Internal Service Fund Entries and Statements
Bellevue City’s printing shop had the following trial balance on January 1, 20X2:
| Debit | Credit |
Cash | $ 24,600 |
|
Due from Other Funds | 15,600 |
|
Inventory of Supplies | 9,800 |
|
Furniture and 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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