Below are the summarized financial statements of the Missouri State Lottery for the year ended June 30,

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Below are the summarized financial statements of the Missouri State Lottery for the year ended June 30, 2014.
Statement of Revenues, Expenses and Changes in Net Position
For Year Ended June 30, 2014
(in thousands)
Ticket sales................................................................. $900,000
Prize expenses............................................................ (450,000)
Operating expenses...................................................... (180,000)
Operating income.......................................................... 270,000
Nonoperating items:
Unrealized losses on investments.......................................... (2,000)
Loss on sale of capital assets................................................ (5,000)
Transfers to State of Missouri............................................ (258,000)
Nonoperating expense....................................................... (265,000)
Change in net position........................................................ $ 5,000
Below are the summarized financial statements of the Missouri State

Additional information (in thousands):
1. Accounts receivable are related to ticket sales.
2. Current liabilities relate to operating expenses.
3. Additional investments of $15,000 were made in 2014.
4. Depreciation expense on capital assets, included in operating expenses, was $3,000.
5. Capital assets of $14,000 were acquired in 2014.
6. Investments that matured in 2014 were liquidated at book value.
Required
Present the fiscal 2014 statement of cash flows for the Missouri State Lottery. Include a reconciliation schedule.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Advanced Accounting

ISBN: 978-1934319307

2nd edition

Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III

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