Chapter 7 - 7-4b.CITY OF ASHVILLECENTRAL GARAGE...

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Unformatted text preview: 7-4b.CITY OF ASHVILLECENTRAL GARAGE FUNDSTATEMENT OF REVENUES, EXPENSES, ANDCHANGES IN FUND NET ASSETSFOR YEAR ENDED JUNE 30, 2011BILLINGS TO DEPARTMENTS$397,000OPERATING EXPENSES:COST OF SUPPLIES USED$110,000SALARIES AND WAGES EXPENSE235,000UTILITIES EXPENSE30,000DEPRECIATION EXPENSEBUILDING10,000DEPRECIATION EXPENSEMACHINERYAND EQUIPMENT9,000TOTAL OPERATING EXPENSES394,000OPERATING INCOME3,000NET ASSETS, JULY 1, 2010511,000NET ASSETS, JUNE 30, 2011$514,0007-4c.CITY OF ASHVILLECENTRAL GARAGE FUNDSTATEMENT OF NET ASSETSAS OF JUNE 30, 2011ASSETS:CURRENT ASSETS:CASH$135,000DUE FROM OTHER FUNDS*12,000INVENTORY OF SUPPLIES72,000TOTAL CURRENT ASSETS$219,000CAPITAL ASSETS:LAND50,000BUILDING250,000LESS: ALLOWANCE FOR DEPRECIATION30,000220,000MACHINERY AND EQUIPMENT65,000LESS: ALLOWANCE FOR DEPRECIATION21,00044,000TOTAL CAPITAL ASSETS314,000TOTAL ASSETS533,000LIABILITIES:VOUCHERS PAYABLE16,000DUE TO OTHER FUNDS3,000TOTAL CURRENT LIABILITIES19,000NET ASSETS:NET ASSETSINVESTED IN CAPITAL ASSETS314,000NET ASSETSUNRESTRICTED200,000TOTAL NET ASSETS$514,000*Under GASB standards, the $3,000 due to the Water and Sewer Utility Fund could also be shown net of the $2,000 due from the Water and Sewer Utility Fund.7-6. 7-6....
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This note was uploaded on 03/16/2012 for the course ACCOUNTING acc taught by Professor Sign during the Spring '10 term at S. Alabama.

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Chapter 7 - 7-4b.CITY OF ASHVILLECENTRAL GARAGE...

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