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 $ 84,320 7,200 69,00 38,500 191,500 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 $ 15,300 49,780 9,290 23,899 255,200 136,790 $440,200 $440, 290 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year: 1. Supplies were purchased on account for $70.500: the perpetual inventory method is used. 2. The cost of supplies used during the year was $84,300. A physical count taken as of that date showed materials and supplies on hand totaled $55,200 at cost. 3. Salaries and wages paid to employees totaled $180,200, including related costs. 4. Billings totaling $23.000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $20.700 of the amount owed. (At the government-wide level, record the payable amount as Intemal Balances.) 5. Depreciation of the building was recorded in the amount of $7,700: depreciation of the machinery and equipment amounted to $6.900 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $ 27,000 97,400 7. Unpaid interfund receivable balances were as follows: Beginning of Year $2,690 5,280 End of Year $ 2,380 7,200 General Fund Special Revenue Fund 8. Vouchers payable at year-end were $12.300. 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. 304,400 CITY OF A SHVILLE Central Garage Fund Statement of Revenues, Expenses, and Changes in Fund Net Position For Current Fiscal Year Billing to Departments S Operating Expenses: Cost of Supplies Issued 84,300 Salaries and Wages Expense 180.200 Utilities Expense 23,000 Depreciation Expense-Building 7.700 Depreciation Expense Machinery and Equipment 6.900 302.100 2.300 Total Operating Expenses Operating Income Net Position, Beginning Net Position, Ending S 2.300