Menu
support@graduatecourseshelp.com
+1(805) 568 7317

explain what the central garage fund would need to report at the governmental activi 642140

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, 2008, at which time the land and building were acquired. The post closing trial balance at June 30, 2010, 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 Assets—Invested in Capital Assets

 

333,000

Nets Assets—Unrestricted

$574,000

178,000 $574,000

       

The following information applies to the fiscal year ended June 30, 2011:

1. Supplies were purchased on account for $92,000; the perpetual inventory method is used.

2. The cost of supplies used during the year ended June 30, 2011, was $110,000. A physical count taken as of that date showed materials and supplies on hand totaled $72,000 at cost.

3. Salaries and wages paid to employees totaled $235,000, including related costs.

4. Billings totaling $30,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $27,000 of the amount owed.

5. Depreciation of the building was recorded in the amount of $10,000; depreciation of the machinery and equipment amounted to $9,000.

6. Billings to other departments for services provided to them were as follows:

General Fund

$270,000

Special Revenue Fund

37,000

Water and Sewer Utility Fund

90,000

7. Unpaid inter fund receivable balances were as follows:

 

6/30/10

6/30/11

General Fund

$2,500

$3,000

Special Revenue Fund

3,500

7,000

Water and Sewer Utility Fund

3,000

2,000

8. Vouchers payable at June 30, 2011, were $16,000.

9. For June 30, 2011, closing entries were prepared for the Central Garage Fund

Required

a. Assume all expenses at the government wide level are charged to the General Government function. Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts.

b. Prepare a statement of revenues, expenses, and changes in net assets for the Central Garage Fund for the period ended June 30, 2011.

c. Prepare a statement of net assets for the Central Garage Fund as of June 30, 2011.

d. Explain what the Central Garage Fund would need to report at the governmental activities level, and where the information would be reported.

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"GET15"

Order Now