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E7-23 Enterprise Fund Statement of Cash Flows [LO 7-5] Inglis City had a beginning cash balance in its enterprise fund of $895,635. During 2017, the
E7-23 Enterprise Fund Statement of Cash Flows [LO 7-5]
Inglis City had a beginning cash balance in its enterprise fund of $895,635. During 2017, the following transactions occurred: |
1. | Interest received on investments totaled $42,400. |
2. | The city acquired additional equity investments totaling $75,000. |
3. | A grant was received from the state in the amount of $50,000 for summer interns. |
4. | Receipts from sales of goods or services totaled $2,915,500. |
5. | Payments for supplies were made in the amount of $1,642,100. |
6. | Payments to employees for salaries amounted to $479,300. |
7. | Equipment was sold for $57,500. It had a book value of $56,625. |
8. | $25,000 was transferred to the General Fund. |
9. | Other cash expenses for operations were $89,200. |
10. | Long-term debt payments totaled $525,000. |
Required |
Prepare a statement of cash flows for the Inglis City enterprise fund. Please show direct and indirect method |
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