Answered step by step
Verified Expert Solution
Question
1 Approved Answer
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance
! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Debits $30,000 Credits $102,500 Accrued interest payable 28,000 Accumulated depreciation 47,500 Administrative and selling expenses. 47,000 Allowance for uncollectible accounts 14,500 Capital assets 717,000 Cash 89,000 Charges for sales and services 561,000 Cost of sales and services Depreciation expense 485,500 45,000 Due from General Fund 17,000 Interest expense 40,000 Interest revenue Transfer in from General Fund Bank note payable 4,000 119,000 612,000 Supplies inventory Totals 18,000 $1,488,500 $1,488,500 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of the December 31 Statement of Cash Flows. Recall that the beginning balance of all assets and liabilities is zero. Note: Negative amounts should be entered with a minus sign. Adjustments: VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 Net Cash Provided (Used) by Operating Activities
Step 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