The following transactions occurred in the City of Jim-town Enterprise Fund: 1. Equipment belonging to the...
Fantastic news! We've Found the answer you've been seeking!
Question:
![The following transactions occurred in the City of Jim-town Enterprise Fund: 1. Equipment belonging to the](https://dsd5zvtm8ll6.cloudfront.net/questions/2023/12/6573053e5c5a7_1702036798633.jpg)
Transcribed Image Text:
The following transactions occurred in the City of Jim-town Enterprise Fund: 1. Equipment belonging to the Enterprise Fund was sold for $300. 2. The proceeds from the sale of the asset were transferred to the General Fund. 3. Cash, $2,800, was paid for construction costs. The cash was paid out of unrestricted cash available for any Enterprise Fund purpose i.e., was not set aside strictly for capital asset construction or acquisition. 4. Paid principal, $18, and interest, $59, on a mortgage note. 5. The Enterprise Fund collected $12,500 from external customers and $2,500 from the General Fund for services. 6. The City signed a lease for equipment. The present value of the future payments and fair value of the equipment is $5,000, and the City made a down payment of $500 7. Proceeds of bonds issued to refund previously outstanding bonds that had been issued to finance plant expansion several years earlier, $18,000. 8. Interest paid on the refunding bonds, $1,080. 9. Cash proceeds from sale of investments, $900. Investments were purchased with the proceeds of debt issued to finance construction of specialized equipment that is almost completed. 10. Cash received from a capital grant, $5,000. 11. Cash paid for construction costs that qualify under the capital grant, $1,500. 12. The City acquired land for future plant expansion, $750, by issuing a 10-year bond in the same amount. 13. Cash received from operating grants, $500. 14. Cash paid for salaries covered by operating grant, $85. 15. The city had an unrealized gain on investments of $12. 16. The Enterprise Fund incurred $10,000 in operating expenses, including $1,000 in depreciation, $3,000 for employees, and $6,000 paid to suppliers. All but $500 of the salary expenses were paid by year end. 17. Cash paid for equipment purchased with the proceeds of an operating grant, $34. 18. Cash received from the General Fund to cover part of the cost of plant expansion, $1,000. 19. Cash proceeds from the sale of fund capital assets, $23. 20. Cash received from another fund as a 6-month loan for the sole purpose of financing purchase of equipment, $90. The balance of cash and cash equivalents at October 1, 20X1, was $313. The balance of cash and cash equivalents at year end (9/30/20X2) is $26,250. Requirement: Prepare the City of Jim-town Enterprise Fund Statement of Cash Flows for the year ended September 30, 20X2. You may exclude the reconciliation of operating income to cash flows from operating activities. The following transactions occurred in the City of Jim-town Enterprise Fund: 1. Equipment belonging to the Enterprise Fund was sold for $300. 2. The proceeds from the sale of the asset were transferred to the General Fund. 3. Cash, $2,800, was paid for construction costs. The cash was paid out of unrestricted cash available for any Enterprise Fund purpose i.e., was not set aside strictly for capital asset construction or acquisition. 4. Paid principal, $18, and interest, $59, on a mortgage note. 5. The Enterprise Fund collected $12,500 from external customers and $2,500 from the General Fund for services. 6. The City signed a lease for equipment. The present value of the future payments and fair value of the equipment is $5,000, and the City made a down payment of $500 7. Proceeds of bonds issued to refund previously outstanding bonds that had been issued to finance plant expansion several years earlier, $18,000. 8. Interest paid on the refunding bonds, $1,080. 9. Cash proceeds from sale of investments, $900. Investments were purchased with the proceeds of debt issued to finance construction of specialized equipment that is almost completed. 10. Cash received from a capital grant, $5,000. 11. Cash paid for construction costs that qualify under the capital grant, $1,500. 12. The City acquired land for future plant expansion, $750, by issuing a 10-year bond in the same amount. 13. Cash received from operating grants, $500. 14. Cash paid for salaries covered by operating grant, $85. 15. The city had an unrealized gain on investments of $12. 16. The Enterprise Fund incurred $10,000 in operating expenses, including $1,000 in depreciation, $3,000 for employees, and $6,000 paid to suppliers. All but $500 of the salary expenses were paid by year end. 17. Cash paid for equipment purchased with the proceeds of an operating grant, $34. 18. Cash received from the General Fund to cover part of the cost of plant expansion, $1,000. 19. Cash proceeds from the sale of fund capital assets, $23. 20. Cash received from another fund as a 6-month loan for the sole purpose of financing purchase of equipment, $90. The balance of cash and cash equivalents at October 1, 20X1, was $313. The balance of cash and cash equivalents at year end (9/30/20X2) is $26,250. Requirement: Prepare the City of Jim-town Enterprise Fund Statement of Cash Flows for the year ended September 30, 20X2. You may exclude the reconciliation of operating income to cash flows from operating activities.
Expert Answer:
Answer rating: 100% (QA)
To prepare the Statement of Cash Flows for the Jimtown Enterprise Fund we need to classify the transactions into three categories Cash Flows from Operating Activities Cash Flows from Investing Activit... View the full answer
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date:
Students also viewed these accounting questions
-
A rectangle is inscribed in the region bounded by the x-axis, the y-axis, and the graph of x + 2y 8 = 0, as shown in the figure. (a) Write the area A of the rectangle as a function of x. (b)...
-
2. The aerodynamic drag of a new sports car is to be predicted at a speed of 60.0 mi/h at an air temperature of 25C. Automotive engineers build a one-third scale model of the car to test it in a wind...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
1. Find the general indefinite integral (x +x)dx 2. Find the general indefinite integral (u +4)(2u +1)du 7/4 1+cos? 0 de cos 0 3. Evaluate the integral . 4. Evaluate the integral by making the given...
-
Describe the organizational structure that results from each of the different bases of departmentalization. What implications does each of these structures have with regard to the distribution of...
-
Purpose (why are you writing?) Summary (what is the content of this memo, in one sentence?)
-
Marital status. The probability that a randomly chosen 50-yearold woman is divorced is about 0.18. This probability is a long-run proportion based on all the millions of women aged 50. Lets suppose...
-
The owner of Waco Waffle House is considering an expansion of the business. He has identified two alternatives, as follows: ¢ Build a new restaurant near the mall. ¢ Buy and renovate an old...
-
v 0 01:23:22 Question 30 of 47 Question 31 14 -/14 Question 32 Account View Policies Current Attempt in Progress On January 1, 2020, Sunland Company had 73,000 shares of $1 par value common stock...
-
Darcelle teaches skiing at the Snow School. Jack runs a ski shop called Up Hill, Down Hill. Their combined bank interest is $1,000. If they get a refund, they would like the money deposited into...
-
\f
-
A new partner C is invited to join in the AB partnership. Currently, A's and B's capital are $540,000 and $100,000, respectively. According to their profit and loss sharing contract, partner A and B...
-
The two tanks shown are connect through a mercury manometer. What is the relation between ???? and ? water Az water Ah
-
1. After reading about the types of rights that prisoners have while incarcerated, which of these rights, if any, should be reduced or diminished? Why? 2. In the same way, what rights do you believe...
-
According to the Socratic view of morality summarized by Frankena, is a person brought up by immoral parents in a corrupt society capable of making correct moral judgements? Why or why not? Do you...
-
Loma Company manufactures basketball backboards. The following information pertains to the company's normal operations per month: Output units15,000 boards Machine-hours4,000 hours Direct...
-
Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 34,000 Rets per year. Costs associated with this level of production and...
-
Solve each problem. Find the coordinates of the points of intersection of the line y = 2 and the circle with center at (4, 5) and radius 4.
-
Define earnings management. Discuss why it is difficult to discern whether a firm does in fact practice earnings management?
-
Starwood Hotels (Starwood) owns and operates many hotel properties under well-known brand names, including Sheraton, W, Westin, and St. Regis. Starwood focuses on the upper end of the lodging...
-
Often the application of the acquisitions method entails establishing one or more acquisition reserves. Define an acquisition reserve, provide several examples of such reserves, and discuss how the...
-
What are the three ways that ratios can be expressed? AppendixLO1
-
What is the purpose of profitability ratios? Explain earnings per share and the price-earnings ratio. AppendixLO1
-
What does a statement of stockholders' equity show? AppendixLO1
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App