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 $ 76,900 6,400 63,000 35,500 174,500 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 $ 13,900 45,100 8,400 21,800 232,800 124,500 $ 401,400 $ 401,400 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year: 1. Supplies were purchased on account for $64,300; the perpetual inventory method is used. 2. The cost of supplies used during the year was $76,900. A physical count taken as of that date showed materials and supplies on hand totaled $50,400 at cost. 3. Salaries and wages paid to employees totaled $164,600, including related costs. 4. Billings totaling $21,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $18,900 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 $7,100; depreciation of the machinery and equipment amounted to $6,300. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $189,000 89,000 7. Unpaid interfund receivable balances were as follows: Beginning of Year $1,800 4,600 End of Year $ 2,100 6,400 General Fund Special Revenue Fund 8. Vouchers payable at year-end were $11,300. 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry). c. Prepare a statement of net position for the Central Garage Fund as of year-end. Answer is complete but not entirely correct. CITY OF ASHVILLE Central Garage Fund Statement of Net Position Assets IS Current Assets: Cash Due from Other Funds Inventory of Supplies OOO 0 x 8,500 50,400 S 58.900 35,500 S OOOO 174,500 21,000 45,100 153,500 Total Current Assets Capital Assets: Land Building Less: Allowance for Depreciation-Building Machinery and Equipment Less: Allowance for DepreciationMachinery and Equipment Total Capital Assets Total Assets Liabilities Vouchers Payable Due to Other Funds 14,700 30,400 219,400 278,300 OO 11,300 2.100 Total Current Liabilities 13,400 Net Position 219,400 Net Investment in Capital Assets Unrestricted 0 Total Net Position S 219,400