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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 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 Franchise taxes Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable $436,000 49,900 6,600 3,900 49,400 300,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 93,600 Payments: Salary: General government 70,550 40,900 22,900 Public safety Health and sanitation Rent: 15,700 18,200 3,000 General government Public safety Health and sanitation Maintenance: 37,600 7,800 11,000 General government Public safety Health and sanitation Insurance: General government 9,200 13,800 16,700 24,000 6,000 175,000 125, 000 20,900 100,000 Public safety ($2,500 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 Ordered but not received: Equipment 21,500 Due in one month at end of year: Salaries: General government Public safety Health and sanitation 6,600 7,500 8,100
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