The parking garage and parking lots owned by the City of Danton reported the fol
ID: 2481998 • Letter: T
Question
The parking garage and parking lots owned by the City of Danton reported the following balances for 2013:
Receipts from public users of the parking facilities $190,000
Receipts from the city for parking of city-owned vehicles 8,000
Salaries paid to employees 75,000
Printing--paid to an internal service fund 6,000
Interest of bonded indebtedness 10,000
Sculpture for entrance to parking lot (donated during 2013) 12,500
Depreciation of parking garage 30,000
Truck (purchased during 2013) 35,000
Maintenance--paid to an internal service fund 17,000
Required: What amount of net revenue (or expense) should be reported by the fund that was used to account for parking operations assuming the preparation of government-wide financial statements?
Explanation / Answer
Income statement of parking garage and parking lots owned by the City of Danton during 2013 Particulars Amount Receipts from public users of the parking facilities 190000 Receipts from the city for parking of city-owned vehicles 8000 Sculpture for entrance to parking lot (donated during 2013) 12500 210500 Less: Expenses/ Deductions Salaries paid to employees 75000 Printing--paid to an internal service fund 6000 Interest of bonded indebtedness 10000 Depreciation of parking garage 30000 Truck (purchased during 2013) 35000 Maintenance paid to an internal service fund 17000 -173000 net revenue (or expense) 37500
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