7 The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020, 2 points eBook VILLAGE OF PARRY-PRINT SHOP FUND Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended April 30, 2020 Operating revenues : Charges for services $1,180,800 Operating expenses: Salaries and benefits $530,000 Depreciation 321,000 Supplies used 219,200 Utilities 77,200 Total operating expenses 1, 147, 400 Income from operations 32,600 Nonoperating income (expenses): Interest revenue 5, 700 Interest expense (7,100) Total nonoperating expenses (1,400) Income before transfers 31,200 Transfers in 255,000 Changes in net position 286, 280 Net position-beginning 1,139,000 Net position-ending $1, 425, 200 References 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 $ 121,000 134,000 320,000 (519, 000) (69,000) (78,400) $ 64,400 The following balances were observed in current asset and current liability accounts. () denote credit balances 5/1/2019 $341, 500 300 40,000 Cash Accrued interest receivable Due from other funds Supplies Accrued salaries and benefits Utility bills payable Accounts payable (for supplies only) Accrued interest payable Bank loan payable 4/30/2020 $575, 300 2,300 73,000 @ (52,000) (25,000) (61, 900) (42,000) (8,400) (63, 000) (16,600) (78, 409) 7 The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020, 2 points eBook VILLAGE OF PARRY-PRINT SHOP FUND Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended April 30, 2020 Operating revenues : Charges for services $1,180,800 Operating expenses: Salaries and benefits $530,000 Depreciation 321,000 Supplies used 219,200 Utilities 77,200 Total operating expenses 1, 147, 400 Income from operations 32,600 Nonoperating income (expenses): Interest revenue 5, 700 Interest expense (7,100) Total nonoperating expenses (1,400) Income before transfers 31,200 Transfers in 255,000 Changes in net position 286, 280 Net position-beginning 1,139,000 Net position-ending $1, 425, 200 References 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 $ 121,000 134,000 320,000 (519, 000) (69,000) (78,400) $ 64,400 The following balances were observed in current asset and current liability accounts. () denote credit balances 5/1/2019 $341, 500 300 40,000 Cash Accrued interest receivable Due from other funds Supplies Accrued salaries and benefits Utility bills payable Accounts payable (for supplies only) Accrued interest payable Bank loan payable 4/30/2020 $575, 300 2,300 73,000 @ (52,000) (25,000) (61, 900) (42,000) (8,400) (63, 000) (16,600) (78, 409)
