The City of Ashville operates an internal service fund to providegarage space and repairs for all city-owned-and-operated vehicles.The Central Garage Fund’s preclosing trial balance for the currentfiscal year is as follows:
| Debits | | Credits | |
| Cash | $ | 110,000 | | | | | | |
| Due from Other Funds | | 9,000 | | | | | | |
| Inventory of Supplies | | 90,000 | | | | | | |
| Land | | 50,000 | | | | | | |
| Building | | 250,000 | | | | | | | | |
| Allowance for Depreciation—Building | | | | | $ | 20,000 | | |
| Machinery and Equipment | | 65,000 | | | | | | |
| Allowance for Depreciation—Machinery and Equipment | | | | | | 12,000 | | |
| Vouchers Payable | | | | | | 31,000 | | |
| Net Position—Net Investment in Capital Assets | | | | | | 333,000 | | |
| Net Position—Unrestricted | | | | | | 178,000 | | |
| $ | 574,000 | | | $ | 574,000 | | |
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The following information, not yet reflected in the preclosingfigures above, applies to the current fiscal year:
- Supplies were purchased on account for $92,000; the perpetualinventory method is used.
- The cost of supplies used during the year was $110,000. Aphysical count taken as of that date showed materials and supplieson hand totaled $72,000 at cost.
- Salaries and wages paid to employees totaled $235,000,including related costs.
- Billings totaling $30,000 were received from the enterprisefund for utility charges. The Central Garage Fund paid $27,000 ofthe amount owed. (At the government-wide level, record the payableamount as Internal Balances.)
- Depreciation of the building was recorded in the amount of$10,000; depreciation of the machinery and equipment amounted to$9,000.
- Billings to other departments for services provided to themwere as follows:
| | | |
| General Fund | $ | 270,000 | |
| Special Revenue Fund | | 127,000 | |
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7. Unpaid interfund receivable balances were as follows:
| Beginning of Year | | End of Year | |
| General Fund | $ | 2,500 | | | $ | 3,000 | | |
| Special Revenue Fund | | 6,500 | | | | 9,000 | | |
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8. Vouchers payable at year-end were $16,000.
9. Closing entries were Prepared for the Central Garage Fund(ignore government-wide closing entry).
Assume all expenses at the government-wide level arecharged to the General Government function. Prepare journal entriesto record all of the transactions for this period in the CentralGarage Fund accounts and in the governmental activitiesaccounts.
Prepare closing entries for the Central Garage Fund(ignore government-wide closing entry).
Prepare a statement of net position for the CentralGarage Fund as of year-end.
