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 $320,000 Charges for public safety services Charges for general government services 42,000 5,000 Charges for health and sanitation services 3,000 Issued long-term note payable 42,000 Receivables at end of year: 200,000 Property taxes (90% estimated to be collectible) 90,000 Payments: Salary: General government Public safety Health and sanitation Rent: Public safety General government Health and sanitation Maintenance: 66,000 39,000 22,000 11,000 18,000 3,000 General government 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 80,000 Equipment Investments Equipment Supplies (20% still held) (public safety) Ordered but not received: Liabilities, all of which are due in one month at end of 15,000 90,000 12,000 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.