The City of Bemard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $31,250 and Investments of $75,250. In addition, it holds a small building bought on January 1, 2016, for general government purposes for $322,000 and related long-term debt of $257,600. The building is being depreciated on the straight-line method over 10 years. The Interest rate is 10 percent. The general fund has four separate functions general government, public safety, public works, and health and sanitation. Other Information includes the following: $581,880 184,800 21,000 20,900 12,450 6,900 34, eee 9,7ee 38,600 221,000 92,250 164,000 107,5ee 118,250 86,500 27,00 Receipts: Property taxes Sales taxes Dividend income Charges for general government services Charges for public safety services Charges for public works Charges for health and sanitation services Charges for landfill Grant to be used for salaries for health workers (no eligibility requirements) Issued long-term note payable Sold above investments Receivables at year-end: Property taxes ($11,200 is expected to be uncollectible) Payments: Salary: General government Public safety Public works Health and sanitation (all from grant) Utilities: General government Public safety Public works Health and sanitation Insurance: General government Public safety Public works (all prepaid as of the end of the year) Health and sanitation Miscellaneous : General government Public safety Public works Health and sanitation Interest on previous debt Principal payment on previous debt Interest on new debt Building (public works) Equipment (public safety) Public works supplies (30% still held) Investments Ordered but not received: Equipment Supplies Due at end of year: Salaries: General government Public safety Public works 18,9ee 19,45e 13,950 4,200 31, 30e 18,300 6,9ee 5,10 15,400 10,300 9,000 9,500 25,760 15,200 19,890 210,080 111,000 28,800 117,500 31,750 9,350 21,300 21, ese 5,700 On the last day of the year, the city borrowed $69.000 from a local bank and used that money to buy a truck. The first payment on the loan (plus interest) will be made at the end of the next year. The city started a landfill this year that it is recording within its general fund. It is included as a public works function. Closure costs today would be $292,500 although the landfill is not expected to be filled for nine more years. The city has incurred no costs to date although the landfill is now 15 percent filled. For the equipment and supplies that have 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 items are received. The new building is being depreciated over 20 years using the straight-line method and no salvage value, whereas depreciation of the equipment is similar except that its life is only 10 years. Assume the city records a full year's depreciation in the year of acquisition. The investments are valued at $127100 at year-end. 0-1. Prepare a statement of activities for governmental activities for December 31, 2017, and the year then ended. 6-2. Prepare a statement of net position for governmental activities for December 31, 2017, and the year then ended. b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. b-2. Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume that the purchases method is being applied. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Req B1 Reg B2 Prepare a statement of activities for governmental activities for December 31, 2017, and the year then ended. (Amounts to be deducted should be indicated by a minus sign.) CITY OF BERNARD Statement of Activities For Year Ended December 31, 2017 Program Revenues Net (Expense) Revenue and Changes in Net Position Charges for Grants and Expenses Governmental Total Services Contributions Activities $ 0 $ Functions/Programs Governmental activities: General government Public safety Public Works (Health and sanitation interest on debt 20,900 $ 12,450 (197,700) S (197,700) (186,000) (186,000) 0 $ 218,600 198,450 189,685 45,800 45,650 34,000 30,600 18,800 (45,650) 18,800 (45,650) 0 0 $ 698,185 $ 67,350 $ 30,600 (410,550)| s (410,550) $ Total governmental activities General revenues Property taxes Sales taxes Dividend income Gain on sale of investments Gain on value of investments 733,800 $ 104,800 21,000 733,800 104,800 21,000 9,600 9,600 $ 869,200 $ 869,200 Total general revenues Change in net position: Change during 2017 Net position-beginning Net position ending $ 458,650 $ 458,650 $ 458,650 $ 458,650 Reg A1 Req A2 Req B: Req B2 Prepare a statement of net position for governmental activities for December 31, 2017, and the year then ended. CITY OF BERNARD Statement of Net Position December 31, 2017 Governmental Activities Totals Current assets: Cash and cash equivalents Prepaid Insurance Investments Receivables (net) Suppies 6,000 127,100 152,800 8.640 6.000 127.100 152,800 8.640 5 205.4405 205.440 Total current assets Capital assets: $ 257,600 $ 257.600 Building-general government (net of depreciation) Building-puble works (net of depreciation) Equipment (net of depreciation) Truck (capital lease) 90.000 60.000 29,000 00.000 $ 721.040 5 721,940 Total assets Liabilities: Current liabilities: Salaries payable Noncurrent liabilities: Bank loan payable Closureliability landfil Long-term notes payable $ os Total liabilities Net position: Invested in capital assets, net of related debt Restricted for salaries (Grant) Unrestricted (deficit) Total net position $ 015 Prepare a statement of revenues, expenditures, and other changes in fu 2017, and the year then ended. Assume that the purchases method is CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2017 General Fund Revenues Property taxes Sales taxes Dividend income Charges for services Grant Investments (realized gain) Investments (unrealized gain) Total Expenditures: Current: General governmental Public safety Public works Health and sanitation Debt service: Principal payment on debt Interest on debt Capital outlay: Building Equipment Truck $ 0 0 Total expenditures Excess (deficiency) of revenues over expenses Other financing sources Proceeds from long-term note 0 0 Total other financing sources Net changes in fund balance Fund balance beginning Fund balance-ending $ 0 Req A1 Req A2 Req B1 Req B2 Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume method is being applied. CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2017 General Fund Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance $ Total assets Liabilities and fund balances: Liabilities: Salaries payable Fund balances: Nonspendable Restricted for salaries Committed for equipment and supplies Unassigned $ 0 Total liabilities and fund balance $ Prepare a statement of revenues, expenditures, and other changes in fu 2017, and the year then ended. Assume that the purchases method is CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2017 General Fund Revenues Property taxes Sales taxes Dividend income Charges for services Grant Investments (realized gain) Investments (unrealized gain) Total Expenditures: Current: General governmental Public safety Public works Health and sanitation Debt service: Principal payment on debt Interest on debt Capital outlay: Building Equipment Truck $ 0 0 Total expenditures Excess (deficiency) of revenues over expenses Other financing sources Proceeds from long-term note 0 0 Total other financing sources Net changes in fund balance Fund balance beginning Fund balance-ending $ 0 Req A1 Req A2 Req B1 Req B2 Prepare a balance sheet for the General Fund as of December 31, 2017, and the year then ended. Assume method is being applied. CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2017 General Fund Assets: Cash and cash equivalents Investments Receivables, net Supplies Prepaid insurance $ Total assets Liabilities and fund balances: Liabilities: Salaries payable Fund balances: Nonspendable Restricted for salaries Committed for equipment and supplies Unassigned $ 0 Total liabilities and fund balance $