Answer Question (No Plagarisim) – assignmentcollections.com
Business Finance Assignment Collections – assignmentcollections.com
Central Garage Internal Service Fund. 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 was established by a contribution of $300,000 from the General Fund on July 1, 2017, at which time the land and building were acquired. The post-closing trial balance at June 30, 2017, was 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 |
|
|
Nets Position–Unrestricted |
$178,000 |
|
|
Total |
$574,000 |
$574,000 |
The following information applies to the fiscal year ended June 30, 2017:
- Supplies were purchased on account for $92,000; the perpetual inventory method is used.
- The cost of supplies used during the year ended June 30, 2017, was $110,000. A physical count taken as of that date showed materials and supplies on 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 enterprise fund for utility charges. The Central Garage Fund paid $27,000 of the amount owed.
- Depreciation of the building was recorded in the amount of $12,000; depreciation of the machinery and equipment amounted to $8,000.
- Billings to other departments for services provided to them were as follows:
|
General Fund |
$270,000 |
|
Special Revenue Fund |
127,000 |
- Unpaid interfund receivable balances were as follows:
|
6/30/16 |
6/30/17 |
|
|
General Fund |
$2,500 |
$3,000 |
|
Special Revenue Fund |
6,500 |
9,000 |
- Vouchers payable at June 30, 2017, were $16,000.
- For June 30, 2017, closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry).
Using this information
- Assume all expenses at the government-wide level are charged to the General Government function. Prepare journal entries to record all of the trans- actions for this period in the Central Garage Fund accounts and in the governmental activities accounts.
- Prepare a statement of revenues, expenses, and changes in net position for the Central Garage Fund for the period ended June 30, 2017.
- Prepare a statement of net position for the Central Garage Fund as of June 30, 2017.
- Explain what the Central Garage Fund would need to report at the governmental activities level, and where the information would be reported.
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