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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
E7-23 Enterprise Fund Statement of
|
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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