The following is a Statement of Cash Flows for the risk management internal service fund of the City

The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. CITY OF WRIGHTVILLE Risk Management Internal Service Fund Statement of Cash Flows For the Year Ended June 30, 2017 Cash flows from operating activities: Cash received from other departments ……………………………………….. $925,000 Cash paid for suppliers and employees ………………………………………. (120,000) Cash paid on insurance claims ……………………………………………….. (700,000) Transfer from General Fund …………………………………………………… 250,000 Investment income received …………………………………………………….. 25,000 Interest paid on long-term debt ……………………………………………….. (15,000) Cash flows from operating activities …………………………………………… 365,000 Cash flows from investing activities: Acquisition of property, plant, and equipment ……………………………… (290,000) Purchase of investments ……………………………………………….

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