section 4. week 10

the following information pertains to the city of williamson for 2017 its the first year of legal existence

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	$435,000
Franchise taxes	50,700
Charges for general government services	5700
Charges for public safety services	5800
Charges for health and sanitation services	45,600
Issued long-term note payable	309000
Receivables at the end of year:
Property taxes (90% estimated to be collectible)	106600
Payments:
Salary:
General government	66,600
Public safety	44,900
Health and sanitation	25900
Rent:
General government	13,400
Public safety	23200
Health and sanitation	3300
Maintenance:
General government	34200
Public safety	7800
Health and sanitation	9500
Insurance:
General government	7900
Public safety ($3,100 still prepaid at end of year)	15,900
Health and sanitation	14300
Interest on debt	24720
Principal payment on debt	6180
Storage shed	214000
Equipment	95000
Supplies (20% still held) (public safety)	18600
Investments	113.000
Ordered but not received:
Equipment	13500
Due in one month at end of year:
Salaries:
General government	4,500
Public safety	6,900
Health and sanitation	8700

Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $19,300. 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 $20,900. 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 $126,900 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-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.

A1.

Complete this question by entering your answers in the tabs below.

Prepare a statement of activities for governmental activities for December 31, 2017.

CITY OF WILLIAMSON
Statement of Activities
For Year Ended December 31, 2017
		Program Revenues			Net (Expense) Revenue and Changes in Net Position
Functions/Programs	Expenses	Charges for Services	Operating Grants and Contributions	Capital Grants and Contributions	Governmental Activities	Business-type Activities	Total
Governmental activities
Total governmental activities	$0	$0	$0	$0	$0	$0	$0
General revenues:
Total general revenues					$0	$0	$0
Change in net position					0	0	0
					$0	$0	$0

A2.

prepare a statement of net position for governmental activities for December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)

CITY OF WILLIAMSON
Statement of Net Position
December 31, 2017
	Governmental Activities	Business-type Activities	Total
Assets:
Total assets	$0	$0	$0
Liabilities:
Total Liabilities	$0	$0	$0
Net position:
Total net position	$0	$0	$0

B1.

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.

CITY OF WILLIAMSON
Statement of Revenues, Expenditures, and Other Changes in Fund Balances
Governmental Funds
For Year Ended December 31, 2017
	General Fund	Total 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

B2

Prepare a balance sheet for the general fund as of December 31, 2017. Assume that the city applies the consumption method.

CITY OF WILLIAMSON
Balance Sheet
Governmental Funds
December 31, 2017
	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