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.)
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