Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 7, Problem 21EP
Internal Service Fund Statement of Cash Flows. (LO7-2) Inglis City had a beginning cash and cash equivalents balance in its internal service fund of $895,635. During the current year, 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. A $25,000 transfer was made to the General Fund.
- 9. Other cash expenses for operations were $89,200.
- 10. Long-term debt payments for capital acquisitions totaled $525,000.
Required
Prepare a statement of cash flows for the Inglis City internal service fund. (Ignore the reconciliation of operating income to net cash provided by operating activities because insufficient information is provided to complete the reconciliation.)
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E7-23 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…
Chapter 7 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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