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The following information pertains to the City of Wiliamson 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 goverment, public safety, and health and sanitation. Receipts: Property taxes 808 'ZEIS Franchise taxes Charges for general government services Charges for public safety services 5,908 Charges for health and sanitation services 3, 808 Issued long-term note payable Receivables at end of year: 274, GOB 91, 208 Payments : Property taxes (90% estimated to be collectible) Salary: General government 45, 758 Public safety 306 'It 23, 608 lent : Health and sanitation General government public safety 15, 608 22, 708 Health and sanitation Maintenance: ieral government 806 'at Public safety Health and sanitation 6,908 insurance: General government Public safety ($2, 780 still prepaid at end of year ) Health and sanitation 15, 108 21, 108 Interest on debt 21, 928 Principal payment on debt Storage shed 5, 486 Equipment 186, 308 Supplies (20% still held) (public safety) 98, 308 Investments 17, 408 Ordered but not received: 115, 908 Equipment Due in one month at end of year : 808 '+T salaries: General government Public safety 5, 408 7, 508 Health and sanitation Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $21,200. 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 $17,600. 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 $134,400 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
