The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 40E
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The Village of Seaside Pines prepared the following enterprise fund
Debits | Credits | |
---|---|---|
Accounts payable | $ 108,000 | |
Accounts receivable | $ 27,400 | |
Accrued interest payable | 30,600 | |
49,000 | ||
Administrative and selling expenses | 51,000 | |
Allowance for uncollectible accounts | 13,000 | |
Capital assets | 714,000 | |
Cash | 96,800 | |
Charges for sales and services | 561,000 | |
Cost of sales and services | 500,000 | |
Depreciation expense | 49,000 | |
Due from General Fund | 17,300 | |
Interest expense | 40,500 | |
Interest revenue | 5,300 | |
Transfer in from General Fund | 117,600 | |
Bank note payable | 630,400 | |
Supplies inventory | 18,900 | |
Totals | $ 1,514,900 | $ 1,514,900 |
Required:
Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of the December 31 Statement of Cash Flows. Recall that the beginning balance of all assets and liabilities is zero.
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