The City Of Ashville Operates An Internal Service

Question

The City of Ashville operates an internal service fund to provide garage space and repairs for al…

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).

  1. Prepare a statement of net position for the Central Garage Fund
    as of year-end.

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