Ch 17 P7 [25 points] Tinsel Town has at the beginning of the year a $TBA1 Net Position balance and a $TBA2 Fund Balance.

The following data relates to activities within Tinsel Town for the year of 2020. NOTE: There are no proprietary funds for 2020.

Receipts:	In US$
Property Taxes	400,000
Income Taxes	100,000
Fees charged to business owners for Public Safety	7,000
Fees charged to citizens for Sanitation	5,000
Payments:
Salaries
General Government	54,000
Public Safety	43,000
Sanitation	36,000
Rent
General Government	15,000
Public Safety	12,000
Sanitation	3,500
Maintenance
General Government	4,000
Public Safety	2,000
Sanitation	1,500
Insurance
General Government	1,000
Public Safety	2,500
Sanitation	4,500
Final Payment on Debt Principal	5,000
Payment for Interest on Debt	15,000
Receivables at the end of the year:
Property Taxes (80% estimated to be collectible)	95,000
Payables at year-end: Salaries
General Government	4,000
Public Safety	3,000
Sanitation	4,400
Other items at year-end:
Cash	130,900
Building	95,000
Equipment	80,000
Supplies Inventory	9,500
Investments	160,000
Year-end utility & maintenance expenses, expected to be paid in 2 months	9,000
Net position TBA1	220,000
Fund balance TBA2	54,000

A. Prepare a Statement of Revenues, Expenditures and Other Changes in Fund Balances for the year ended December 31, 2020.

B. Prepare a Statement of Net Position at December 31, 2020.

C. Prepare a Statement of Activities for the year ended December 31, 2020.

D. Reconcile (1) the ending fund balance to ending net assets and (2) the change in fund balance to the change in net assets