Business, 04.07.2020 04:01 lilly198o

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: a. A permanent contribution of $550,000 was received from the General Fund.
b. Revenue Bonds were sold at par in the amount of $1,000,000.
c. 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.
d. Charges for services amounted to $850,000, all received in cash.
e. Cash expenses included: salaries, $370,000; utilities, $75,000; interest, $72,000.
f. Supplies were consumed in the amount of $12,000.
g. Depreciation was recorded for: building, $15,000, land improvement, $20,000; equipment, $12,500.
h. The books were closed to Net Position.

Required:
A Statement of Revenues, Expenses, and Changes in Fund Net Position for the Town of Selinsgrove Parking Garage Fund for the Year Ended June 30, 2017

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

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