Problem 1

Use the information and the steps in the box below to complete the assignment.

The city of Kingman operates a printing shop through an Internal Service Fund to provide printing services for all departments. The Central Printing Fund was established by a contribution of $40,000 from the General Fund on January 1, 2016, at which time the equipment was purchased. The postclosing trial balance on June 30, 2017, was as follows:

	Debit	Credit
Cash	$32,000
Due from General Fund	3,000
Accounts Receivable	1,800
Supplies Inventory	3,100
Equipment	23,000
Accumulated DepreciationEquipment		$8,500
Accounts Payable		4,250
Advance from General Fund		22,000
Net Position		28,150
	$62,900	$62,900

The following transactions occurred during fiscal year 2018:

The publicity bureau, financed by the General Fund, ordered 30,000 multicolor travel brochures printed at a cost of $1.15 each. The brochures were delivered.

Supplies were purchased on account for $12,000.

Employee salaries were $32,000. One-sixth of this amount was withheld for taxes and is to be paid to the citys Tax Fund; the employees were paid.

Taxes withheld were remitted to the Tax Fund.

Utility charges for the year, billed by the Enterprise Fund, were $2,250.

Supplies used during the year cost $10,100.

Other billings during the period were Electric Enterprise Fund, $200; Special Revenue Fund, $4,700.

The inventory of supplies at year end was $4,900.

Collections from other funds on account during the year ended June 30, 2018, were General Fund, $34,000; Special Revenue Fund, $4,100; and Enterprise Fund, $350.

Printing press number 3 was repaired by the central repair shop, operated from the Maintenance Fund. A statement for $80 was received but has not been paid.

The accounts receivable at June 30, 2017, were collected in full.

Printing shop accounts payable of $15,000 were paid.

Depreciation expense was recorded, $2,400.

Required Steps

1. Journalize all transactions and adjustments required in the Central Printing Fund accounts.
2. Prepare closing entries for the Central Printing Fund accounts as of June 30, 2018.
3. Prepare a postclosing trial balance for the Central Printing Fund as of June 30, 2018.
4. Prepare a schedule computing the amounts to be reported for each of the three net position components in the statement of net position at June 30, 2018.

Problem 2

Use the information and the steps in the box below to complete the assignment.

The following is a trial balance of the Camping Builds Character Trust Fund of the City of Nogales as of January 1, 2016:

Cash	$ 100,000
Land	70,000
Buildings	160,000
Accumulated Depreciation		$ 62,000
Accrued Wages Payable		200
Accrued Taxes Payable		1,800
Net PositionRestricted for Camp ScholarshipsExpendable		14,700
Net PositionRestricted for EndowmentNonexpendable		251,300
	$330,000	$330,000

The endowment was in the form of an apartment building. Endowment principal is to be kept intact, and the net earnings are to be used in financing scholarships to not-for-profit organization camps designed to help instill positive character qualities in participants.

The following transactions took place during the year:

Expenses and accrued liabilities paid in cash were as follows:

Heat, light, and power	$ 5,000
Janitors wages (including $150 previously accrued)	3,250
Painting and decorating	3,500
Repairs	1,400
Taxes (including $1,800 previously accrued)	3,500
Management fees	4,250
Miscellaneous expenses	1,400
	$22,300

A land improvement of $2,500 was constructed by an outside contractor who was paid in full.

Apartment rents for 2016 (all collected) amounted to $42,000.

Camping scholarships of $13,000 were paid to finance 2016 summer camp fees.

The following adjustments were made at the close of the year:

Depreciation	$ 6,200
Accrued Taxes	2,000
Accrued Wages	150

Required Steps

1. Prepare general journal entries to record these transactions in the Trust Fund.
2. Prepare a Statement of Net Position as of December 31, 2016, and a Statement of Changes in Net Position for the fiscal year ended December 31, 2016.