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 $110,000 9,000 90,000 50,000 250,000 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 $ 20,000 65,000 12,000 31,000 333,000 178,000 $574,000 $574,000 i ne following information, not yet reflected in the preciosing figures above, applies to the current riscal year. 1. Supplies were purchased on account for $92,000; the perpetual inventory method is used. 2. The cost of supplies used during the year was $110,000. A physical count taken as of that date showed materials and supplies on hand totaled $72,000 at cost. 3. Salaries and wages paid to employees totaled $235,000, including related costs. 4. Billings totaling $30,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $27,000 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 $10,000; depreciation of the machinery and equipment amounted to $9,000. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $ 270,000 127,000 7. Unpaid interfund receivable balances were as follows: Beginning End of of Year Year General Fund $2,500 $3,000 Special Revenue Fund 6,500 9,000 8. Vouchers payable at year-end were $16,000. 9. Closina entries were prepared for the Central Garage Fund (anore covernment-wide closina entrvi. Required information a-1. Assume all expenses at the government-wide level are charged to the General Government function. Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit Fund / Governmental Transaction Activties General Journal 1. Supplies were purchased on account for $92,000; the perpetual inventory method is used 1 Internal Service Fund Inventory of Supplies Vouchers Payable Governmental Activities No Joumal Entry Required 2. The cost of supplies used during the year was $110,000. A physical count taken as of that date showed materials and supplies on hand totaled $72,000 at cost. 2 Internal Service Fund Cost of Supplies Issued inventory of Supplies Governmental Activities 3. Salaries and wages paid to employees totaled $235,000, including related costs 3 Internal Service Fund Governmental Activities 4. Billings totaling $30,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $27,000 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances.) 4 Internal Service Fund Governmental Activities 5. Depreciation of the building was recorded in the amount of $10,000; depreciation of the machinery and equipment amounted to $9,000. 5 Internal Service Fund Governmental Activities 6. Record the billings to other departments. 6 Internal Service Fund Governmental Activities 7. Record the dues received from other funds. 7 Internal Service Fund Governmental Activities 8. Vouchers payable at year-end were $16.000. 8 Internal Service Fund Governmental Activities Fund General Journal 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry) ga Internal Service Fund Prepare the closing entry for the expenses. Debit Credit 9b Record the operating loss/profit for the year. 9c Record the net change in investment in capital assets. 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: Cost of Supplies Issued Salaries and Wages Expense Utilities Expense Depreciation Expense-Building Depreciation Expense---Machinery and Equipment 0 0 Total Operating Expenses Operating Income Net Position, Beginning Net Dreitinn En c. Prepare a statement of net position for the Central Garage Fund as of year-end. CITY OF ASHVILLE Central Garage Fund Statement of Net Position Assets Current Assets: Cash Due from Other Funds Inventory of Supplies $ 0 Total Current Assets Capital Assets: Land Building Less: Allowance for Depreciation-Building Machinery and Equipment Less: Allowance for Depreciation-Machinery and Equipment 0 0 Machinery and Equipment Less: Allowance for Depreciation-Machinery and Equipment 0 Total Capital Assets Total Assets 0 0 Liabilities Vouchers Payable Due to Other Funds 0 Total Current Liabilities Net Position Net Investment in Capital Assets Unrestricted Total Net Position + 0