Exercise 6-8 (Algo) The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 202

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Exercise 6 8 Algo The Village Of Parry Reported The Following For Its Print Shop Fund For The Year Ended April 30 202 1 (110.69 KiB) Viewed 11 times

Exercise 6-8 (Algo) 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 $524,000 317,400 215,600 76,300 5,100 (6,800) The Print Shop Fund records also revealed the following: $1,162,000 1,133,300 28,700 (1,700) 27,000 242,000 269,000 1,136,000 $1,405,000 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 $ 114,000 $ 128,000 317,000 (516,000) (66,000) (78,100) 62,300
The following balances were observed in current asset and current liability accounts. () denote credit balances: 5/1/2019 $316,300 300 4/30/2020 $534,400 2,000 70,000 40,000 0 0 Cash Accrued interest receivable Due from other funds Supplies Accrued salaries and benefits Utility bills payable Accounts payable (for supplies only) Accrued interest payable Bank loan payable (39,000) (7,800) (58,500) (14,200) (78,100) VILLAGE OF PARRY - PRINT SHOP FUND Statement of Cash Flows For the Year Ended April 30, 2020 Cash Flows from Operating Activities: 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.) Cash Flows from Noncapital Financing Activities: (49,000) (22,000) (55,000) 0 0
Cash Flows from Capital and Related Financing Activities: Cash Flows from Investing Activities: Cash and Cash Equivalents, May 1, 2019 Cash and Cash Equivalents, April 30, 2020 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Adjustments: Noncash Investing, Capital Related Financing and Noncapital Related Financing Activities: