Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information [The following information applies to the questions displayed below.] The City of Ashville operates an internal service fund to provide garage

image text in transcribedimage text in transcribed

! Required information [The 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-and-operated vehicles. The Central Garage Fund's preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $ 62,200 Due from Other Funds 4,900 Inventory of Supplies 51,000 Land 29,000 Building 141,000 Allowance for Depreciation-Building $ 11,200 Machinery and Equipment 36,300 Allowance for Depreciation-Machinery and Equipment 6,800 Vouchers Payable 17,700 Net Position-Net Investment in Capital Assets Net Position-Unrestricted 188,300 100,400 $324,400 $324,400 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year: 1. Supplies were purchased on account for $52,000; the perpetual inventory method is used. 2. The cost of supplies used during the year was $62,200. A physical count taken as of that date showed materials and supplies on hand totaled $40,800 at cost. 3. Salaries and wages paid to employees totaled $133,300, including related costs. 4. Billings totaling $17,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $15,300 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 $5,800; depreciation of the machinery and equipment amounted to $5,100. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $153,000 72,100 7. Unpaid interfund receivable balances were as follows: Beginning End of General Fund Special Revenue Fund of Year $1,400 3,500 Year $1,700 4,900 8. Vouchers payable at year-end were $9,200. 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng

11th edition

538480289, 978-0538480284

More Books

Students also viewed these Accounting questions