The trial balance for the Metro School District Repair Shop at January 1, 20X6, was as follows:

Required The Repair Shop Fund had the following transactions during 20X6:

1. Materials purchased on account, $20,000.

2. Materials used, $7,000.

3. Payroll paid, $12,000.

4. Utilities paid, $3,500.

5. Billings to departments for repair services, $29,500.

6. Collections from departments, $27,900.

7. Equipment acquired under a capital lease; capitalizable cost, $8,000, and initial payment, $300.

8. Subsequent lease payments, $1,000, including $100 interest.

9. Depreciation on:

10. Payments on vouchers payable (for materials), $30,000.

(a) Prepare a worksheet for the Metro School District Repair Shop Fund for 20X6 with columns for the beginning trial balance, transactions and adjustments, adjusted trial balance, closing entries (operating statement), and year-end statement of net assets.

(b) Prepare a schedule computing the amounts to be reported for each of the three components of net assets in the statement of net assets of the Metro School District Repair Shop Fund at December 31, 20X6.

Transcribed Image Text:

Cash... Due from Other Funds. Inventory Building.... Equipment Accumulated Depreciation-Building Accumulated Depreciation Equipment Vouchers Payable Net Assets... .... ... Debit $ 30,000 40,000 10,000 35,000 100,000 $215,000 Credit $ 12,000 30,000 35,000 138,000 $215,000