Proprietary Fund Financial Statements. Von County has prepared the following statement of revenues, expenses, and changes in fund net assets for its proprietary funds. The county has three enterprise funds and two internal service funds.

Required
The statement as presented is not in accordance with GASB standards. Identify the errors and explain how the errors should be corrected in order to conform with GASB standards. Along with the information in Chapter 7, Illustration Al- 8 will be helpful in identifying and correcting theerrors.

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VON COUNTY Statement of Revenues, Expenses, and Changes in Fund Net Assets Proprietary Funds for the Year Ended December 31, 2011 (amounts expressed in thousands) Total Internal Total Enterprise Funds Service Funds Total Revenues $ 61,309 Charges for services $10,621 $ 71,930 Investment income 1,086 62,395 59 1,145 10,680 Total Revenues 73,075 Expenses Personnel services 24,196 5,681 29,877 Supplies and materials 11,540 3,293 14,833 Interest expense Depreciation Loss on disposal of capital assets 6,904 172 7,076 2,076 11,213 13,289 14 14 Interfund Transfer out 186 186 Total Expenses 54,053 11,222 65,275 Change in net assets (542) 8,342 7,800 Special item-Loss on Sale (3,794) (3,794) Net assets-January 1, 2011 288,611 3,337 291,948 $ 2,795 Net assets-December 31, 2011 $293,159 $295,954