Question

1. The following water and sewer information is available for the preparation of the financial statements for the County of Augusta for the year ended June 30, 2017:

           

Operating revenues—charges for services                                                    Operating expenses: Personal services                                                                                            Contractual services                                                                                       Utilities                                                                                                               Repairs and maintenance                                                                                Depreciation    Interest revenue                                                                                                      Interest expense                                                                                                    Capital contributions                                                                                           Transfer to General Fund                                                                                    Net position, July 1, 2016

$17,590,000 9,490,000 1,822,000 880,000 1,580,000 2,640,000 130,000 360,000 997,000 950,000 2,720,000

           

            Required: From the information given above, prepare, in good form, a Water and Sewer Fund column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the County of Augusta for the Year Ended June 30, 2017.

Answer 1

County of Augusta Statement of Revenues, Expenses, and Changes in Fund Net Position Year Ended June 30, 2017. Operating Revenues: Charges for Services 17590000 Operating Expenses: Personal Services Contractual Services Utilities Repairs and Maintenance Depreciation Total Operating Expenses Operating Income 9490000 1822000 880000 1580000 2640000 16412000 1178000 Non-operating Revenues (Expenses): Interest Revenue Interest Expense Total Non-operating Revenues and Expenses Income Before Contributions and Transfers 130000 -360000 -230000 948000 Capital Contributions Transfer to General Fund 997000 -950000 Change in Net Position Net Position, July 1, 2016 Net Position, June 30, 2017 995000 2720000 3715000