The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020. VILLAGE OF PARRY-PRINT SHOP FUND Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended April 30, 2020 Operating revenues: Charges for services Operating expenses: Salaries and benefits Depreciation Supplies used Utilities Total operating expenses Income from operations Nonoperating income (expenses): Interest revenue Interest expense Total nonoperating expenses Income before transfers Transfers in Changes in net position Net position-beginning Net position-ending The Print Shop Fund records also revealed the following: interest-bearing debt outstanding 7. Signed a capital lease on April 30, 2020 $532,000 322,200 220,400 77,500 5,900 (7,200) Cash Accrued interest receivable Due from other funds 1. Contribution from General Fund for working capital needs 2. Contribution from General Fund for purchase of equipment 3. Loan (interest-free) from Water Utility Fund for purchase of equipment 4. Purchase of equipment Supplies Accrued salaries and benefits 5. Purchase of one-year investments 6. Paid off a bank loan outstanding at May 1, 2019 The loan was for short-term operating purposes and was the only Utility bills payable Accounts payable (for supplies only) Accrued interest payable Bank loan payable $1,182,000 1,152,100 29,900 5/1/2019 $353,900 (1,300) 28,600 256,000 284,600 1,140,000 $1,424,600 The following balances were observed in current asset and current liability accounts. () denote credit balances: 4/30/2020 $585,600 (17,400) (78,500) 300 40,000 0 (43,000) (53,000) (8,600) (26,000) (64,500) (63,000) 2,400 74,000 8 $ 120,000 136,000 321,000 (520,000) (70,000) (78,500) $ 65,100 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
The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020. VILLAGE OF PARRY-PRINT SHOP FUND Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended April 30, 2020 Operating revenues: Charges for services Operating expenses: Salaries and benefits Depreciation Supplies used Utilities Total operating expenses Income from operations Nonoperating income (expenses): Interest revenue Interest expense Total nonoperating expenses Income before transfers Transfers in Changes in net position Net position-beginning Net position-ending The Print Shop Fund records also revealed the following: interest-bearing debt outstanding 7. Signed a capital lease on April 30, 2020 $532,000 322,200 220,400 77,500 5,900 (7,200) Cash Accrued interest receivable Due from other funds 1. Contribution from General Fund for working capital needs 2. Contribution from General Fund for purchase of equipment 3. Loan (interest-free) from Water Utility Fund for purchase of equipment 4. Purchase of equipment Supplies Accrued salaries and benefits 5. Purchase of one-year investments 6. Paid off a bank loan outstanding at May 1, 2019 The loan was for short-term operating purposes and was the only Utility bills payable Accounts payable (for supplies only) Accrued interest payable Bank loan payable $1,182,000 1,152,100 29,900 5/1/2019 $353,900 (1,300) 28,600 256,000 284,600 1,140,000 $1,424,600 The following balances were observed in current asset and current liability accounts. () denote credit balances: 4/30/2020 $585,600 (17,400) (78,500) 300 40,000 0 (43,000) (53,000) (8,600) (26,000) (64,500) (63,000) 2,400 74,000 8 $ 120,000 136,000 321,000 (520,000) (70,000) (78,500) $ 65,100 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A-6
Transcribed Image Text:The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2020.
VILLAGE OF PARRY-PRINT SHOP FUND
Statement of Revenues, Expenses, and Changes in Net Position
For the Year Ended April 30, 2020
Operating revenues:
Charges for services
Operating expenses:
Salaries and benefits
Depreciation
Supplies used
Utilities
Total operating expenses
Income from operations.
Nonoperating income (expenses):
Interest revenue
Interest expense
Total nonoperating expenses
Income before transfers
Transfers in
Changes in net position
Net position-beginning
Net position-ending
$532,000
322, 200
The Print Shop Fund records also revealed the following:
Cash
Accrued interest receivable
Due from other funds
220,400
77,500
Supplies
Accrued salaries and benefits
5,900
(7,200)
Utility bills payable
Accounts payable (for supplies only)
Accrued interest payable
Bank loan payable
1. Contribution from General Fund for working capital needs
2. Contribution from General Fund for purchase of equipment
3. Loan (interest-free) from Water Utility Fund for purchase of equipment
4. Purchase of equipment
5. Purchase of one-year investments
6. Paid off a bank loan outstanding at May 1, 2019
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
5/1/2019
$353,900
$1,182,000
300
40,000
1,152,100
29,900
The following balances were observed in current asset and current liability accounts. () denote credit balances:
4/30/2020
$585,600
(43,000)
(8,600)
(64,500)
(17,400)
(78,500)
(1,300)
28,600
256,000
284,600
1,140,000
$1,424,600
2,400
74,000
(53,000)
(26,000)
(63,000)
$ 120,000
8
136,000
321,000
(520,000)
(70,000)
(78,500)
$ 65,100
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.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education