City of Monroe
Stores Services Internal Service Fund
STORES AND SERVICES INTERNAL SERVICE FUND
INVENTORY OF DUE FROM
reference
Account Titles Debits Credits CASH SUPPLIES OTHER FUNDS LAND
bb 31,000 bb 27,500 bb 27,000 bb bb 18,000
6-C-1
1No journal entry 227,000 15,000 4 3 303,500 296,960 527,000 2
7
360,000 5371,200
2Cash 27,000 355,700 9360,000 7
Due from Other Funds 27,000
3Inventory of Supplies 303,500 47,300 34,040 11,200 18,000
Accounts Payable 303,500
4Advance from Enterprise Fund 15,000 ACCUMULATED DEPR’ ACCUMULATED DEPR’
Cash 15,000 BUILDINGS BUILDINGS EQUIPMENT EQUIPMENT
bb 84,000 33,000 bb bb 46,000 25,000 bb
5Due from Other Funds 371,200 11,000 94,600 9
Operating Revenues-Charges for Sales & Services 371,200
Operating Expenses-Costs of Sales & Services 296,960 84,000 44,000 46,000 29,600
Materials and Supplies 296,960
ADVANCE FROM NET POSITION
6Operating Expenses-Costs of Sales & Services 48,500
ACCOUNTS PAYABLE
ENTERPRISE FUND ( beginning)
Operating Expenses-Administration 9,200 19,000 bb 30,000 bb 126,500 bb
Due from Other Funds 360,000
8Accounts Payable 355,700
9Operating Expenses – Depreciation 15,600 FOR SALES & SERVICES COST OF SALES & SERVs ADMINISTRATION DEPRECIATION
City of Monroe – Water and Sewer Enterprise Fund
WATER AND SEWER ENTERPRISE FUND
CASH CUSTOMER ESTIMATED DUE FROM
reference
Account Titles Debits Credits bb 105,000 ACCOUNTS RECEIVABLE UNCOLLECTIBLE ACCNTS GENERAL FUND
2962,000 351,900 6bb 77,000 4,000 bb bb
6-C-2
1Customer Accounts Receivable 1,002,000 315,000 162,500 7 1 1,002,000 962,000 210 3,020 137,000
Due From General Fund 37,000 393,100 12 3,020 10 5,500 11
Operating Revenues-Charges for Sales & Services 1,039,000 50,000 13
25,000 15
2Cash 962,000
Customer Accounts Receivable 962,000 99,500 113,980 6,480 37,000
3Cash 15,000
Advance to Stores & Services Fund 15,000 MATERIALS & SUPPLIES ADVANCE TO SUPPLIES WATER TREATMENT
4Materials and Supplies 257,000 bb 28,000 bb 30,000 bb 4,200,000 1,200,000 bb
Accounts Payable 257,000 4257,000 247,900 515,000 3 9 203,000 275,000 14
5Operating Expenses-Costs of Sales & Services 164,900
Operating Expenses-Selling 15,000
Operating Expenses-Administration 18,000 95,100 15,000 4,403,000 1,475,000
Construction Work in Progress 50,000
Materials and Supplies 247,900 CONSTRUCTION PAYROLL
6Operating Expenses-Costs of Sales & Services 265,800 bb 203,000 bb 117,000 97,000 bb – bb
Operating Expenses-Selling 43,900 550,000 15 25,000 257,000 498,500 6
Operating Expenses-Administration 91,400 649,300 12 297,900 12 95,200
Construction Work in Progress 49,300 817,000
Payroll Taxes Payable 98,500 203,000 9
7Nonoperating Expenses-Interest 162,500
8Construction Work in Progress 17,000
Nonoperating Expenses-Interest 17,000 – bb 2,500,000 bb 959,000 bb 1,039,000 1
9Water Treatment Plant 203,000 14 50,000
Construction Work in Progress 203,000
Customer Accounts Receivable 3,020 OPERATING EXPENSES OPERATING EXPENSES OPERATING EXPENSES OPERATING EXPENSES
Estimated Uncollectible Accounts 5,500 6265,800 643,900 691,400
Payroll Taxes Payable 95,200 430,700 58,900 109,400 275,000
Due to Stores and Services Fund 50,000
Accumulated Depreciation 275,000
City of Monroe – Water and Sewer Enterprise Fund
4,163,420 4,163,420
–
City of Monroe
PROPRIETARY FUNDS- Closing Entries
Stores and Services Internal Service Fund Closing Entry
Account Title Debits Credits
Operating revenue – charges for services 371,200
126,500 Preclosing
Net Position 940
940 closing entry
Operating expenses – cost of sales & services 345,460
Operating expenses – administration 9,200
Operating expenses – depreciation 15,600
127,440
Account Title Debits Credits
959,000 Preclosing
NET POSITION
NET POSITION
City of Monroe
PROPRIETARY FUNDS- Closing Entries
Operating expenses – depreciation 275,000
Nonoperating expense – interest 145,500
973,000
Net
Investment in
Capital Assets
Restricted Unrestricted Total
Net Investment in Capital Assets
Capital Assets 4,519,300 4,519,300
Less: Accumulated Depreciation (1,475,000) (1,475,000)
Less: Revenue Bond Payable (2,500,000) (2,500,000)
Restricted 142,000 142,000
Unrestricted 286,700 286,700
544,300 142,000 286,700 973,000
City of Monroe
Statement of Revenues, Expenses and Changes in Fund Net Position
Proprietary-type Funds
For the year ended December 31, 2015
Business-Type
Activities
Enterprise Funds
Water and Sewer
Governmental
Activities
Internal Service
Funds
Operating Revenues
Charges for Services 1,033,500$ 371,200$
Total Current Assets 1,033,500 371,200
Operating Expenses
Cost of Sales and Services 430,700 345,460
Selling 58,900
Administration 109,400 9,200
Depreciation 275,000 15,600
Total Operating Expenses 874,000 370,260
Operting Income 159,500 940
Nonoperating Expenses
Interest Expense 145,500 –
Change in Net Position 14,000 940
Net Position, January 1 959,000 126,500
Net Position, December 31 973,000$ 127,440$
City of Monroe
Statement of Net Position
Proprietary-type Funds
As of December 31, 2015
Business-Type
Activities
Enterprise Funds
Water and Sewer
Governmental
Activities Internal
Service Funds
Assets
Current Assets
Cash 99,500$ 47,300$
Customer Accounts Receivable (Net) 107,500
Due from Other Funds 37,000 11,200
Inventories 95,100 34,040
Total Current Assets 339,100 92,540
Noncurrent Assets
Advance to Stores and Services Fund 15,000
Restricted Assets (Cash) 142,000
Capital Assets, Net of Accumulated Depreciation
3,044,300 74,400
Total Noncurrent Assets 3,201,300 74,400
Total Assets 3,540,400 166,940
Liabilities
Current Liabilities
Accounts Payable 56,100 24,500
Payroll Taxes Payable 3,300
Due to Internal Service Fund 8,000
Total Current Liabilities 67,400 24,500
Noncurrent Liabilities
Revenue Bonds Payable 2,500,000
Advance from Water Utility Fund 15,000
Total Noncurrent Liabilities 2,500,000 15,000
Total Liabilities 2,567,400 39,500
Net Position
Net Investment in Capital Assets 544,300 59,400
Restricted 142,000 –
Unrestricted 286,700 68,040
Total Net Position 973,000$ 127,440$
City of Monroe
Statement of Cash Flows
Proprietary-type Funds
For the year ended December 31, 2015
Business-Type
Activities
Enterprise Funds
Water and Sewer
Governmental
Activities
Internal Service
Funds
Cash Flows from Operating Activities
Cash Received from Customers and Departments 962,000$ 387,000$
Cash Paid to Suppliers and Employees (695,700) (355,700)
Net Cash Provided by Operating Activities 266,300 31,300
Cash Flows from Capital Related Financing Activities
Acquisition of Capital Assets (116,300)
Interest Paid on Long-term Debt (145,500)
Partial Repayment of Advance from Enterprise Fund (15,000)
Net Cash Used in Capital Related Financing Activities (261,800) (15,000)
Cash Flows from Investing Activities
Partial Receipt of Advance to Internal Service Fund 15,000
Net Cash Provided from Investing Activities 15,000 –
Net Increase (Decrease) in Cash 19,500 16,300
Cash and Restricted Cash, January 1 222,000 31,000
Cash and Restricted Cash, December 31 241,500$ 47,300$
Reconciliation of Operating Income to Net Cash Provided by Operating Activities
Depreciation 275,000 15,600
(Increase) Decrease in Customer Accounts Receivable (34,500)
(Increase)Decrease in Interfund Receivables (37,000) 15,800
(Increase) Decrease in Inventories (67,100) (6,540)
Increase (Decrease) in Accounts Payable (40,900) 5,500
Increase (Decrease) in Payroll Taxes Payable 3,300
Increase (Decrease) in Interfund Liabilities 8,000
Non-cash investing, capital, and financing activities: 0 0