Question
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:
- Supplies were purchased on account for $101,300; the perpetual inventory method is used.
- 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.
- Salaries and wages paid to employees totaled $258,400, including related costs.
- 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.)
- Depreciation of the building was recorded in the amount of $10,900; depreciation of the machinery and equipment amounted to $9,900.
- 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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