e following information applies to the questions displayed below.] The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-ad- operated vehicles. The Central Garage Fund's preclosing trial balance for the current fiscal year is as follows: Credits Debits $154,000 13,400 126,000 70,000 350,000 Cash Due from Other Funds Inventory of Supplies Land Building Allowance for Depreciation-Building Machinery and Equipment Allowance for Depreciation-Machinery and Equipment Vouchers Payable Net Position-Net Investment in Capital Assets Net Position-Unrestricted s 28000 16,800 43,400 466.200 91,000 tea 250,000 $804,400 $804.400 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year 1 Supplies were purchased on account for $128,800; the perpetual inventory method is used. 2. The cost of supplies used during the year was $154,000. A physical count taken as of that date showed materials and supplies on hand totaled $100,800 at cost 3. Salaries and wages paid to employees totaled $329,000, including related costs. 4. Billings totaling $42,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $37,800 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances) 5. Depreciation of the building was recorded in the amount of $14,000; depreciation of the machinery and 6. Billings to other departments for services provided to them were as follows: equipment amounted to $12,600. General Fund Special Revenue Fund $378,000 177,800 7. Unpaid interfund receivable balances were as follows: Beginning of Year End of Year General Fund Special Revenue Fund $3700 $ 4200 9,700 13,400 8. Vouchers payable at year-end were $22,400. 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry) b. Prepare a statement of revenues, expenses, and changes in fund net position for the Central Garage Fund for the period. CITY OF ASHVILLE Central Garage Fund Statement of Revenues, Expenses, and Changes in Fund Net Position For Current Fiscal Year Billing to Departments Operating Expenses Total Operating Expenses Net Position, Beginning Net Position, Ending References Learning Objective: 07-04 Explain how an enterprise fund is distinguished from an internal service fund and when an enterprise fund is required. Financial Statements Difficulty: 2 Medium