Case Study 2 Internal Service Fund The City of Granville operates an internal service fund to provide garage space and repairs for city owned and operated vehicles The Garage Fund's preclosing trial balance for the current fiscal year is as follows Debits Credits Cash $ 140,000 Due from Other Funds 18,000 Inventory of Supplies 120,000 Land 60,000 Building 290,000 Allowance for Depreciation Building $ 40,000 Machinery and Equipment 75,000 Allowance for Depreciation Machinery And Equipment 15,000 Vouchers Payable 36,000 Net Position Net Investment in Capital Assets 347,000 Net Position Unrestricted 265,000 $ 703,000 $ 703,000 The following information has not been reflected in the preclosing figures above, applies to the current year Supplies were purchased on account for $98,000 the perpetual inventory method is used The cost of supplies used during the year was $130,000 A physical count taken as of that date showed materials and supplies on hand totaled $88,000 at cost Salaries and wages paid to employees totaled $245,000 including related costs Billings totaled $36,000 were received from the city enterprise fund for utility charges The Central Garage Fund paid $31,000 of the amount owed (At the governmental level, record the payable amount as Internal Balances) Depreciation on the building was $12,000 depreciation on the machinery and equipment was $10,000 Billings to other departments for services provided to them were as follows General Fund $310,000 Special Revenue Fund 137,000 Unpaid interfund receivable balances were as follows 6 30 20X0 6 30 20X1 General Fund $ 14,000 $ 11,000 Special Revenue Fund 4,000 6,500 Vouchers Payable at year end were $21,000 Closing entries were prepared for the Central Garage Fund (Do not prepare government wide closing entries ) Required Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts Assume all expenses at the government wide level are charged to the General Government function Prepare a statement of revenues, expenses, and changes in fund net position for the Central Garage Fund for the period Prepare a statement of net position for the Central Garage Fund as of year end

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Case Study 2-Internal Service Fund The City of Granville operates an internal service fund to provide garage space and repairs for city-owned and operated vehicles.

Case Study 2-Internal Service Fund

The City of Granville operates an internal service fund to provide garage space and repairs for city-owned and operated vehicles. The Garage Fund's preclosing trial balance for the current fiscal year is as follows.

Debits Credits

Cash $ 140,000

Due from Other Funds 18,000

Inventory of Supplies 120,000

Land 60,000

Building 290,000

Allowance for Depreciation-Building $ 40,000

Machinery and Equipment 75,000

Allowance for Depreciation-Machinery

And Equipment 15,000

Vouchers Payable 36,000

Net Position-Net Investment in Capital

Assets 347,000

Net Position-Unrestricted 265,000

$ 703,000 $ 703,000

The following information has not been reflected in the preclosing figures above, applies to the current year.

Supplies were purchased on account for $98,000; the perpetual inventory method is used.
The cost of supplies used during the year was $130,000. A physical count taken as of that date showed materials and supplies on hand totaled $88,000 at cost.
Salaries and wages paid to employees totaled $245,000; including related costs.
Billings totaled $36,000 were received from the city enterprise fund for utility charges. The Central Garage Fund paid $31,000 of the amount owed. (At the governmental level, record the payable amount as Internal Balances).
Depreciation on the building was $12,000; depreciation on the machinery and equipment was $10,000.
Billings to other departments for services provided to them were as follows.

General Fund $310,000

Special Revenue Fund 137,000

Unpaid interfund receivable balances were as follows.

6/30/20X0 6/30/20X1

General Fund $ 14,000 $ 11,000

Special Revenue Fund 4,000 6,500

Vouchers Payable at year-end were $21,000.
Closing entries were prepared for the Central Garage Fund. (Do not prepare government-wide closing entries.)

Required:

Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts. Assume all expenses at the government-wide level are charged to the General Government function.
Prepare a statement of revenues, expenses, and changes in fund net position for the Central Garage Fund for the period.
Prepare a statement of net position for the Central Garage Fund as of year-end.