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The following information pertains to the City of Williamson for 2020, its first year of legal existence. For convenience, assume that all transactions are
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 $444,000 48,200 Charges for general government services 7,600 Charges for public safety services 3,600 Charges for health and sanitation services 45,100 Issued long-term note payable 291,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 92,600 Payments: Salary: General government Public safety Health and sanitation Rent: General government Public safety Health and sanitation Maintenance: General government 66,500 48,500 29,100 20,900 27,100 3,000 31,600 Public safety 6,600 Health and sanitation 10,300 Insurance: General government 9,100 Public safety ($3,100 still prepaid at end of year) 13,900 Health and sanitation 19,200 Interest on debt 23,280 Principal payment on debt 5,820 Storage shed 177,000 Equipment 114,000 Supplies (20% still held) (public safety) 19,500 Investments 88,000 Ordered but not received: Equipment 16,000 Liabilities, all of which are due in one month at end of year: Salaries: General government Public safety Health and sanitation 4,200 6,900 9,600
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