The Following Water and Sewer Information Is Available for the Preparation

question 55

Essay

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 30,2014:
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 30,2014.

---

Definitions:

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting operating expenses, interest, and taxes.

Fiscal Year

A 12-month period used for accounting purposes and planning by organizations, which may not align with the calendar year.

Ledger

A comprehensive collection of a company's financial transactions, divided into individual accounts, and recorded in a way that balances are always maintained across assets, liabilities, and equity.

Physical Inventory

The manual count of all merchandise or stock in a store or warehouse at a particular time.