The following is a Statement of Cash Flows for the risk management internal service fund of the
Question:
CITY OF WRIGHTVILLE
Risk Management Internal Service Fund
Statement of Cash Flows
For the Year Ended June 30, 2017
Cash flows from operating activities:
Cash received from other departments .................................................. $925,000
Cash paid for suppliers and employees ................................................. (120,000)
Cash paid on insurance claims ................................................. ......... (700,000)
Transfer from General Fund ................................................................ 250,000
Investment income received ................................................................. 25,000
Interest paid on long-term debt ........................................................... (15,000)
Cash flows from operating activities ....................................................... 365,000
Cash flows from investing activities:
Acquisition of property, plant, and equipment ......................................... (290,000)
Purchase of investments .................................................................... (200,000)
Sale of property, plant, and equipment .......................................................42,000
Cash flows from investing activities .................................................... (448,000)
Cash flows from financing activities:
Proceeds from issuance of long-term debt ................................................ 300,000
Payments on long-term debt ................................................................ (14,000)
Cash flows from financing activities ........................................................ 286,000
Net decrease in cash and cash equivalents ................................................. 203,000
Cash and cash equivalents, July 1, 2016 .................................................... 118,000
Cash and cash equivalents, June 30, 2017 ................................................ $321,000
Prepare a statement of cash flows using the appropriate format as required by GASB. You do not need to prepare the reconciliation of operating income to cash flow from operations?
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Related Book For
Essentials of Accounting for Governmental and Not for Profit Organizations
ISBN: 978-1259741012
13th edition
Authors: Paul A. Copley
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