E7-23 Enterprise Fund Statement of Cash Flows [LO 7-5]Inglis City had a beginning cash balance in its enterprise fund of $895,635. During 2017, the following transactions occurred: 1.Interest received on investments totaled $42,400.2.The city acquired additional equity investments totaling $75,000.3.A grant was received from the state in the amount of $50,000 for summer interns.4.Receipts from sales of goods or services totaled $2,915,500.5.Payments for supplies were made in the amount of $1,642,100.6.Payments to employees for salaries amounted to $479,300.7.Equipment was sold for $57,500. It had a book value of $56,625.8.$25,000 was transferred to the General Fund.9.Other cash expenses for operations were $89,200.10.Long-term debt payments totaled $525,000. RequiredPrepare a statement of cash flows for the Inglis City enterprise fund. (Negative amounts should be indicated by a minus sign.) Do not give answer in image formate

Cash flow from the operating activity is a part of the cash flow statement prepared by the business…

Answered: Enterprise Fund Statement of Cash Flows…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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E7-23 Enterprise Fund Statement of Cash Flows [LO 7-5]

Inglis City had a beginning cash balance in its enterprise fund of $895,635. During 2017, the following transactions occurred:

1.	Interest received on investments totaled $42,400.
2.	The city acquired additional equity investments totaling $75,000.
3.	A grant was received from the state in the amount of $50,000 for summer interns.
4.	Receipts from sales of goods or services totaled $2,915,500.
5.	Payments for supplies were made in the amount of $1,642,100.
6.	Payments to employees for salaries amounted to $479,300.
7.	Equipment was sold for $57,500. It had a book value of $56,625.
8.	$25,000 was transferred to the General Fund.
9.	Other cash expenses for operations were $89,200.
10.	Long-term debt payments totaled $525,000.

Required

Prepare a statement of cash flows for the Inglis City enterprise fund. (Negative amounts should be indicated by a minus sign.)

Do not give answer in image formate

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