Question

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, 2012:

           

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 assets, July 1, 2011

$17,690,000 9,090,000 1,822,000 880,000 1,580,000 2,640,000 130,000 340,000 997,000 900,000    990,000

            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 Assets for the County of Augusta for the Year Ended June 30, 2012. 15 points

COUNTY OF AUGUSTA WATER AND SEWER FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS YEAR ENDED JUNE 30, 2012
Operating Revenues: Charges for Services		$17,690,000
Operating Expenses: Personal Services Contractual Services Utilities Repairs and Maintenance Depreciation Total Operating Expenses	$9,090,000	000
Operating Income		000
Non-operating Revenues (Expenses): Interest Revenue Interest Expense Total Non-operating Revenues and Expenses Income Before Contributions and Transfers Capital Contributions Transfer to General Fund Change in Net Assets Net Assets, July 1, 2011 Net Assets, June 30, 2012		( 000 997,000                 000    990,000 ,000

Answer 1