CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Net (Expense) Revenue and Program Revenues Changes in Net Position Capital Governmental Business Activities Charges for Services Operating Grants and Functions/Programs Expenses Grants and type Total Contributions Contributions Activities Governmental activities General government Public safety Health and sanitation Interest on debt 7,700 4,000 45,800 $ 18,500 $ (157,400) (96,620) (50,400) (26,360) $ (157,400) (96,620) (50,400) (26,360) $ 183,600 $ 100,620 96,200 26,360 o (330,780) Total governmental activities S 406,780$57,500 $ General revenues: 0 18,500 $ (330,780)$ Property taxes Franchise taxes Investments (gain) $ 550,220 48,000 15,100 $550,220 48,000 15,100 Total general revenues S 613,320 $ 282,540 0 $ 613,320 282,540 Change in net position et position-beginning et position-ending S 282,540 $ 0 $ 282,540 CITY OF WILLIAMSON Statement of Net Position December 31, 2 017 Governmental Business-type Total Activities Activities Assets: Cash and cash equivalents repaid expenses nvestments eceivables (net) Inventories Capital assets (net) Total assets Liabilities: Salaries payable Compensated absences liability oncurrent liabilities Total Liabilities Net position: Invested in capital assets, net of related debt Unrestricted (deficit) Total net position 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 0$ Expenditures Debt service: Total expenditures 0 S Other financing sources Total other sources Net changes in fund balance CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2017 Total General Government Fund Funds Assets Total assets 0 Liabilities: Total liabilities 0 $ Fund balances: Total fund balances Total liabilities and fund balances 0 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 Receipts: Property taxes Franchise taxes Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable $464,000 48,000 7,700 4,000 45,800 329,500 Receivables at end of year Property taxes (90% estimated to be collectible) 95,800 Payments: Salary: General government 67,500 39,200 29,500 Public safety Health and sanitation Rent: 19,900 19,900 4,500 General government Public safety Health and sanitation Maintenance: 21,500 6,600 10,900 General government Public safety Health and sanitation Insurance: 9,700 13,700 19,000 26,360 6,590 219,000 110,500 19,400 98,000 General government Public safety ($2,100 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 20,000 Due in one month at end of year: Salaries: General government Public safety Health and sanitation 6,000 7,800 10,200 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $18,600 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 $18,500. 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 $113,100 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. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Net (Expense) Revenue and Program Revenues Changes in Net Position Capital Governmental Business Activities Charges for Services Operating Grants and Functions/Programs Expenses Grants and type Total Contributions Contributions Activities Governmental activities General government Public safety Health and sanitation Interest on debt 7,700 4,000 45,800 $ 18,500 $ (157,400) (96,620) (50,400) (26,360) $ (157,400) (96,620) (50,400) (26,360) $ 183,600 $ 100,620 96,200 26,360 o (330,780) Total governmental activities S 406,780$57,500 $ General revenues: 0 18,500 $ (330,780)$ Property taxes Franchise taxes Investments (gain) $ 550,220 48,000 15,100 $550,220 48,000 15,100 Total general revenues S 613,320 $ 282,540 0 $ 613,320 282,540 Change in net position et position-beginning et position-ending S 282,540 $ 0 $ 282,540 CITY OF WILLIAMSON Statement of Net Position December 31, 2 017 Governmental Business-type Total Activities Activities Assets: Cash and cash equivalents repaid expenses nvestments eceivables (net) Inventories Capital assets (net) Total assets Liabilities: Salaries payable Compensated absences liability oncurrent liabilities Total Liabilities Net position: Invested in capital assets, net of related debt Unrestricted (deficit) Total net position 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 0$ Expenditures Debt service: Total expenditures 0 S Other financing sources Total other sources Net changes in fund balance CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2017 Total General Government Fund Funds Assets Total assets 0 Liabilities: Total liabilities 0 $ Fund balances: Total fund balances Total liabilities and fund balances 0 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 Receipts: Property taxes Franchise taxes Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable $464,000 48,000 7,700 4,000 45,800 329,500 Receivables at end of year Property taxes (90% estimated to be collectible) 95,800 Payments: Salary: General government 67,500 39,200 29,500 Public safety Health and sanitation Rent: 19,900 19,900 4,500 General government Public safety Health and sanitation Maintenance: 21,500 6,600 10,900 General government Public safety Health and sanitation Insurance: 9,700 13,700 19,000 26,360 6,590 219,000 110,500 19,400 98,000 General government Public safety ($2,100 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 20,000 Due in one month at end of year: Salaries: General government Public safety Health and sanitation 6,000 7,800 10,200 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $18,600 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 $18,500. 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 $113,100 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