Requirement A1:

Requirement A2:

Requirement B1:

Requirement B2:

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. $412,000 50,000 7,800 5,700 51,300 288,500 105,200 69, 300 48,200 30,900 12,100 19,600 4,200 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 Receivables at end of year: ceva Property taxes (90% estimated to be collectible) Payments: Salary: General government Public safety Health and sanitation Rent: General government Public safety TT Health and sanitation Maintenance: General government Public safety Dati th Health and sanitation Insurance: General government con Public safety ($3,300 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 Liabilities, all of which are due in one month at end of year: Salaries: General government Public safety Health and sanitation 35, 200 6,300 11,700 10,600 11,500 18,100 23,080 5,770 199,000 89,500 23,700 91,000 12,000 6,300 7,500 8,700 Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $13,700. 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. The city received a piece of art this year as a donation. It is valued at $17,200. 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 $112,500 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. Req A1 Req A2 Reg B1 Req B2 Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2020 Program Revenues Net (Expense) Revenue and Changes in Net Position Governmental Business- Activities type Activities Functions/Programs Expenses Operating Capital Grants and Grants and Contributions Contributions Charges for Services Total Governmental activities $ 0 $ 0 0 $ 0 $ 0 $ 0 $ 0 Total governmental activities General revenues: $ 0 $ 0 $ 0 Total general revenues Change in net position 0 0 0 $ 0 $ 0 $ 0 Req A1 Req A2 > Reg A1 Reg A2 Req B1 Req B2 Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. (Amounts to be deducted should be indicated by a minus sign.) CITY OF WILLIAMSON Statement of Net Position December 31, 2020 Governmental Business-type Activities Activities Total Assets: Total assets $ 0 $ 0 $ 0 Liabilities: $ 0 $ 0 $ 0 Total Liabilities Net position: Total net position $ 0 $ $ 0 Req A1 Req A2 Req B1 Req B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fu statements as of December 31, 2020, and the year then ended. Assume that the city applies the cons CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds For Year Ended December 31, 2020 Total General Fund Government Funds Revenues: Total revenues $ 0 $ 0 Expenditures: Debt service: Total expenditures 0 $ 0 $ $ 0 $ 0 Other financing sources: Total other sources $ 0 $ 0 Net changes in fund balance 0 0 $ 0 $ 0 Req A1 Req A2 Req B1 Req B2 Prepare a balance sheet for the general fund in fund financial statement Assume that the city applies the consumption method. CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2020 General Fund Total Government Funds Assets: Total assets $ 0 $ 0 Liabilities: Total liabilities $ 0 $ 0 Fund balances: Total fund balances $ 0 $ 0 Total liabilities and fund balances $ 0 $ 0 Reg A1 Reg A2 Req B1 Req B2 Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. (Amounts to be deducted should be indicated by a minus sign.) CITY OF WILLIAMSON Statement of Net Position December 31, 2020 Governmental Business-type Activities Activities Total Assets: Total assets $ 0 $ 0 $ 0 Liabilities: $ 0 $ 0 $ 0 Total Liabilities Net position: Total net position $ 0 $ $ 0 Req A1 Req A2 Req B1 Req B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fu statements as of December 31, 2020, and the year then ended. Assume that the city applies the cons CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds For Year Ended December 31, 2020 Total General Fund Government Funds Revenues: Total revenues $ 0 $ 0 Expenditures: Debt service: Total expenditures 0 $ 0 $ $ 0 $ 0 Other financing sources: Total other sources $ 0 $ 0 Net changes in fund balance 0 0 $ 0 $ 0 Req A1 Req A2 Req B1 Req B2 Prepare a balance sheet for the general fund in fund financial statement Assume that the city applies the consumption method. CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2020 General Fund Total Government Funds Assets: Total assets $ 0 $ 0 Liabilities: Total liabilities $ 0 $ 0 Fund balances: Total fund balances $ 0 $ 0 Total liabilities and fund balances $ 0 $ 0