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. $444,000 48,200 7,600 3,600 45,100 291,000 92,600 66,500 48,500 29,100 20,900 27,100 3,000 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 ($3,100 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 Due in one month at end of year: Salaries: General government 31,600 6,600 10,300 9,100 13,900 19, 200 23,280 5,820 177,000 114,000 19,500 88,000 16,000 4,200 Public safety Health and sanitation 6,900 9,600 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $15,400. 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 $23,200. 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 $107,500 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. 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 for December 31, 2017. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Program Revenues Net (Expense) Revenue and Changes in Net Position Operating Capital Business- Charges for Grants and Grants and Governmental type Services Contributions Contributions Activities Activities Functions/Programs Expenses Total $ $ 23,200 Governmental activities General government Public safety Health and sanitation Interest on debt 7,600 3,600 45,100 23,280 $ 23,280 $ 56,300 $ 0 $ 23,200 $ 0 $ 0 $ Total governmental activities General revenues: Property taxes Franchise taxes Investments (gain) $ $ $ 0 0 0 0 0 Total general revenues Change in net position Net positionbeginning Net position-ending $ 0 $ 0 $ 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 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 $ 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: $ 0 $ Total revenues Expenditures: Debt service: Total expenditures $ $ $ $ 0 Other financing sources: | $ $ Total other sources Net changes in fund balance 0 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 Fund Total Government Funds Assets: Cash and cash equivalents Prepaid expenses Investments Receivables, net Inventories $ 0 $ 0 Total assets Liabilities: Salaries payable $ 0 $ 0 Total liabilities Fund balances: Nonspendable Committed for equipment Unassigned 0 Total fund balances Total liabilities and fund balances $ $ 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. $444,000 48,200 7,600 3,600 45,100 291,000 92,600 66,500 48,500 29,100 20,900 27,100 3,000 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 ($3,100 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 Due in one month at end of year: Salaries: General government 31,600 6,600 10,300 9,100 13,900 19, 200 23,280 5,820 177,000 114,000 19,500 88,000 16,000 4,200 Public safety Health and sanitation 6,900 9,600 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $15,400. 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 $23,200. 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 $107,500 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. 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 for December 31, 2017. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Program Revenues Net (Expense) Revenue and Changes in Net Position Operating Capital Business- Charges for Grants and Grants and Governmental type Services Contributions Contributions Activities Activities Functions/Programs Expenses Total $ $ 23,200 Governmental activities General government Public safety Health and sanitation Interest on debt 7,600 3,600 45,100 23,280 $ 23,280 $ 56,300 $ 0 $ 23,200 $ 0 $ 0 $ Total governmental activities General revenues: Property taxes Franchise taxes Investments (gain) $ $ $ 0 0 0 0 0 Total general revenues Change in net position Net positionbeginning Net position-ending $ 0 $ 0 $ 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 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 $ 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: $ 0 $ Total revenues Expenditures: Debt service: Total expenditures $ $ $ $ 0 Other financing sources: | $ $ Total other sources Net changes in fund balance 0 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 Fund Total Government Funds Assets: Cash and cash equivalents Prepaid expenses Investments Receivables, net Inventories $ 0 $ 0 Total assets Liabilities: Salaries payable $ 0 $ 0 Total liabilities Fund balances: Nonspendable Committed for equipment Unassigned 0 Total fund balances Total liabilities and fund balances $ $ 0 0 $ $