The following transactions occurred in the City of Jim-town Enterprise Fund:1. Equipment belonging to the Enterprise Fund was sold for $300.2. The proceeds from the sale of the asset were transferred to the General Fund.3. Cash, $2,800, was paid for construction costs. The cash was paid out of unrestricted cashavailable for any Enterprise Fund purpose i.e., was not set aside strictly for capital assetconstruction or acquisition.4. Paid principal, $18, and interest, $59, on a mortgage note.5. The Enterprise Fund collected $12,500 from external customers and $2,500 from theGeneral Fund for services.6.The City signed a lease for equipment. The present value of the future payments and fairvalue of the equipment is $5,000, and the City made a down payment of $5007. Proceeds of bonds issued to refund previously outstanding bonds that had been issued tofinance plant expansion several years earlier, $18,000.8. Interest paid on the refunding bonds, $1,080.9. Cash proceeds from sale of investments, $900. Investments were purchased with theproceeds of debt issued to finance construction of specialized equipment that is almostcompleted.10. Cash received from a capital grant, $5,000.11. Cash paid for construction costs that qualify under the capital grant, $1,500.12. The City acquired land for future plant expansion, $750, by issuing a 10-year bond in thesame amount.13. Cash received from operating grants, $500.14. Cash paid for salaries covered by operating grant, $85.15. The city had an unrealized gain on investments of $12.16. The Enterprise Fund incurred $10,000 in operating expenses, including $1,000 indepreciation, $3,000 for employees, and $6,000 paid to suppliers. All but $500 of thesalary expenses were paid by year end.17. Cash paid for equipment purchased with the proceeds of an operating grant, $34.18. Cash received from the General Fund to cover part of the cost of plant expansion, $1,000.19. Cash proceeds from the sale of fund capital assets, $23.20. Cash received from another fund as a 6-month loan for the sole purpose of financingpurchase of equipment, $90.The balance of cash and cash equivalents at October 1, 20X1, was $313. The balance of cash andcash equivalents at year end (9/30/20X2) is $26,250.Requirement: Prepare the City of Jim-town Enterprise Fund Statement of Cash Flows for theyear ended September 30, 20X2. You may exclude the reconciliation of operatingincome to cash flows from operating activities.

A statement of cash flow is a financial report that tracks the flow of money into and out of a…

Requirement: Prepare the City of Jim-town Enterprise Fund Statement of Cash Flows for the year ended September 30, 20X2. You may exclude the reconciliation of operating income to cash flows from operating activities.

Requirement: Prepare the City of Jim-town Enterprise Fund Statement of Cash Flows for the year ended September 30, 20X2. You may exclude the reconciliation of operating income to cash flows from operating activities.

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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