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omework The following information pertains to the City of Williamson for 2017, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation. $418,000 45, 100 6,500 4,800 45,200 308,000 106,000 68,300 34,100 20,100 Receipts: Property taxes Franchise taxes Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-tern note payable Receivables at end of year: Property taxes (904 estinated to be collectible) Payments : Salary: General government Public safety Health and sanitation Rent: General government Public safety Health and sanitation Maintenance: General government Public safety Health and sanitation Insurance: General government Public safety ($4,400 still prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment Supplies (20% still held) (public safety) Investments Ordered but not received: Equipment Due in one month at end of year: Salaries: General government 12,800 11,800 5,700 30, 2ea 6,300 11,300 10,400 14,400 15,400 24,640 6,160 189,000 119,000 16,500 102,000 15,500 6,600 Due in one month at end of year: Salaries: General government Public safety Health and sanitation 6,600 8,480 10,800 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $18,900. These amounts will not be taken by the employees until so late in 2018 that the payment is not viewed as requiring 2017 current financial resources. The city received a piece of art this year as a donation. It is valued at $23,800. It will be used for general government purposes. There are no eligibility requirements. The city chose not to capitalize this property. The general government uses the storage shed that was acquired this year. It is being depreciated over 10 years using the straight-line method with no salvage value. The city uses the equipment for health and sanitation and depreciates it using the straight-line method over five years with no salvage value. The investments are valued at $120,300 at the end of the year. For the equipment that has been ordered but not yet received, the City Council (the highest decision-making body in the government) has voted to honor the commitment when the equipment is received. a-1. Prepare a statement of activities for governmental activities for December 31, 2017. a-2. Prepare a statement of net position for governmental activities for December 31, 2017. b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund as of December 31, 2017 Assume that the city applies the consumption method. b-2. Prepare a balance sheet for the general fund as of December 31, 2017. Assume that the city applies the consumption method. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B1 Req B2 Req A1 Reg A2 Req B1 Req B2 Prepare a statement of activities for governmental activities for December 31, 2017 CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Program Revenues Net (Expense) Revenue and Changes in Net Position Charges for Operating Capital Governmental Business- Services Grants and Grants and Activities type Contributions Contributions Activities Functions/Programs Expenses Total Governmental activities $ 0 $ 0 $ 0$ Total governmental activities General revenues: 0 $ 0 $ 0 $ 0 Total general revenues Change in net position $ 0 $ 0 0 $ 0 0 0 $ 0 $ 0 $ 0 Prow 19 we Reg A1 Reg A2 Req B1 Req B2 Prepare a statement of net position for governmental activities for December 31, 2017. (Amounts to be deducted should Indicated by a minus sign.) CITY OF WILLIAMSON Statement of Net Position December 31, 2017 Governmental Business-type Activities Activities Total Assets: $ 0 $ 0 $ 0 Total assets Liabilities: $ 0 $ 0 $ 0 Total Liabilities Net position: Total net position 0 $ 0 $ 0 Req A1 Req A2 Req B1 Req B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the general 2017. Assume that the city applies the consumption method. CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds For Year Ended December 31, 2017 Total General Fund Government Funds Revenues: +! Total revenues Expenditures: $ 0 $ 0 Debt service: General Fund Total Government Funds Revenues: Total revenues $ 0 $ 0 Expenditures: Debt service: Total expenditures $ 0 $ 0 $ Other financing sources: 0 $ 0 Total other sources Net changes in fund balance $ 0 $ 0 0 0 $ 0 $ 0 Req Al Req AZ Req B1 Reg B2 Prepare a balance sheet for the general fund as of December 31, 2017. Assume that the city applies the consumption metho CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2017 Total General Fund Government Funds Assets: 0 $ Total assets Liabilities: 0 Total liabilities Fund balances: $ 0 $ 0 Total fund balances Total liabilities and fund balances 0 0 $ $ $ $ 0 0