At the beginning of fiscal year $2014,$ the City of Wooster established a central supplies storehouse to service its several funds. The general fund contributed $$20,000,000($nonrefundable$)$ to aid in the establishment of the supplies storehouse. It was agreed that the storehouse would charge other funds for the purchase price of supplies plus $25\%.$ During the year, the storehouse purchased $$18,000,000$ of supplies, paid operating expenses of $$1,000,000,$ and billed other funds for $$21,250,000.$ All accounts are settled except $$900,000$ remaining to be collected from the general fund for supplies billed.

Required

Prepare the statement of revenues, expenses, and changes in net position for fiscal $2014,$ and the statement of net position at the end of fiscal $2014$ for the central supplies storehouse.

Enter your answers in thousands. For example, $$1,000,000$ is $$1,000.$

Do not use negative signs with any of your answers.

City of Wooster

Central Supplies Storehouse

Statement of Revenues, Expenses, and Changes in Net Position

For the Year $2014$

$($in thousands$)$

Operating revenue Answer

Operating expenses $(1)$ Answer

Operating income Answer

Capital contributions Answer

Change in net position Answer

Total net position$-$beginning Answer

Total net position$-$ending Answer

$(1)$ Includes cost of goods sold

City of Wooster

Central Supplies Storehouse

Statement of Net Position

At Fiscal Year$-$End $2014$

$($in thousands$)$

Assets

Current assets:

Cash Answer

Due from general fund Answer

Inventory Answer

Total assets Answer

Net position

Unrestricted Answer

Total net position Answer