Billed 11/1/15

 

Accounts Receivable-Customer-Billed 11/15/15

 

Water and Sewer Revenue

 

27)

 

Accrued Interest Receivable-Unrestricted

 

Interest Revenue

 

Interest earned on unrestricted fixed income investments Accounts Receivable-Customer-Billed 10/1/15

 

Accounts Receivable-Customer-Billed 10/15/15

 

Accounts Receivable-Customer-Billed 11/1/15

 

Accounts Receivable-Customer-Billed 11/15/15

 

Total Water and Sewer Revenues 9/30/15 1,500,000 155,200

 

140,500

 

104,827 176,550 * (19/32)

 

22,344 143,000 * (5/32)

 

6,022,870 1,500,000 800,000

 

400,000

 

1,200,000 600,000

 

600,000 - 155,200

 

140,500

 

176,550

 

143,000

 

615,250 10,000

 

50,000

 

15,000

 

25,000

 

35,000

 

135,000 Question 14

 

Accrued Interest Payable 2014

 

Accured Salaries and Benefits 2014

 

Salaries and Benefits Expense-Operations

 

Salaries and Benefits Expense-General/Administrati

 

Operating Expense

 

General/Administrative Expense

 

Interest Expense paid to bond holders

 

Interest Expense - Accrued

 

Salaries and Benefits Expense

 

Supplies Expense-Operating

 

Total Expenses Excluding Depreciation 9/30/15 (400,000)

 

(105,000)

 

1,800,000

 

400,000

 

600,000

 

50,000

 

800,000

 

200,000

 

60,000

 

3,405,000 Question 15

 

Amount of Expenses Excluding Depreciation 9/30/15

 

Depreciation Expense

 

Total Expenses Including Depreciation 9/30/15 3,405,000

 

1,700,000

 

5,105,000 15,000 200,000

 

200,000 29)

 

Salaries and Benefits Expense

 

60,000

 

Accrued Salaries and Benefits-Operating

 

Accrued operating salaries and benefits incurred but unpaid at year end

 

30a)

 

Net Investment in Capital Assets-Unrestricted

 

Net Position-Unrestricted

 

Unrealized gain in unrestricted investments

 

30b)

 

Net Investment in Capital Assets-Restricted

 

Net Position-Restricted

 

Unrealized gain in restricted investments

 

31)

 

Depreciation Expense

 

Accumulated Depreciation

 

Depreciation Expense

 

32a)

 

Cash-Unrestricted

 

Accounts Receivable-Customers (2014)

 

Accounts Receivable-Customers

 

Customer payments for services billed Supplies Expense-Operating

 

Accounts Payable

 

Outstanding invoices for operating supplies at year end 60,000 25,000

 

25,000 35,000

 

35,000 1,700,000

 

1,700,000 5,800,000

 

450,000

 

5,350,000 - 33d)

 

Cash-Restricted

 

2,000,000

 

Net Position-Restricted for Sewer System Upgrades

 

Issued bonds to fund sewer system upgrades - 2,000,000 Question 16

 

Fund Balance for all Government Funds at 9/30/15

 

Bond Issue and Premium

 

General Capital Assets Purchase

 

Accrued Principal and Interest Obligation

 

Depreciation Expense

 

Capital Asset Bond Principal

 

Tax Receivable 100,000

 

(5,250,000)

 

250,000

 

500,000

 

(3,000,000)

 

5,000,000

 

90,000 Total Change in Net Position 9/30/15 28)

 

Interest Expense

 

Accrued Interest Payable

 

Interest incurred but no paid on bonds payable 15,000 Question 13

 

Customer Deposits

 

Investment Income-Unrestricted

 

Accrued Interest Receivable

 

Unrealized Gain-Unrestricted Investments

 

Unrealized Gain-Restricted Investments

 

Total Investment Income 9/30/15 (2,310,000)

 


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