City Of Granville Case Study

City Of Granville Case Study

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’s 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

Building 290,000

Allowance for Depreciation-Building $ 40,000

Machinery and Equipment 75,000

Allowance for Depreciation-Machinery

And Equipment 15,000

Vouchers Payable 36,000

Net Position-Net Investment in Capital

Assets 347,000

Net Position-Unrestricted 265,000

$ 703,000 $ 703,000

The following information has not been reflected in the preclosing figures above, applies to the current year.

1. Supplies were purchased on account for $98,000; the perpetual inventory method is used.

2. 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.

3. Salaries and wages paid to employees totaled $245,000; including related costs.

4. 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).

5. Depreciation on the building was $12,000; depreciation on the machinery and equipment was $10,000.

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

General Fund $310,000

Special Revenue Fund 137,000

7. Unpaid interfund receivable balances were as follows.

6/30/20X0 6/30/20X1

General Fund $ 14,000 $ 11,000

Special Revenue Fund 4,000 6,500

8. Vouchers Payable at year-end were $21,000.

9. Closing entries were prepared for the Central Garage Fund. (Do not prepare government-wide closing entries.)

Required:

A. 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.

B. Prepare a statement of revenues, expenses, and changes in fund net position for the Central Garage Fund for the period.

C. Prepare a statement of net position for the Central Garage Fund as of year-end.

Essay writing help – City Of Granville Case Study Online Essay Writing Agency – Grade Master-Pro.

Write my Essay. Premium essay writing services is the ideal place for homework help or essay writing service. if you are looking for affordable, high quality & non-plagiarized papers, click on the button below to place your order. Provide us with the instructions and one of our writers will deliver a unique, no plagiarism, and professional paper.

Get help with your toughest assignments and get them solved by a Reliable Custom Papers Writing Company. Save time, money and get quality papers. Buying an excellent plagiarism-free paper is a piece of cake!

All our papers are written from scratch. We can cover any assignment/essay in your field of study.