Question

Question text

Internal Service Fund Financial Statements

At the beginning of fiscal year 2014, the City of Wooster established a central supplies storehouse to service its several funds. The general fund contributed $26,000,000 (nonrefundable) to aid in the establishment of the supplies storehouse. It was agreed that the storehouse would charge other funds for the purchase price of supplies plus 15%. During the year, the storehouse purchased $22,000,000 of supplies, paid operating expenses of $3,000,000, and billed other funds for $21,275,000. All accounts are settled except $1,200,000 remaining to be collected from the general fund for supplies billed.

Required

Prepare the statement of revenues, expenses, and changes in net position for fiscal 2014, and the statement of net position at the end of fiscal 2014 for the central supplies storehouse.

  • Enter your answers in thousands. For example, $1,000,000 is $1,000.
  • Use a negative sign with your answer for operating income (loss) to indicate an operating loss; otherwise, do not use a negative sign with your answers.

City of Wooster Central Supplies Storehouse Statement of Net Position At Fiscal Year-End 2014 (in thousands) Assets Current aCity of Wooster Central Supplies Storehouse Statement of Revenues, Expenses, and Changes in Net Position For the Year 2014 (i

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Assets Curut ASSE Call Due havent Totalaun 2107S 1270 3500 25775 € Capital Contribund lass operating revenue Operating expecs

Add a comment
Know the answer?
Add Answer to:
Question text Internal Service Fund Financial Statements At the beginning of fiscal year 2014, the City...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Internal Service Fund Financial Statements At the beginning of fiscal year 2014, the City of Wooster...

    Internal Service Fund Financial Statements At the beginning of fiscal year 2014, the City of Wooster established a central supplies storehouse to service its several funds. The general fund contributed $26,000,000 (nonrefundable) to aid in the establishment of the supplies storehouse. It was agreed that the storehouse would charge other funds for the purchase price of supplies plus 15%. During the year, the storehouse purchased $22,000,000 of supplies, paid operating expenses of $3,000,000, and billed other funds for $21,275,000. All...

  • The City of Ashville operates an internal service fund to provide garage space and repairs for...

    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’s preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $ 121,100 Due from Other Funds 10,200 Inventory of Supplies 99,000 Land 54,500 Building 275,500 Allowance for Depreciation—Building $ 22,100 Machinery and Equipment 71,900 Allowance for Depreciation—Machinery and Equipment 13,200 Vouchers Payable 34,000 Net Position—Net Investment in Capital Assets 366,600 Net Position—Unrestricted 196,300...

  • The City of Ashville operates an internal service fund to provide garage space and repairs for al...

    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’s preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $ 121,100 Due from Other Funds 10,200 Inventory of Supplies 99,000 Land 54,500 Building 275,500 Allowance for Depreciation—Building $ 22,100 Machinery and Equipment 71,900 Allowance for Depreciation—Machinery and Equipment 13,200 Vouchers Payable 34,000 Net Position—Net Investment in Capital Assets 366,600 Net Position—Unrestricted 196,300...

  • 6–C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of...

    6–C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2017: Debits Credits Cash $28,000 Due from other funds 27,000 Inventory of supplies 27,500 Land 18,000 Buildings 84,000 Accumulated depreciation—buildings $30,000 Equipment 46,000 Accumulated depreciation—equipment 25,000 Accounts payable 19,000 Advance from water utility fund 30,000 Net position 126,500 Totals $230,500 $230,500 Required: a. Open a general journal for the City of Monroe Stores and...

  • 6-C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of...

    6-C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2017: Debits Credits Cash $28,000 Due from other funds 27,000 Inventory of supplies 27,500 Land 18,000 Buildings 84,000 Accumulated depreciation- buildings $30,000 Equipment 46,000 Accumulated depreciation- equipment 25,000 Accounts payable 19,000 Advance from water utility fund 30,000 Net position 126,500 Totals $230,500 $230,500 Required: a. Open a general journal for the City of Monroe...

  • At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...

    At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits Appropriations $ 5,824,000 Estimated Other Financing Uses 2,576,000 Estimated Revenues $ 7,597,000 Encumbrances 0 Expenditures 5,792,000 Other Financing Uses 2,570,000 Revenues 7,580,000 Budgetary Fund Balance 803,000 Fund Balance—Nonspendable—Inventory of Supplies 124,400 Fund Balance—Unassigned 1,986,000 The City of Columbus uses the purchases method of accounting for its inventory of...

  • - Akron established an internal service fund for its data processing activities on July 1, 20...

    - Akron established an internal service fund for its data processing activities on July 1, 20 During the fiscal year ended June 30, 20X9, the following transactions and events occurred 1) On July 1, 20X8, the city council authorized the general fund to contribute $1,000,000 to establish the internal service fund on July 20, 20X8. 2) The internal service fund spent $900,000 of the contribution to acquire a mainframe com on July 25, 20X8. 3) During the year ended June...

  • The City of Wolfe has issued its financial statements for Year 4 (assume that the city...

    The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...

  • The City of Wolfe has issued its financial statements for Year 4 (assume that the city...

    The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions:(1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks had...

  • The City of Wolfe has issued its financial statements for Year 4 (assume that the city...

    The City of Wolfe has issued its financial statements for Year 4 (assume that the city uses a calendar year). The city's general fund is made up of two functions: (1) education and (2) parks. The city also utilizes capital projects funds for ongoing construction and an enterprise fund to account for an art museum. It also has one discretely presented component unit. The government-wide financial statements indicated the following Year 4 totals: Education had net expenses of $710,000. Parks...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT