Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 7, Problem 27EP
Enterprise Fund Statement of Cash Flows. (LO7-5) The following information (presented in thousands) is available for the Cumberland County Utility Enterprise Fund during the current year:
- 1. The beginning balance for cash and cash equivalents was $86,210 and for restricted cash was $12,366.
- 2. The utility collected $2,500 in customer deposits throughout the year. Deposits of $1,100 were returned, and accounts of $200 were written off.
- 3. Cash paid to vendors totaled $19,981, while cash paid to employees was $35,250.
- 4. The utility repaid revenue bonds restricted for capital acquisitions in the amount of $17,500 and issued new debt of $15,000 to acquire new equipment. Equipment costing $8,000 was purchased for cash during the year.
- 5. Cash receipts came from customers, $112,793; interest on investments, $900; a transfer from the General Fund, $5,000; and interest on customer deposits, $625. (Assume that interest on customer deposits is not restricted.)
Required
Prepare a statement of cash flows for the Cumberland County Utility Enterprise Fund. (Ignore the reconciliation of operating income to net cash provided by operating activities because insufficient information is provided to complete the reconciliation.)
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
county general fund had the following disbursements during the year
Payment of amount to debt service fund $300,000
Payments to vendors $400,000
Purchase of computers $200,000
What amount should Lake County report as expenditures in its governmental funds statement of revenues, expenditures, and change in fund balances:
Select one :-
a.
$900,000
b.
$200,000
c.
$700,000
d.
$400,000
The following transactions relate to Al-Zafra MunicipalityGeneral Fund for the year ended December 31, 2020: (All figures are in 000 AED)
The balance sheet as at 31/12/2019 was as follows:
Assets: Liabilities & Fund Balances:
Cash 200000 Accounts payable 70000
License receivable 150000 Wages payable 10000
Supplies 5000
Fund Balance: Reserved 275000
Total Assets 355000 Total Liabilities & FB. 355000
1. The budget was passed. Estimated revenues amounted to 1,450,000 and appropriations totaled 1,680,000, and estimated other uses $300,000.
2. Contracts were issued for contracted services in the amount of 20,000.
3. Collected 1,250,000 cash including last year license receivables and issued a bill of 100,000 for new license revenues.
4. Collected 200,000 for fines revenues.
5. Issued a contract of 300,000 to complete security and residency services in the West zone.
6. Contracted services of 200,000 were performed and supplies of 280,000 have been purchased on…
The following transactions were among those reported by Corfe City's electric utility enterprise fund for Year 1:
Cash paid to supplier $ 900,000
Cash received from customer households 2,700,000
Proceeds from the sale of revenue bonds 4,500,000
In the electric utility enterprise fund's statement of cash flows for the year ended December 31, Year 1, what amount should be reported as cash flows from capital and related financing activities?
A.) $4,500,000
B.) $5,400,000
C.) $7,200,000
D.) $8,100,000
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...
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.Similar questions
- Kilbourne County engaged in the following transactions in summary form during its fiscal year. All amounts are in millions. You need not be concerned with the category of funds balances to which reserves for encumbrances are classified on the fund balance sheet. Its commissioners approved a budget for the current fiscal year. It included total revenues of $860 and total appropriations of $850. It ordered office supplies for $20. It incurred the following costs, paying in cash. These items had not previously been encumbered. Salaries $610 Repairs $ 40 Rent $ 25 Utilities $ 41 Other operating costs $119 It ordered equipment costing $9. It received the equipment and was billed for $10, rather than $9 as anticipated. It received the previously ordered supplies and was billed for the amount originally estimated. The county reports the receipt of supplies as expenditures; it does not maintain an inventory account for supplies. It earned and collected revenues of $865.…arrow_forwardHarris County transferred $200,000 from the General Fund to the Motor Pool Internal Service Fund to pay for the use of automobiles during the first six months of FY 2007. The appropriate entry in the General Fund to record this transfer of cash would be Debit Expenditures $200,000; Credit Cash $200,000. Debit Other Financing Uses Transfer Out $200,000; Credit Cash $200,000. Debit Fund Balance Transfer Out $200,000; Credit Cash $200,000. Debit Other Financing Sources Transfer In $200,000; Credit Cash $200,000.arrow_forwardBased upon the flow information provided below for the year ending December 31, 2014 , prepare a cash flow statement for Muscat City, an internal service fund . 40, 000 Cash received from customers $830,000 Cash received from General Fund (noncapital loan) 20,000 Interest revenue received 1,000 Cash received from short - term note payable ( not used for capital assets ) Payments to employees 450,000 Payments to suppliers 250,000 Cash paid to the General Fund - noncapital loan 65,000 Payments for capital improvements 60,000 Interest paid on short - term note payable above 2,000 Principal paid on capital debt 50,000 Interest paid on capital debt 5,000 Unrestricted Cash ( and cash equivalents ), January 1, 2014 13,000arrow_forward
- On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000arrow_forwardPrepare journal entries to record each of these transactions in the general fund. Based on your entries, prepare a balance sheet and statement of revenues, expenditures, and changes in fund balance for the general fund. The Authority issued $2.5 million in long-term bonds. · The Authority purchased 4 acres of land for $500,000 in cash. · It sold one of the 4 acres of land for $125,000 in cash. · It made a $325,000 payment on the debt, consisting of $75,000 of interest and $250,000 of principal. · It lost a lawsuit filed by one of its renters and was ordered to pay $1 million in damages over 5 years. It made its first cash payment of $200,000.arrow_forwardThe Pension Trust Fund maintained by the city of Marydell had the following transactions and events during its current fiscal year:1. Contributions of $960,000 were received from General Fund employees, and theGeneral Fund contributed its share of $160,000.2. The fund paid $800 for investment management fees.3. Investments held by the fund increased in value by $5,600.4. Depreciation on fund capital assets totaled $1,2805. Retirement benefits of $12,320 were paid to retirees.6. Interest of $4,000 and dividends of $2,240 were received frominvestments.Prepare journal entries to record the transactions and events above for the Pension Trust Fund.If an entry affects more than one debit or credit account, enter the accounts in order ofmagnitude (largest to smallest balances), debits first. Account Debit Credit To record contributions received. To record payment of management fees. To record…arrow_forward
- Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned…arrow_forwardCash of $60,000 is transferred from the general fund to the debt service fund. What is reported on the government-wide financial statements? Choose the correct.a. No reporting is made.b. Other Financing Sources increase by $60,000; Other Financing Uses increase by $60,000.c. Revenues increase by $60,000; Expenditures increase by $60,000.d. Revenues increase by $60,000; Expenses increase by $60,000.arrow_forwardE7-7 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information: Fund balance, January 1, 20X7 .......................... $2,000,000 Intergovernmental grant revenue ........................ 850,000 Interest revenue ...................................... 30,000 Increase in fair value of investments ..................... 3,000 Construction costs incurred under contract with Builtwell Co. ................................... 2,400,000 Architect fees ........................................ 32,000 Engineering fees ...................................... 17,000 Bond proceeds (face amount was $1,000,000) ............. 1,008,000 Bond issuance costs ................................... 5,000 Purchase of land ...................................... 92,000 Repayment of bond anticipation notes treated as long-term…arrow_forward
- [The following information applies to the questions displayed below.]The Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $1,800 of supplies inventory $60,000 state grant for snow removal $150,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Nonspendable fund balance? Multiple Choice $70,800 $150,000 $69,000 $410,500 What would be the total Restricted fund balance? Multiple Choice $60,000 $150,000 $479,000 $410,000arrow_forwardThe following financial information extracted from the books of local government during the year. General property taxes 200,000, Proceeds of general bonds RO 15,000, Paid salary to government employees RO 5,000, Transfer to internal service fund RO 2.000. Net increase in fund balance in the general fund is a. None of the options b. RO 200,000 c. RO 7,000 d. RO 208,000arrow_forwardGovernment makes appropriations of RO 500,000 to a public university and the following transactions occurred. Salary paid RO 40,000, Purchase order issued for supplies RO 200,000, Ordered supplies were received with a voucher for RO 200,000, Transferred to Debt Service Fund RO 60,000. Which one of the following is unreserved fund balance? a. RO 500,000 b. RO 200,000 c. RO 300,000 d. None of the optionsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
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
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License