Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please prepare statement of cash flows-This is for nonprofit/Government accounting. Journal entries for entire statement The Village of Parry reported the following for its Print
Please prepare statement of cash flows-This is for nonprofit/Government accounting. Journal entries for entire statement
The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020. 1 10 points 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 $1,107,000 Operating expenses: Salaries and benefits $497,000 Depreciation 301,200 Supplies used 200,800 Utilities 72,300 Total operating expenses 1,071,300 Income from operations 35,700 Nonoperating income (expenses): Interest revenue 3,100 Interest expense (5,100) Total nonoperating expenses (2,800) Income before transfers 33,700 Transfers in 183,000 Changes in net position 216,700 Net position-beginning 1,121,000 Net position-ending $1,337,700 eBook Ask 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 $ 82,000 101,000 301,000 (501,000) (51,000) (56, 100) $ 40,500 The following balances were observed in current asset and current liability accounts. () denote credit balances: 5/1/2019 $ 166,300 300 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 $364,800 600 56,000 (32,000) (6,000) (27,000) (22,000) (4,400) (33,000) (1,600) (56, 100) 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. (Amounts to be deducted should be indicated by a minus sign.) VILLAGE OF PARRY - PRINT SHOP FUND Statement of Cash Flows For the Year Ended April 30, 2020 Cash Flows from Operating ActivitiesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started