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. Receipts: Property taxes Franchise taxes $440,000 50,100 Charges for general government services 7,300 Charges for public safety services Charges for health and sanitation 5,600 45,900 services Issued long-term note payable 299,500 Receivables at end of year: Property taxes (90% estimated to be 99,800 collectible) Payments: Salary: General government 66,750 Public safety 44,500 Health and sanitation 29,400 Rent: General government 12,300 Public safety 21,900 Health and sanitation 4,800 Maintenance: General government 40,000 Public safety 6,300 Health and sanitation 10,100 Insurance: General government 8,700 Public safety ($3,400 still prepaid at end of year) 12,700 Health and sanitation 13,500 Interest on debt 23,960 Principal payment on debt 5,990 Storage shed 203,000 Equipment 96,500 Supplies (20% still held) (public 24,100 safety) Investments 110,000 Ordered but not received: Equipment 16,000 Liabilities, all of which are due in one month at end of year: Salaries: General government 4,500 Public safety 9,600 Health and sanitation 9,900 Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $20,300. 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 $14,500. 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 $132,100 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-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. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2020 Net (Expense) Revenue and Changes in Net Position Program Revenues Charges Functions/Programs Expenses Operating Capital for Grants and Grants and Services Contributions Contributions Governmental Activities Governmental Business- type Total Activities activities General government Public safety $ 7,300 $ 14,500 Health and sanitation Interest on debt Total governmental $ 0 $ 7,300 $ 0 $ 14,500 $ 0 $ 0 $ 0 activities General revenues: Property taxes Franchise taxes Investments (gain) Total general revenues Change in net position Net position- beginning Net position-ending $ 0 $ 0 $ 0 0 0 0 $ 0 $ 0 $ 0 < Req A1 Req A2 > Complete this question by entering your answers in the tabs below. Req A1 Req 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 Assets: Cash and cash equivalents Prepaid expenses Investments Receivables (net) Inventories Capital assets (net) Total assets Liabilities: Salaries payable Compensated absences liability Noncurrent liabilities Total Liabilities Net position: Invested in capital assets, net of related debt Unrestricted (deficit) Business- Governmental Activities type Activities Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total net position $ 0 $ 0 $ 0 < Req A1 Req B1 > Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 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. CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds For Year Ended December 31, 2020 Revenues: Property taxes Charges for services Franchise taxes Investments (gain) Total revenues Expenditures: General government Public safety Health and sanitation General Fund Total Government Funds $ 0 $ 0 Debt service: Principal payment on debt Interest on debt Capital outlay Total expenditures $ 0 $ 0 $ 0 $ 0 Other financing sources: Proceeds from long-term note Total other sources $ 0 $ 0 Show less Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B1 Req B2 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. CITY OF WILLIAMSON Assets: Balance Sheet Governmental Funds December 31, 2020 Cash and cash equivalents Prepaid expenses Investments Receivables, net Inventories General Fund Total Government Funds Total assets $ 0$ 0 Liabilities: Salaries payable Total liabilities $ 0 $ 0 Fund balances: Nonspendable Committed for equipment Unassigned Total fund balances $ 0 $ 0 Total liabilities and fund $ 0 $ 0 balances < Req B1 Req B2 >