The Village of Parry reported the following for its Print ShopFund for the year ended April 30, 2017.
Village of Parry-Print Shop Fund |
Statement of Revenues, Expenses, and Changes in Net Position |
For the Year ended April 30, 2017 |
Operating revenues: | | |
Charges for services | | $1,110,000 |
Operating expenses: | | |
Salaries and benefits | $500,000 | |
Depreciation | 303,000 | |
Supplies used | 202,000 | |
Utilities | 72.700 | |
Total operating expenses | | 1,077,700 |
Income from operations | | 32,300 |
Nonoperating income (expenses): | | |
Interest revenue | 3,400 | |
Interest expense | (5,500) | |
Total nonoperating expenses | | (2,100) |
Income before transfers | | 30,200 |
Transfers in | | 190,000 |
Changes in net position | | 220,200 |
Net position-beginning | | 1,124,000 |
Net position-ending | | $1,344,200 |
The Print Shop Fund records also revealed the following:
1. Contribution from General Fund for working capital needs | $86,000 |
2. Contribution from General Fund for purchase of equipment | 104,000 |
3. Loan (interest-free) from Water Utility Fund for purchase ofequipment | 304,000 |
4. Purchase of equipment | (504,000) |
5. Purchase of one-year investments | (54,000) |
6. Paid off a bank loan outstanding at May 1, 2016 | (66,300) |
The loan was for short-term operating purposes | |
And was the only interest-bearing debt outstanding | |
7. Signed a capital lease on April 30, 2017 | $47,900 |
The following balances were observed in current asset andcurrent liability accounts. ( ) denote credit balances:
| 5/1/2016 | 4/30/2017 |
Cash | $196,700 | $383,100 |
Accrued interest receivable | 300 | 800 |
Due from other funds | 40,000 | 58,000 |
Supplies | 0 | 0 |
Accrued salaries and benefits | (26,000) | (36,000) |
Utility bills payable | (5,200) | (8,000) |
Accounts payable (for supplies only) | (39,000) | (31,000) |
Accrued interest payable | (2,800) | 0 |
Bank loan payable | (66,300) | 0 |
Prepare a Statement of Cash Flows for the Village of Parry PrintShop Fund for the year ended April 30, 2017. Include thereconciliation of operating income to net cash provided byoperating activities.
