From the information in P11-5, prepare the statement of cash flows (direct method) for the Metro School
Question:
From the information in P11-5, prepare the statement of cash flows (direct method) for the Metro School District Repair Shop Internal Service Fund for the year ended December 31, 20X6. (Omit reconciliation and schedules.)
Data from P11-5
The trial balance for the Metro School District Repair Shop at January 1, 20X6, was as follows:
Required The Repair Shop Fund had the following transactions during 20X6:
1. Materials purchased on account, $20,000.
2. Materials used, $7,000.
3. Payroll paid, $12,000.
4. Utilities paid, $3,500.
5. Billings to departments for repair services, $29,500.
6. Collections from departments, $27,900.
7. Equipment acquired under a capital lease; capitalizable cost, $8,000, and initial payment, $300.
8. Subsequent lease payments, $1,000, including $100 interest.
9. Depreciation on:
10. Payments on vouchers payable (for materials), $30,000.
Step by Step Answer:
Governmental And Nonprofit Accounting Theory And Practice
ISBN: 9780132552721
9th Edition
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,