Question

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, 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				$	119,000
Accounts receivable	$	32,900
Accrued interest payable					36,100
Accumulated depreciation					54,500
Administrative and selling expenses		56,500
Allowance for uncollectible accounts					14,100
Capital assets		736,000
Cash		100,100
Charges for sales and services					583,000
Cost of sales and services		511,000
Depreciation expense		54,500
Due from General Fund		18,400
Interest expense		41,600
Interest revenue					5,800
Transfer in from General Fund					130,700
Bank note payable					628,900
Supplies inventory		21,100
Totals	$	1,572,100		$	1,572,100

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. (Deductions should be entered as a negative amount.)

VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the Year Ended December 31, 2020 Operating Loss Adjustments: Depreciation Expense ncrease in Accounts Receivable (net) ncrease in Receivables From Other Funds ncrease in Supplies ncrease in Accounts Payable 0 Net Cash Provided (Used) by Operating Activities

Below are my work before the reconciliation and these are all correct.

December 31	Charges for Sales and Services	583,000
		Transfer from General Fund	130,700
		Interest Revenue	5,800
		Cost of Sales and Services		511,000
		Depreciation Expense		54,500
		Administrative and Selling Expenses		56,500
		Interest Expense		41,600
		Net Position		55,900

VILLAGE OF SEASIDE PINES, ENTERPRISE FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2020 Revenues: Charges for Sales and Services $583,000 Total Revenues 583,000 Operating Expenses: Cost of Sales and Services 511,000 Depreciation Expense 54,500 Administrative and Selling Expenses 56,500 Total Operating Expenses 622,000 Operating Income (Loss) (39,000) Nonoperating Income (Expenses): Interest Revenue 5,800 Interest Expense (41,600) Total Nonoperating Revenue (35,800) Income (Loss) Before Transfers (74,800) Transfer from General Fund 130,700 Change in Net Position 55,900 Net Position - Beginning of Year 0 Net Position - End of Year $55,900

	VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2020 Net Position: Net Investment in Capital Assets $52,600 Unrestricted 3,300 Total Net Position $55,900

Answer 1

39000) VILA4L_OF SEASIDE PINES ENTERPRISE FUND Recenciliation of Operating Sutomas do . Net Cash bovilled by Operating Activities for the year Ended Dec 31, 2020 Drexoting lose 54,500 Bepie bal Accounts Receivable fhelle, 900- 14lbo) (18 derg) Incroone in Receivable from other hands (1 8406) Increase in supplies ( 44100) Increase in Accounts payable 119,000 36100 & nerease in Interest Payable -Net Casa Bravébeg kued I by Operating Aichwalde $190,300 Adly fastmonte Incollare Nole $ Operating Income /less Charger for Sales [ les cost of gendly Adminstratin & Selling Eup Dep. Exp. 583,000 5 11,000 565oo 54. The $-638,000)

Answer 2

Not include Accrued Interest paybale in Cash Flow reconcilation