Internal service fund, statement of cash flows. Prepare a statement of cash flows for the internal service fund of the city of Cleveville from the following information:
|
Cash on hand at the beginning of the year |
$ 122 |
|
Interest from investments |
45 |
|
Wages and salaries paid |
(3,470) |
|
Purchases of supplies |
(1,650) |
|
Collections (for services) from other funds |
6,380 |
|
Interest on long-term debt |
(150) |
|
Repayment of loans to other funds |
(880) |
|
Purchase of fixed assets |
(900) |
|
Proceeds of revenue bonds |
800 |
|
Purchases of investments |
(440) |
|
Proceeds from sale of fixed assets |
23 |
|
Proceeds from sale of investments |
33 |
|
Loans from other funds |
600 |
The following information applies to the year ended June 30, 20X4:
a. Materials and supplies were purchased on account for $72,000.
b. The inventory of materials and supplies at June 30, 20X4, was $65,000.
c. Salaries paid totaled $235,000, including related costs.
d. A billing from the Utility Enterprise Fund for $40,000 was received and paid.
e. Depreciation on the building and on the equipment was $6,500 and $133,000, respectively.
f. Billings to other departments for service were as follows:
|
General Fund |
$392,000 |
|
Water and Sewer Fund |
84,000 |
|
Special Revenue Fund |
42,000 |
g. Unpaid interfund receivable balances at June 30, 20X4, were as follows:
|
General Fund |
$136,000 |
|
Special Revenue Funds |
16,000 |
h. Vouchers payable at June 30, 20X4, were $19,000.
1. For the period July 1, 20X3, through June 30, 20X4, prepare journal entries to record the transactions in the Computer Internal Service Fund. The city uses control accounts for revenues and expenses.
2. Prepare closing entries at June 30, 20X4.