Internal Service Fund Financial Statements

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