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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 Funds preclosing trial

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 Funds preclosing trial balance for the current fiscal year is as follows:

Debits Credits
Cash $ 121,100
Due from Other Funds 10,200
Inventory of Supplies 99,000
Land 54,500
Building 275,500
Allowance for DepreciationBuilding $ 22,100
Machinery and Equipment 71,900
Allowance for DepreciationMachinery and Equipment 13,200
Vouchers Payable 34,000
Net PositionNet Investment in Capital Assets 366,600
Net PositionUnrestricted 196,300
$ 632,200 $ 632,200

The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year:

  1. Supplies were purchased on account for $101,300; the perpetual inventory method is used.
  2. The cost of supplies used during the year was $121,100. A physical count taken as of that date showed materials and supplies on hand totaled $79,200 at cost.
  3. Salaries and wages paid to employees totaled $258,400, including related costs.
  4. Billings totaling $33,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $29,700 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 $10,900; depreciation of the machinery and equipment amounted to $9,900.
  6. Billings to other departments for services provided to them were as follows:

General Fund $ 297,000
Special Revenue Fund 139,600

7. Unpaid interfund receivable balances were as follows:

Beginning of Year End of Year
General Fund $ 2,800 $ 3,300
Special Revenue Fund 7,400 10,200

8. Vouchers payable at year-end were $17,500.

9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry).

Prepare a statement of revenues, expenses, and changes in fund net position for the Central Garage Fund for the period.

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