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: Credits Debits $161,300 14,100 132,000 73,500 366,500 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 $ 29,300 95,200 17,600 45,500 488,300 261,900 $842,600 $842,600 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year: 1. Supplies were purchased on account for $134,900; the perpetual inventory method is used. 2. 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. 3. Salaries and wages paid to employees totaled $344,700, including related costs. 4. 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.) 5. Depreciation of the building was recorded in the amount of $14,700; depreciation of the machinery and equipment amounted to $13,200. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $396,000 186,300 7. Unpaid interfund receivable balances were as follows: Beginning of Year $ 3,900 10,200 End of Year $4,400 14,100 General Fund Special Revenue Fund 8. Vouchers payable at year-end were $23,500. 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry). 8. Vouchers payable at year-end were $23,500. 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. 582,300 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: Cost of Supplies Issued 161,300 Salaries and Wages Expense 344,700 Utilities Expense 44,000 Depreciation ExpenseBuilding 14,700 Depreciation Expense-Machinery and Equipment 13,200 577,900 4,400 Total Operating Expenses Operating Income Net Position, Beginning Net Position, Ending $ 4,400