90.2K

Verified Solution

Link Copied!

I only need the cash flow statement prepared for internal service funds.

Chapter 6 Part 1 Internal Service Fund Transactions Record journal entries for the following transactions for fiscal year 2017 and post them to the general ledger. Entry Reference 6.1.1 Abudget was prepared for FY 2017. It was estimated that the price charged other departments for supplies should be 1.25% of cost to achieve the desired breakeven for the year The amount due from other funds as of January 1, 2017, was collected in full. During the year, supplies were ordered and received in the amount of $307,000. This amount was posted to accounts payable. S15,000 of the advance from the Water and Sewer Fund, originally provided for construction, was repaid. No interest is charged. 6.1.2 6.1.3 6.1.4 6.1.5 During the year, supplies costing $250,560 were issued to the General Fund, and supplies costing $46,400 were issued to the Water Utility Fund. These funds were charged based on the previously determined markup (S 313,200 to General Fund and 58,000 to the Water and Sewer Fund). 6.1.6 Operating expenses, exclusive of depreciation, were recorded in accounts payable as follows: Purchasing, $15,000; Warehousing, S16,900; Delivery, $17,500; and Administrative, S9,000. Cash was received from the General Fund in the amount of S310,000 and from the Water and Sewer Fund in the amount of $50,000 6.1.7 Accounts payable were paid in the amount of $365,000. Depreciation in the amount of $10,000 was recorded for buildings and S4,600 for equipment. 6.1.8 6.1.9 Closing Entries: Prepare and post the closing entries for the Stores and Service Fund (there is a separate tab in the template for these entries). Assume there is no Restricted Net Position when computing the balance in the net position account. The column for the Stores and Service Fund can now be completed in both the Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position and the Proprietary Funds Statement of Net Position. Chapter 6 Part 1 Internal Service Fund Transactions Record journal entries for the following transactions for fiscal year 2017 and post them to the general ledger. Entry Reference 6.1.1 Abudget was prepared for FY 2017. It was estimated that the price charged other departments for supplies should be 1.25% of cost to achieve the desired breakeven for the year The amount due from other funds as of January 1, 2017, was collected in full. During the year, supplies were ordered and received in the amount of $307,000. This amount was posted to accounts payable. S15,000 of the advance from the Water and Sewer Fund, originally provided for construction, was repaid. No interest is charged. 6.1.2 6.1.3 6.1.4 6.1.5 During the year, supplies costing $250,560 were issued to the General Fund, and supplies costing $46,400 were issued to the Water Utility Fund. These funds were charged based on the previously determined markup (S 313,200 to General Fund and 58,000 to the Water and Sewer Fund). 6.1.6 Operating expenses, exclusive of depreciation, were recorded in accounts payable as follows: Purchasing, $15,000; Warehousing, S16,900; Delivery, $17,500; and Administrative, S9,000. Cash was received from the General Fund in the amount of S310,000 and from the Water and Sewer Fund in the amount of $50,000 6.1.7 Accounts payable were paid in the amount of $365,000. Depreciation in the amount of $10,000 was recorded for buildings and S4,600 for equipment. 6.1.8 6.1.9 Closing Entries: Prepare and post the closing entries for the Stores and Service Fund (there is a separate tab in the template for these entries). Assume there is no Restricted Net Position when computing the balance in the net position account. The column for the Stores and Service Fund can now be completed in both the Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position and the Proprietary Funds Statement of Net Position

Answer & Explanation Solved by verified expert

See Answer