As of September 30, 2013, the Central Duplicating Fund of the Town of Fredericksburg had the following post-closing trial balance:

During the fiscal year ended September 30, 2014, the following transactions (summarized) occurred:
1. Employees were paid $290,000 wages in cash; additional wages of $43,500 were withheld for federal income and social security taxes. The employer’s share of social security taxes amounted to $23,375.
2. Cash remitted to the federal government during the year for withholding taxes and social security taxes amounted to $65,500.
3. Utility bills received from the Town of Fredericksburg's Utility Fund during the year amounted to $23,500.
4. Office expenses paid in cash during the year amounted to $10,500.
5. Service supplies purchased on account during the year totaled $157,500.
6. Parts and supplies used during the year totaled $152,300 (at cost).
7. Charges to departments during the fiscal year were as follows:
General Fund .. $308,700
Street Fund ....... 279,300

8. Unpaid balances at year-end were as follows:
General Fund ... $10,000
Street Fund ........ 20,000

9. Payments to the Utility Fund totaled $21,800.
10. Accounts Payable at year-end amounted to $13,250.
11. Annual depreciation rate for machinery and equipment is 10 percent.
12. Revenue and expense accounts for the year were closed.

Required
a. Prepare a statement of revenues, expenses, and changes in net position for the year.
b. Comment on the evident success of the pricing policy of this fund, assuming that user charges are intended to cover all operating expenses, including depreciation, but are not expected to provide a net income in excess of 3 percent of billings to departments.
c. Prepare a statement of net position for the Central Duplicating Fund as of September 30, 2014.
d. Prepare a statement of cash flows for the Central Duplicating Fund for the year ended September 30,2014.

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Debits Credits Cash Due from Other Funds Service Supplies Inventory Machinery and Equipment Allowance for Depreciation Due to Federal Government Due to Other Funds Accounts Payable Net Position-Net Investment in Capital Assets Net Position-Unrestricted 5 15,000 20,200 35,300 300,000 5 90,000 1,500 800 12,700 210,000 55,500 5370,500 370,500