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6-8. The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020. Operating revenues: VILLAGE OF PARRY-PRINT
6-8. The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020. Operating revenues: VILLAGE OF PARRY-PRINT SHOP FUND Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended April 30, 2020 Charges for services Operating expenses: Salaries and benefits Depreciation Supplies used Utilities Total operating expenses Income from operations Nonoperating income (expenses): Interest revenue $1,118,000 $495,000 260,000 200,000 72,000 1,027.000 91,000 3,000 Interest expense (5,000) Total nonoperating expenses (2,000) Income before transfers. Transfers in Changes in net position Net position-beginning Net position-ending The Print Shop Fund records also revealed the following: 1. Contribution from General Fund for working capital needs. 2. Contribution from General Fund for purchase of equipment. 3. Loan (interest-free) from Water Utility Fund for purchase of equipment. 4. Purchase of equipment.. 5. Purchase of one-year investments. 6. Paid off a bank loan outstanding at May 1, 2019. The loan was for short-term operating purposes and was the only interest-bearing debt outstanding 7. Signed a capital lease on April 30, 2020. 89,000 180,000 269,000 1,120,000 $1,389,000 $ 70,000 110,000 300,000 (500,000) (50,000) (51,000) $ 36,780 The following balances were observed in current asset and current liability accounts. () denote credit balances: 5/1/2019 4/30/2020 Cash $151,000 $368,800 Accrued interest receivable 300 500 Due from other funds 40,000 55,000 Supplies 0 0 Accrued salaries and benefits (20,000) (30,000) Utility bills payable (4,000) (5,000) Accounts payable (for supplies only) (30,000) (25,000) Accrued interest payable (1,000) 0 Bank loan payable (51,000) 0 Prepare a Statement of Cash Flows for the Village of Parry Print Shop Fund for the year ended April 30, 2020. Include the reconciliation of operating income to net cash provided by operating activities
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