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9 - 1 Enterprise funds are accounted for like comparable businesses; nevertheless, they have their quirks.
P. 9 - 1Enterprise funds are accounted for like comparable businesses; nevertheless, they have their quirks.The Green Hills Water District was established on January 1 to provide water service to a suburban development. It accounts for its operations in a single enterprise fund. During the year it engaged in the following transactions:1.It issued $6,000,000 of revenue bonds.2.For $4,500,000, it purchased the plant and equipment of the private water company that previously served the area.3.It incurred $500,000 in costs to improve and expand its plant and equipment.4.It billed customers for $1.8 million, of which it collected $1.5 million.5.It billed and collected $200,000 in tap connection fees from developers. The actual cost of the hookups (paid in cash) was $140,000.6.It incurred the following operating costs (all paid in cash):•Purchases of water, $850,000•Labor and contract services, $320,000•Interest, $80,000•Supplies and miscellaneous, $60,0007.It recognized depreciation of $350,000 on its capital assets.a.Prepare journal entries to record the transactions.b.Prepare a year-end statement of revenues, expenses, and changes in net assets.c.Prepare a year-end balance sheet.Describe briefly how the financial statements of the Green Hills Water District would differ if it chose to prepare its financial statements as if it were a full-service government. Be specific (note changes in capital assets, ling-term debts, etc.)
