Inglis City had a beginning cash balance in its enterprise fund of $896,335. Dur
ID: 2470871 • Letter: I
Question
Inglis City had a beginning cash balance in its enterprise fund of $896,335. During 2017, the following transactions occurred: 1. Interest received on investments totaled $42,440. 2. The city acquired additional equity investments totaling $75,820. 3. A grant was received from the state in the amount of $50,500 for summer interns. 4. Receipts from sales of goods or services totaled $2,944,600. 5. Payments for supplies were made in the amount of $1,658,600. 6. Payments to employees for salaries amounted to $484,200. 7. Equipment was sold for $58,000. It had a book value of $57,425. 8. $25,400 was transferred to the General Fund. 9. Other cash expenses for operations were $90,800. 10. Long-term debt payments totaled $534,600.
Explanation / Answer
Ans-
Cash Balance 896,335 Opening Inflow Outflow 1 Interest received on investments totaled 42,440 42,440 2 The city acquired additional equity investments totaling 75,820 75,820 3 A grant was received from the state in the amount of 50,500 for summer interns 50,500 50,500 4 Receipts from sales of goods or services totaled 2,944,600 2,944,600 5 Payments for supplies were made in the amount of 1,658,600 1,658,600 6 Payments to employees for salaries amounted to 484,200 484,200 7 Equipment was sold for 28000 It had a book value of $57,425 58,000 28,000 8 25,400 was transferred to the General Fund 25,400 9 Other cash expenses for operations were 90,800 90,800 10 Long-term debt payments totaled 534,600 534,600 896,335 3,065,540 2,844,020 Cash Closing balance (Opening balance+Inflow-Outflow) 1,117,855