Exercise 6-8 (Static) The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020. VILLAGE OF PARRY-PRINT SHOP FUND Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended April 30, 2020 9 Operating revenues: 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 89,000 Transfers in 180,000 Changes in net position 269,000 Net position-beginning 1,120,000 $1,389,000 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 $ 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: Cash Accrued interest receivable Due from other funds. 5/1/2019 $151,000 300 40,000 4/30/2020 $368,800 500 55,000