Assignment Problem: Internal Service Fund Financial Statements
At the beginning of fiscal year 2020, the City of Winston-Salem, North Carolina established a central supplies storehouse to provide various departments with supplies, tools, and operating equipment. The general fund contributed $15,000,000 (nonrefundable) to aid in the establishment of the supplies storehouse. It was agreed that the storehouse would charge other funds for the purchase price of supplies plus 20 percent. During the year, the storehouse purchased $13,000,000 of supplies, paid operating expenses of $1,500,000, and billed other funds for $14,400,000. All accounts are settled except $500,000 remaining to be collected from the general fund for supplies billed.
Assignment Requirement: Prepare the statement of revenues, expenses, and changes in net position for fiscal 2020, and the statement of net position at the end of fiscal 2020 for the central supplies storehouse.
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