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The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2009.
6–10. The Village of Parry reported the following for its Print Shop Fund for theyear ended April 30, 2009.VILLAGE OF PARRY—PRINT SHOP FUNDStatement of Revenues, Expenses, and Changes in Net AssetsFor the Year Ended April 30, 2009Operating revenues:Charges for services $1,000,000Operating expenses:Salaries and benefits $500,000Depreciation 200,000Supplies used 200,000Utilities 70,000 970,000Income from operations 30,000Nonoperating income (expenses):Interest revenue 30,000Interest expense (50,000) (20,000)Net income before transfers 10,000Transfers in 180,000Changes in net assets 190,000Net assets—beginning 1,120,000Net assets—ending $1,310,000The Print Shop Fund records also revealed the following:1. Contribution from Water Utility Fundfor working capital needs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 80,0002. Contribution from General Fundfor purchase of equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . 100,0003. Loan from Water Utility Fundfor purchase of equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,0004. Purchase of equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (450,000)5. Purchase of one-year investments . . . . . . . . . . . . . . . . . . . . . .. (100,000)6. Paid off a bank loan outstanding at May 1, 2008 . . . . . . . . . . $50,000Paid interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $1,000The loan was for short-term operating purposes.7. Signed a capital lease on April 30, 2009 . . . . . . . . . . . . . . . . . . . . $42,180The following balances were observed in current asset and current liabilityaccounts. ( ) denote credit balances:5/1/08 4/30/09Cash $151,000 $233,000Accrued interest receivable 5,000 10,000Due from other funds 40,000 50,000Accrued salaries and benefits (20,000) (30,000)Utility bills payable (4,000) (5,000)Accounts payable (30,000) (25,000)Accrued interest payable (5,000) (7,000)Prepare a Statement of Cash Flows for the Village of Parry Print ShopFund for the Year Ended April 30, 2009. Include the reconciliation of operatingincome to net cash provided by operating activities.
