The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of the December 31 Statement of Cash Flows. Recall that the beginning balance of all assets and liabilities is zero.
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of the December 31 Statement of Cash Flows. Recall that the beginning balance of all assets and liabilities is zero.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Village of Seaside Pines prepared the following enterprise fund
| Debits | Credits | |
|---|---|---|
| Accounts payable | $ 108,000 | |
| $ 27,400 | ||
| Accrued interest payable | 30,600 | |
| 49,000 | ||
| Administrative and selling expenses | 51,000 | |
| Allowance for uncollectible accounts | 13,000 | |
| Capital assets | 714,000 | |
| Cash | 96,800 | |
| Charges for sales and services | 561,000 | |
| Cost of sales and services | 500,000 | |
| Depreciation expense | 49,000 | |
| Due from General Fund | 17,300 | |
| Interest expense | 40,500 | |
| Interest revenue | 5,300 | |
| Transfer in from General Fund | 117,600 | |
| Bank note payable | 630,400 | |
| Supplies inventory | 18,900 | |
| Totals | $ 1,514,900 | $ 1,514,900 |
Required:
Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of the December 31 Statement of
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