Case Study 2-Internal Service Fund<\/p>\n
The City of Granville operates an internal service fund to provide garage space and repairs for city-owned and operated vehicles. The Garage Fund\u2019s preclosing trial balance for the current fiscal year is as follows.<\/p>\n
Debits Credits<\/p>\n
Cash $ 140,000 <\/p>\n
Due from Other Funds 18,000<\/p>\n
Inventory of Supplies 120,000<\/p>\n
Land 60,000<\/p>\n
Building 290,000<\/p>\n
Allowance for Depreciation-Building $ 40,000<\/p>\n
Machinery and Equipment 75,000<\/p>\n
Allowance for Depreciation-Machinery<\/p>\n
And Equipment 15,000<\/p>\n
Vouchers Payable 36,000<\/p>\n
Net Position-Net Investment in Capital<\/p>\n
Assets 347,000<\/p>\n
Net Position-Unrestricted 265,000<\/p>\n
$ 703,000 $ 703,000<\/p>\n
The following information has not been reflected in the preclosing figures above, applies to the current year.<\/p>\n
Supplies were purchased on account for $98,000; the perpetual inventory method is used.<\/p>\n
The cost of supplies used during the year was $130,000. A physical count taken as of that date showed materials and supplies on hand totaled $88,000 at cost.<\/p>\n
Salaries and wages paid to employees totaled $245,000; including related costs.<\/p>\n
Billings totaled $36,000 were received from the city enterprise fund for utility charges. The Central Garage Fund paid $31,000 of the amount owed. (At the governmental level, record the payable amount as Internal Balances).<\/p>\n
Depreciation on the building was $12,000; depreciation on the machinery and equipment was $10,000.<\/p>\n
Billings to other departments for services provided to them were as follows.<\/p>\n
General Fund $310,000<\/p>\n
Special Revenue Fund 137,000<\/p>\n
Unpaid interfund receivable balances were as follows.<\/p>\n
6\/30\/20X0 6\/30\/20X1<\/p>\n
General Fund $ 14,000 $ 11,000<\/p>\n
Special Revenue Fund 4,000 6,500<\/p>\n
Vouchers Payable at year-end were $21,000.<\/p>\n
Closing entries were prepared for the Central Garage Fund. (Do not prepare government-wide closing entries.)<\/p>\n
Required:<\/p>\n
Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts. Assume all expenses at the government-wide level are charged to the General Government function.<\/p>\n
Prepare a statement of revenues, expenses, and changes in fund net position for the Central Garage Fund for the period.<\/p>\n
Prepare a statement of net position for the Central Garage Fund as of year-end.<\/p>\n","protected":false},"excerpt":{"rendered":"
Case Study 2-Internal Service Fund The City of Granville operates an internal service fund to provide garage space and repairs for city-owned and operated vehicles. The Garage Fund\u2019s preclosing trial balance for the current fiscal year is as follows. Debits Credits Cash $ 140,000 Due from Other Funds 18,000 Inventory of Supplies 120,000 Land 60,000 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-78146","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/78146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=78146"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/78146\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=78146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=78146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=78146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}