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 Fund’s 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 Depreciation—Building					$	22,100
Machinery and Equipment		71,900
Allowance for Depreciation—Machinery and Equipment						13,200
Vouchers Payable						34,000
Net Position—Net Investment in Capital Assets						366,600
Net Position—Unrestricted						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.

Answer 1