********NEED HIGHLIGHTED ITEMS ADDRESSED*******

***I HAVE THE ANSWERS, I JUST NEED TO KNOW HOW TO CALCULATE THE HIGHLIGHTED ITEMS PLEASE***

The following information pertains to the City of Williamson for 2020, 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 Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $22,500. These amounts will not be taken by the employees until so late in 2021 that the payment is not viewed as requiring 2020 current financial resources. 4 The city received a piece of art this year as a donation. It is valued at $16,700. The city plans to use it for general government purposes. The gift has no eligibility requirements. The city chose not to capitalize this property. General government activities use the storage shed that was acquired this year. It is depreciated over a 10-year period using the straight-line method with no residual value. The city uses the equipment for health and sanitation and depreciates it using the straight-line method over five years with no residual value. The investments are valued at $114,200 at the end of the year For the equipment that was ordered but not yet received, the City Council (the highest decision-making body in the government) voted to honor the commitment when the equipment eventually arrives. a-1. Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. a-2. Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December 31, 2020, and the year then ended. Assume that the city applies the consumption method. b-2. Prepare a balance sheet for the general fund in fund financial statements as of December 31, 2020, and the year then ended. Assume that the city applies the consumption method. 3,000 Receipts: Property taxes $436,000 Franchise taxes 49,900 Charges for general government services 6,600 Charges for public safety services 3,900 Charges for health and sanitation services 49,400 Issued long-term note payable 300,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 93,600 Payments: Salary: General government 70,550 Public safety 40,900 Health and sanitation 22,900 Rent: General government 15,700 Public safety 18,200 Health and sanitation Maintenance: General government 37,600 Public safety 7,800 Health and sanitation 11,000 Insurance: General government 9,200 Public safety ($2,500 still prepaid at end of year) 13,800 Health and sanitation 16,700 Interest on debt 24,000 Principal payment on debt 6,000 Storage shed 175,000 Equipment 125,000 Supplies (20% still held) (public safety) 20,900 Investments 100,000 Ordered but not received: Equipment 21,500 Liabilities, all of which are due in one month at end of year: Salaries: General government Public safety 7,500 Health and sanitation 8,100 A1 CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2020 Net (Expense) Revenue and Program Revenues Changes in Net Position Operating Charges Grants and Capital Grants Government Business-type for and Contribution I Activities Services Contributions Activities Functions/Programs Expenses Total $16,700 Governmental activities General government Public safety Health and sanitation Interest on debt $196,350 102.420 86,700 24.000 $6.600 3.900 49,400 $(173,050 (98,520) (37.300) (24,000 $(173,050) (98,520) (37,300) (24,000) 6,600 $409,470 $59.900 $0 $16.700 $(332,870) $0 $(332,870) Total governmental activities General revenues: Property taxes Franchise taxes Investments (gain) $520,240 49,900 14,200 $520,240 49,900 14,200 $584,340 251,470 $0 0 $584,340 251,470 Total general revenues Change in net position Net position-beginning Net position-ending $251,470 $0 $251 470 B2. CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2020 General Fund Total Government Funds 257,500 B1. A2 CITY OF WILLIAMSON CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Statement of Net Position Balances December 31, 2020 Governmental Business-type Governmental Funds Activities Total Activities For Year Ended December 31, 2020 Assets Cash and cash equivalents $127,550 $127 550 General Prepaid expenses 2.500 2.500 Fund Total Government Funds Investments 114,200 114.200 Receivables (net) 84.240 84.240 Revenues Inventories 4.180 4,180 Property taxes $520,240 $520,240) Capital assets (net) 257,500 Franchise taxes 49,900 49,900 Total assets $590,170 $0 $590,170 Charges for services 59,900 59.900 Liabilities: Investments (gain) 14,200 14.2001 Salaries payable 22,200 22 200 Compensated absences liability 22,500 22,500 Noncurrent liabilities 294,000 294,000 Total revenues $644,240 $644,240 Expenditures: Total Liabilities $338,700 $0 $338,700 Net position: General government $139,650 $139,650 Invested in capital assets, net of (36,500) (36,500) Public safety 102,420 related debt 102,420 Unrestricted (deficit) 287,970 287,9701 Health and sanitation 61,700 61,700 Total net position $251.470 $0 $251,470 Debt service: Principal payment on debt 6,000 6,000 Interest on debt 24,000 24,000 Capital outlay 300,000 300,000 Assets: Cash and cash equivalents Prepaid expenses Investments Receivables, net Inventories $127,550 2,500 114,200 84,240 4,180 $127,550 2,500 114,200 84,240 4,180 $332,670 $332,670 Total assets Liabilities: Salaries payable $22,200 $22,200 $22,200 $22,200 Total liabilities Fund balances: Nonspendable Committed for equipment Unassigned $6,680 21,500 282,290 $6,680 21,500 282,290 $633,770 $633,770 $10,470 $310,470 $10,470 Total expenditures Excess of revenues over expenses Other financing sources: Proceeds from long-term note Total fund balances Total liabilities and fund balances $310,470 $332,670 $332,670 300,000 300,000 $300,000 310,470 $300,000 310,470 Total other sources Net changes in fund balance Fund balances (Beginning) Fund balances (Ending) $310.470 $310,470