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. $435,000 50,700 5,700 5,800 45,600 309,000 106,600 66,600 44,900 25,900 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: Property taxes (90% estimated to be collectible) Payments: Salary: General government Public safety Health and sanitation Rent: General government Public safety Health and sanitation Maintenance: General government Public safety Health and sanitation Insurance: General government Public safety ($4,500 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 13,400 23,200 3,300 34,200 7,800 9,500 7,900 15,900 14,300 24,720 6,180 214,000 95,000 18,600 113,000 113,000 13,500 Investments Ordered but not received: Equipment Due in one month at end of year: Salaries: General government Public safety Health and sanitation 4,500 6,900 8,700 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-1. Prepare a statement of activities for governmental activities for December 31, 2017. 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. Req A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities for December 31, 2017. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Net (Expense) Revenue and Program Revenues Changes in Net Position Capital Operating Charges for Governmental Business- Grants and Grants and type Services Contributions Contributions Activities Activities Functions/Programs Expenses Total Governmental activities General government Public safety | Health and sanitation Interest on debt $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total governmental activities General revenues: Property taxes Franchise taxes Investments (gain) | $ $ $ 0 0 0 0 Total general revenues Change in net position Net positionbeginning Net position-ending $ 0 $ 0 S 0 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 Business-type Activities Activities Decen Total Assets: Cash and cash equivalents Prepaid expenses Investments Receivables (net) Inventories Capital assets (net) $ 0 $ 0 $ 0 Total assets Liabilities: Salaries payable Compensated absences liability Noncurrent liabilities $ 0 $ 0 $ 0 Total Liabilities Net position: Invested in capital assets, net of related debt Unrestricted (deficit) 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 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 Total General Fund Government Funds Revenues: Property taxes Franchise taxes Charges for services Investments (gain) $ 0 $ Total revenues Expenditures: General government Public safety Health and sanitation Debt service: Principal payment on debt Interest on debt Interest on debt Capital outlay Total expenditures $ 0 $ 0 Other financing sources: Proceeds from long-term note $ 0 $ Total other sources Net changes in fund balance Fund balances (Beginning) Fund balances (Ending) $ 0 $ 0 Interest on debt Capital outlay Total expenditures $ 0 $ 0 Other financing sources: Proceeds from long-term note $ 0 $ Total other sources Net changes in fund balance Fund balances (Beginning) Fund balances (Ending) $ 0 $ 0 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 Total Government Fund Funds Assets: Cash and cash equivalents Prepaid expenses Investments Receivables, net Inventories $ 0 $ 0 Total assets Liabilities: Salaries payable I $ 0 $ Total liabilities Fund balances: Nonspendable Committed for equipment Unassigned I Total fund balances Total liabilities and fund balances $ $ 0 0 0 0 $ 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. $435,000 50,700 5,700 5,800 45,600 309,000 106,600 66,600 44,900 25,900 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: Property taxes (90% estimated to be collectible) Payments: Salary: General government Public safety Health and sanitation Rent: General government Public safety Health and sanitation Maintenance: General government Public safety Health and sanitation Insurance: General government Public safety ($4,500 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 13,400 23,200 3,300 34,200 7,800 9,500 7,900 15,900 14,300 24,720 6,180 214,000 95,000 18,600 113,000 113,000 13,500 Investments Ordered but not received: Equipment Due in one month at end of year: Salaries: General government Public safety Health and sanitation 4,500 6,900 8,700 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-1. Prepare a statement of activities for governmental activities for December 31, 2017. 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. Req A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities for December 31, 2017. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Net (Expense) Revenue and Program Revenues Changes in Net Position Capital Operating Charges for Governmental Business- Grants and Grants and type Services Contributions Contributions Activities Activities Functions/Programs Expenses Total Governmental activities General government Public safety | Health and sanitation Interest on debt $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total governmental activities General revenues: Property taxes Franchise taxes Investments (gain) | $ $ $ 0 0 0 0 Total general revenues Change in net position Net positionbeginning Net position-ending $ 0 $ 0 S 0 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 Business-type Activities Activities Decen Total Assets: Cash and cash equivalents Prepaid expenses Investments Receivables (net) Inventories Capital assets (net) $ 0 $ 0 $ 0 Total assets Liabilities: Salaries payable Compensated absences liability Noncurrent liabilities $ 0 $ 0 $ 0 Total Liabilities Net position: Invested in capital assets, net of related debt Unrestricted (deficit) 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 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 Total General Fund Government Funds Revenues: Property taxes Franchise taxes Charges for services Investments (gain) $ 0 $ Total revenues Expenditures: General government Public safety Health and sanitation Debt service: Principal payment on debt Interest on debt Interest on debt Capital outlay Total expenditures $ 0 $ 0 Other financing sources: Proceeds from long-term note $ 0 $ Total other sources Net changes in fund balance Fund balances (Beginning) Fund balances (Ending) $ 0 $ 0 Interest on debt Capital outlay Total expenditures $ 0 $ 0 Other financing sources: Proceeds from long-term note $ 0 $ Total other sources Net changes in fund balance Fund balances (Beginning) Fund balances (Ending) $ 0 $ 0 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 Total Government Fund Funds Assets: Cash and cash equivalents Prepaid expenses Investments Receivables, net Inventories $ 0 $ 0 Total assets Liabilities: Salaries payable I $ 0 $ Total liabilities Fund balances: Nonspendable Committed for equipment Unassigned I Total fund balances Total liabilities and fund balances $ $ 0 0 0 0 $