As of July 1, 2016, the Town of Selinsgrove decided to purchase a privately operated parking garage and to create a Parking Garage (Enterprise) Fund. During the year, the following transactions occurred:
(q) A permanent contribution of $550,000 was received from the
General Fund.
(r) Revenue Bonds were sold at par in the amount of
$1,000,000.
(s) Purchased for cash several items, the cost breakdown was: land,
$250,000; building, $600,000, land improvement, $200,000;
equipment, $100,000; supplies, $15,000.
(t) Charges for services amounted to $850,000, all received in
cash.
(u) Cash expenses included: salaries, $370,000; utilities, $75,000;
interest, $72,000.
(v) Supplies were consumed in the amount of $12,000.
(w) Depreciation was recorded for: building, $15,000, land
improvement, $20,000; equipment, $12,500.
(x) The books were closed to Net Position.
REQUIRED:a Statement of Fund Net Position for the Town of Selinsgrove Parking Garage Fund as of June 30, 2017.
| Statement of Fund Net Position | ||
| As on June 30, 2017 | ||
| Particulars | Amount | |
| Inflows: | ||
| A. | Permanent Contribution | $ 5,50,000.00 |
| B. | Revenue Bonds Sold | $ 10,00,000.00 |
| C. | Charges for Services | $ 8,50,000.00 |
| 1 | TOTAL INFLOW | $ 24,00,000.00 |
| Outflows | ||
| D. | Purchases | |
| Land | $ 2,50,000.00 | |
| Building | $ 6,00,000.00 | |
| Land Improvement | $ 2,00,000.00 | |
| Equipment | $ 1,00,000.00 | |
| Supplies | $ 15,000.00 | |
| E. | Expenses | |
| Salaries | $ 3,70,000.00 | |
| Utilities | $ 75,000.00 | |
| Interest | $ 72,000.00 | |
| 2 | TOTAL OUTFLOWS | $ 16,82,000.00 |
| 3 | Net Cash Position(1-2) | $ 7,18,000.00 |
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