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$17,590,000 Operating expenses: Personal services9,490,000 Contractual services1,822,000 Utilities880,000 Repairs and maintenance1,580,000 Depreciation2,640,000Interest revenue130,000Interest expense360,000Capital contributions997,000Transfer to General Fund950,000Net position, July 1, 20162,720,000Required: 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.
What will be an ideal response?
| COUNTY OF AUGUSTA |
| WATER AND SEWER FUND |
| STATEMENT OF REVENUES, EXPENSES, AND |
| CHANGES IN FUND NET POSITION |
| YEAR ENDED JUNE 30, 2017 |
| Operating Revenues: |
| Charges for Services | $17,590,000 |
| Operating Expenses: |
| Personal Services | $9,490,000 |
| Contractual Services | 1,822,000 |
| Utilities | 880,000 |
| Repairs and Maintenance | 1,580,000 |
| Depreciation | 2,640,000 |
| Total Operating Expenses | 16,412,000 |
| Operating Income | 1,178,000 |
| Non-operating Revenues (Expenses): |
| Interest Revenue | 130,000 |
| Interest Expense | (360,000) |
| Total Non-operating Revenues and Expenses | (230,000) |
| Income Before Contributions and Transfers | 948,000 |
| Capital Contributions | 997,000 |
| Transfer to General Fund | (950,000) |
| Change in Net Position | 995,000 |
| Net Position, July 1, 2016 | 2,720,000 |
| Net Position, June 30, 2017 | $3,715,000 |
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