Question
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
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 | $ | 161,300 | ||||||||
Due from Other Funds | 14,100 | |||||||||
Inventory of Supplies | 132,000 | |||||||||
Land | 73,500 | |||||||||
Building | 366,500 | |||||||||
Allowance for DepreciationBuilding | $ | 29,300 | ||||||||
Machinery and Equipment | 95,200 | |||||||||
Allowance for DepreciationMachinery and Equipment | 17,600 | |||||||||
Vouchers Payable | 45,500 | |||||||||
Net PositionNet Investment in Capital Assets | 488,300 | |||||||||
Net PositionUnrestricted | 261,900 | |||||||||
$ | 842,600 | $ | 842,600 | |||||||
The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year:
- Supplies were purchased on account for $134,900; the perpetual inventory method is used.
- The cost of supplies used during the year was $161,300. A physical count taken as of that date showed materials and supplies on hand totaled $105,600 at cost.
- Salaries and wages paid to employees totaled $344,700, including related costs.
- Billings totaling $44,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $39,600 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances.)
- Depreciation of the building was recorded in the amount of $14,700; depreciation of the machinery and equipment amounted to $13,200.
- Billings to other departments for services provided to them were as follows:
General Fund | $ | 396,000 | |
Special Revenue Fund | 186,300 | ||
7. Unpaid interfund receivable balances were as follows:
Beginning of Year | End of Year | |||||||
General Fund | $ | 3,900 | $ | 4,400 | ||||
Special Revenue Fund | 10,200 | 14,100 | ||||||
8. Vouchers payable at year-end were $23,500.
9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry).
I need help on making a net position for the Central Garage Fund as of year-end.
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- Where would the information be reported at the governmental activities level?
As a separate enterprise fund or As part of the governmental activities column
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