Question
Preparation of the statement of activities The City of Truro reports the following revenues for the fiscal year: Real estate and personal property taxes $70,876
Preparation of the statement of activities The City of Truro reports the following revenues for the fiscal year:
Real estate and personal property taxes | $70,876 |
Motor vehicle and other excise taxes | 3,692 |
Grants and contributions not restricted | 3,634 |
The City also reports the following revenues from fees it charges for services and operating grants and contributions it has received during the year as well as expenses it has incurred, categorized by governmental activity:
Functions/Programs | Charges for Services | Operating Grants and Contributions | Expenses |
---|---|---|---|
Primary government | |||
Governmental activities: | |||
General government | $351 | $580 | $6,969 |
Public safety | 1,175 | 308 | 8,237 |
Education | 1,092 | 5,524 | 57,768 |
Public works | 87 | 195 | 3,465 |
Human services | 850 | 138 | 2,012 |
Library | 66 | 96 | 1,292 |
Pension and benefits | - | 3,273 | 5,532 |
Interest | - | - | 1,275 |
Total governmental activities | $3,621 | $10,114 | $86,550 |
The City manages two business-type activities: a sanitation department which oversees solid and liquid waste disposal and a municipal pool. Both of these activities charge users a fee that is set at the beginning of the year at a level that is anticipated to cover the costs of providing the service. These fees cannot be changed during the year. As a result, these activities may produce a net profit or loss for the year, depending on the level of operating costs. The revenues and expenses for these services are provided in the following table:
Functions/Programs | Charges for Services | Expenses |
---|---|---|
Business-type activities: | ||
Sanitation | $4,619 | $3,407 |
Municipal pool | 524 | 742 |
$5,143 | $4,149 |
Prepare the City of Truro Statement of Activities for the year (assume a beginning balance for Net Position of $175,638 for Governmental activities and $35,554 for Business-type activities).
HINT: Remember to use negative signs with answers when appropriate.
City of Truro Statement of Activities | |||||||
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Expenses | Charges for Services | Operating Grants & Contributions | Governmental Activities | Business Type Activities | Total | ||
Primary government | |||||||
Governmental activities-- | |||||||
General government | $Answer
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Public safety | Answer
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Education | Answer
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Public works | Answer
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Human services | Answer
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Library | Answer
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Pension and benefits | Answer
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AnswerReal estate and personal property taxesMotor vehicle and other excise taxesGrants and contributions not restrictedGeneral governmentPublic safetyEducationPublic worksHuman servicesLibraryPension and benefitsInterestSanitationMunicipal pool
| Answer
| Answer
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Total governmental activities | $Answer
| $Answer
| $Answer
| $Answer
| $Answer
| $Answer
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Business type activities-- | |||||||
Sanitation | $Answer
| $Answer
| $Answer
| $Answer
| $Answer
| $Answer
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AnswerReal estate and personal property taxesMotor vehicle and other excise taxesGrants and contributions not restrictedGeneral governmentPublic safetyEducationPublic worksHuman servicesLibraryPension and benefitsInterestSanitationMunicipal pool
| Answer
| Answer
| Answer
| Answer
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| Answer
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Total business type activities | $Answer
| $Answer
| $Answer
| $Answer
| $Answer
| $Answer
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Total primary government | $Answer
| $Answer
| $Answer
| $Answer
| $Answer
| $Answer
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General revenues-- | |||||||
Real estate and personal property taxes | $Answer
| $Answer
| $Answer
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Motor vehicle and other excise taxes | Answer
| Answer
| Answer
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AnswerReal estate and personal property taxesMotor vehicle and other excise taxesGrants and contributions not restrictedGeneral governmentPublic safetyEducationPublic worksHuman servicesLibraryPension and benefitsInterestSanitationMunicipal pool
| Answer
| Answer
| Answer
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Total general revenues and transfers | $Answer
| $Answer
| $Answer
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Change in net position | $Answer
| $Answer
| $Answer
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Net position: | |||||||
Beginning of year | Answer
| Answer
| Answer
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End of year | $Answer
| $Answer
| $Answer
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