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As of July 1, 2016, the Town of Selinsgrove decided to purchase a privately operated parking...

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.

Business   Accounting   
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Answer #1
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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