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 $320,000 Franchise taxes 42,000 Charges for general government services 5,000 Charges for public safety services 3,000 Charges for health and sanitation services 42,000 Issued long-term note payable 200,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 90,000 Payments: Salary: General government Public safety Health and sanitation Rent: 66,000 39,000 22,000 General government Public safety Health and sanitation. Maintenance: General government 11,000 18,000 3,000 21,000 Public safety 5,000 Health and sanitation 9,000 Insurance: General government 8,000 Public safety ($2,000 still prepaid at end of year) 11,000 Health and sanitation 12,000 Interest on debt 16,000 Principal payment on debt 4,000 Storage shed 120,000 Equipment 80,000 Supplies (20% still held) (public safety) 15,000 Investments 90,000 Ordered but not received: Equipment 12,000 Liabilities, all of which are due in one month at end of year: Salaries: General government Public safety Health and sanitation 4,000 7,000 8,000 Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $13,000. 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 $14,000. 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 $103,000 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. Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $13,000. 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 $14,000. 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 $103,000 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 them ended a-2. Prepare a statement of net position for governmental activities in government wide financial statements for December 31 2020 and the year the 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 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 Program Revenues Net (Expense) Revenue and Changes in Net Position Functions/Programs Expenses Charges for Services Operating Grants and Contributions Contributions Capital Grants and Governmental Activities Governmental activities Business- type Activities Total Total governmental activities $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 General revenues: Total general revenues Change in net position $ 0 $ 0 $ 0 0 0 0 $ 0 $ 0 $ 0 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: Governmental Business-type Total Activities Activities Total assets Liabilities: $ 0 $ 0 $ 0 Total Liabilities $ 0 0 $ 0 Net position: Total net position $ 0 $ 0 $ < Req A1 Req B1 > 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 Revenues: Total revenues Expenditures: Debt service: For Year Ended December 31, 2020 Total General Fund Government Funds Total expenditures Other financing sources: $ 0 $ 69 69 Total other sources Net changes in fund balance $ 69 0 $ EA 69 0 $ 0 0 0 0 0 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 Balance Sheet Governmental Funds December 31, 2020 Assets: General Fund Total Government Funds Total assets $ 0 $ 0 Liabilities: Total liabilities Fund balances: Total fund balances Total liabilities and fund balances 69 0 $ 0 0 $ 0 0 0