Inglis City had a beginning cash balance in its enterprise fund of $895,035. Dur
ID: 2513299 • Letter: I
Question
Inglis City had a beginning cash balance in its enterprise fund of $895,035. During 2017, the following transactions occurred:
Inglis City had a beginning cash balance in its enterprise fund of $895,035. During 2017, the following transactions occurred:
Inglis City had a beginning cash balance in its enterprise fund of $895,035. During 2017, the following ransactions occurred 1. Interest received on investments totaled S42,390. 2. The city acquired additional equity investments totaling 574,440 3. A grant was received from the state in the amount of $49,500 for summer interns. 4. Receipts from sales of goods or services totaled $2,888,200 5. Payments for supplies were made in the amount of $1,625,800 6. Payments to employees for sais amounted to $474,700 7. Equipment was sold for S58,800. lt had a book value of $55,985. 8. $24,900 was transferred to the General Fund 9. Other cash expenses for operations were $89,100. 10. Long-term debt payments totaled $524,700. Required Prepare a statement of cash lows for the Ingis City enterprise fund. (Negative amounts should be indicated by a minus sign.) Enterprise Fund Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Cash Received firom Customers Cash Paid To: Net Cash Provided by Operating Activities Cash Flows from Noncapital Financing Activities Net Cash Provided by Noncapital Financing Activities Cash Flows from Capital Financing Activities Net Cash Used by Capital Financing Activities Cash Flows from Investing Activities Net Cash Provided by Investing Activities Net Increasein Cash and Cash Equivalents Cash and Cash Equivalents, 1/1/2017 Cash and Cash Equivalents, 12/31/2017Explanation / Answer
Cash Flow Statement A.Cash flow from Operting Activities Cash received from Customers 2886200 Cash Paid to Suppliers 1625800 Employees 474700 Other 89100 -2189600 1.Net Cash flow from Operating Activities 696600 B.Cash flow from Investing Activities Interest on Investments 42390 Purchase of Equity Investments -74440 Proceeds from Sale of Equipment 56800 2.Net Cash flow from Investing Activities 24750 C.Cash flow from Financing Activities Grants from State 49500 Debt Payment -524700 3.Net Cash flow from Financing Activities -475200 a.Net Increase in Cash and Cash Equivalents(1+2+3) 246150 b.Cash and Cash Equivalents 01/01/2017 895035 c.Cash and Cash Equivalents 12/31/2017(a+b) 1141185