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a. Prepare a statement of revenues, expenses, and changes in net position for December 31, 2017.

b. Prepare a statement of net position for December 31, 2017.

c. Prepare a statement of cash flows for December 31, 2017.

Below is the preclosing trial balance for December 31, 2016

Debits Credits (in thousands)

Cash $14,500

Due from Other Funds 4,250

Materials and Supplies Inventory 350

Machinery and Equipment 53,600

Accumulated Depreciation $30,100

Accounts Payable 2,550

Payroll Taxes Payable 2,650

Due to Other Funds 1,200

Net PositionNet Investment in Capital Assets 23,500

Net PositionUnrestricted 12,700

During the fiscal year ended December 31, 2017, the following transactions (summarized) occurred:

1. Gross employee wages were $57,600, including the employers share of Social Security taxes amounting to $4,100. Federal income and Social Security taxes withheld from that amount totaled $18,725.

2. Office expenses in the amount of $3,700 were paid in cash.

3. Materials and supplies purchased on account during the year were $8,400.

4. Received a bill totaling $14,525 for utilities provided by Washington Citys utility fund.

5. Cash paid to the federal government for payroll taxes was $23,000.

6. Cash paid to the Utility Fund was $14,500.

7. Accounts payable at year-end totaled $2,950.

8. Materials and supplies used during the year were $8,250.

9. Charges to departments during the fiscal year were as follows: General Fund $57,500 Special Revenue Fund 20,600

10. Unpaid balances at year-end were: General Fund $3,500 Special Revenue Fund 1,800

11. The depreciation for the year was $6,100.

12. Revenue and expense accounts for the year were closed.

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