Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020. VILLAGE OF PARRYPRINT SHOP FUND Statement

The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020.

VILLAGE OF PARRYPRINT SHOP FUND
Statement of Revenues, Expenses, and Changes in Net Position
For the Year Ended April 30, 2020
Operating revenues:
Charges for services $ 1,156,000
Operating expenses:
Salaries and benefits $ 518,000
Depreciation 313,800
Supplies used 212,000
Utilities 75,400
Total operating expenses 1,119,200
Income from operations 36,800
Nonoperating income (expenses):
Interest revenue 4,500
Interest expense (6,500 )
Total nonoperating expenses (2,000 )
Income before transfers 34,800
Transfers in 232,000
Changes in net position 266,800
Net positionbeginning 1,133,000
Net positionending $ 1,399,800

The Print Shop Fund records also revealed the following:

1. Contribution from General Fund for working capital needs $ 110,000
2. Contribution from General Fund for purchase of equipment 122,000
3. Loan (interest-free) from Water Utility Fund for purchase of equipment 314,000
4. Purchase of equipment (513,000 )
5. Purchase of one-year investments (63,000 )
6. Paid off a bank loan outstanding at May 1, 2019 (77,800 )
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 $ 60,200

The following balances were observed in current asset and current liability accounts. ( ) denote credit balances:

5/1/2019 4/30/2020
Cash $ 279,100 $ 496,500
Accrued interest receivable 300 1,700
Due from other funds 40,000 67,000
Supplies 0 0
Accrued salaries and benefits (36,000 ) (46,000 )
Utility bills payable (7,200 ) (19,000 )
Accounts payable (for supplies only) (54,000 ) (49,000 )
Accrued interest payable (11,800 ) 0
Bank loan payable (77,800 ) 0

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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing In Savings And Credit Cooperative Societies

Authors: Daniel Njuguna

1st Edition

B0C8SCJKRT, 979-8223128649

More Books

Students also viewed these Accounting questions