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inte r nal service fund entries and statements bell e vue city 8217 s printing shop 733862

Inte r nal Service Fund Entries and Statements

Bell e vue City s printing shop had the foll o wing trial balance on January 1, 20X2:

Debit C r edit

Cash

$ 24,600

Due from Other Funds

15,600

Inventory of Supplies

9,800

Furniture & Equipment

260,000

Accumulated Depreciation

$ 50,000

Vouchers Payable

12,000

Net Assets:

Invested in Capital Assets (no related debt)

210,000

Unrestricted

38,000

Total

$310,000

$310,000

Additional Information for 20X2

1. During 20X2, the printing shop acquired supplies for $96,000, furniture for $1,500, and a copier for $3,200.

2. Printing jobs billed to other funds amounted to $292,000; cash received from other funds,

$287,300; costs of printing jobs, $204,000, including $84,000 of supplies; operating expenses,

$38,000, including $8,400 of supplies; depreciation expense, $23,000; and vouchers paid,

$243,000.

Required

a. Prepare entries for the printing shop for 20X2, including closing entries.

b . Prepare a statement of net assets for the fund on December 31, 20X2. No debt is related to the year end amount of the fund’s capital assets.

c . Prepare a statement of revenues, expenses, and changes in fund net assets for 20X2.

d. Prepare a statement of cash flows for 20X2.

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