The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operate vehicles. The Central Garage Fund's preclosing trial balance for the current fiscal year is as follows: Credits Debits $ 54,900 4,200 45,000 25,500 124,500 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 $ 9,900 32,100 6,000 15,600 166, 200 88,500 $286, 200 $286,200 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year: 1. Supplies were purchased on account for $45,900; the perpetual inventory method is used. 2. The cost of supplies used during the year was $54,900. A physical count taken as of that date showed materials and supplies on hand totaled $36,000 at cost. 3. Salaries and wages paid to employees totaled $117,600, including related costs. 4. Billings totaling $15,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $13,500 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 $5,100; depreciation of the machinery and equipment amounted to $4,500. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $135,000 63,600 7. Unpaid interfund receivable balances were as follows: Beginning of Year $1,200 3,000 General Fund Special Revenue Fund End of Year $ 1,500 4,200 8. Vouchers payable at year-end were $8,100. 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. 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: Total Operating Expenses 0 0 Net Position, Beginning Net Position, Ending EA $ 0