The trial balance for the Metro School District Repair Shop at January 1, 20X6, was as follows:

The Repair Shop Fund had the following transactions during 20X6:
1. Materials purchased on account, $20,000.
2. Materials used, $7,000.
3. Payroll paid, $12,000.
4. Utilities paid, $3,500.
5. Billings to departments for repair services, $29,500.
6. Collections from departments, $27,900.
7. Equipment acquired under a capital lease; capitalizable cost, $8,000, and initial payment, $300.
8. Subsequent lease payments, $1,000, including $100 interest.
9. Depreciation on:
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000
$6,000

Required
(a) Prepare a worksheet for the Metro School District Repair Shop Fund for 20X6 with columns for the beginning trial balance, transactions and adjustments, adjusted trial balance, closing entries (operating statement), and year-end statement of net position.
(b) Prepare a schedule computing the amounts to be reported for each of the three components of net position in the statement of net position of the Metro School District Repair Shop Fund at December 31,20X6.

Transcribed Image Text:

Debit Credit Cash .. 30,000 Duc from Other Funds . 40,000 Building.... Equipmen 100,000 12,000 30,000 5,000 138,000 215,000 215,000 Accumul ment