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 nas three separate functions general government, public safety, and health and sanitation $438,000 42,400 6,300 4,700 45,700 283,500 107,200 70,450 45,900 28,600 17,000 24,000 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-tern note payable Receivables at end of years Property taxes (sex 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 (52,500 still prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment Supplies (20% still hela) public safety) Investments Ordered but not received Equipent Liabilities, all of which are due in one month at end of year! Salaries: General government Public safety Health and sanitation 39,800 6,000 9.90 9,300 14,900 16,300 22.680 5,670 196.000 87,500 18,000 94,000 22,000 4,200 9.900 9.900 Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $13.600 These amounts will not be taken by the employees until so late in 2021 that the payment is not viewed as requiring 2020 current Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $13,600 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 $18,400. The city plans to use it for general government purposes. The gin nas no eligibility requirements. The city chose not to capitalize this property General government activities use the storage shed that was acquired this year. It is depreciated over a 10-year period using the straight-line method with no residual value. The city uses the equipment for health and sanitation and depreciates it using the straight- line method over five years with no residual value The investments are valued at $112,700 at the end of the year For the equipment that was ordered but not yet received, the City Council (the highest decision-making body in the government, voted to honor the commitment when the equipment eventually arrives 6-1. Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended 6-2. Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund Tinancial statements as of December 31, 2020, and the year then ended. Assume that the city applies the consumption method -2. Prepare a balance sheet for the general fund in fund financial statements as of December 31, 2020, and the year then ended Assume that the city applies the consumption method Complete this question by entering your answers in the tabs below. Rea A1 Reg AZ Reg 1 Reg 2 Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. CITY OF WILLIAMSON Statement of Activities for Year Ended December 31, 2020 Program Revenues Charges Operating Capital for Grants and Grants and Services Contributions Contributions Net (Expense) Revenue and Changes in Net Position Governmental Business Activities type Activities Total Functions Programs Expenses 18.400 5 05 Governmental activities General government Public Safety Health and sanitation Interest on det OOOO $ 188,150 $ 107.000 75,300 5.300 4.700 45,700 OOO (163.450) S (102.900) (29.600) OS 163,450 102.900 29.500 0 15 5 0 18.400 5 S 295,950 5371050 (295,950) $ 56,700 5 Total governmental activities General revenues Property taxes Franchise taxes Investments (an) OOO 534480 534.400 $ 1.060,000 42.400 42.400 54,000 13.000 13.600 27,200 1$ 51.130 960 005010 Total general revenues Change in net position Ne poston-beginning Net position--anding 590,480 204,530 0 294530 $ 590.480 590.480 0 5590.400 S SS 010 + Req A2 > Reg A1 Reg A2 Req B1 Req B2 Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. (Amounts to be deducted should be indicated by a minus sign.) CITY OF WILLIAMSON Statement of Net Position December 31, 2020 Business Governmental Activities type Total Activities Assets Cash and cash equivalents Prepaid expenses 2,800 2,800 Investments 112,700 112,700 Receivables (net) Inventories Capital assets (net) >> OOOO $ 115,500 S 0 S 115,500 Total assets Liabilities Salaries payable Compensated absences liability Noncurrent liabilities 23.100 13,600 23,100 13,600 0 Is 36.700 s 0 0 S 36,700 Total Liabilities Net position Invested in capital assets, net of related debt Unrestricted (deficit) Total net position 0 $ 0 is 0 Req A1 Req A2 Req B1 Red B2 Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December 31, 2020, and the year then ended. 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, 2020 General Total Government Fund Funds Revenues Property taxes $ 534,480 IS 534,480 Franchise taxes 42.400 42,400 Charges for services 50,000 X 50,000 Investments (gain) 13,600 13,600 OOOO >xx x $ 640.480 S 640,480 Total revenues Expenditures General government Public safety Health and sanitation IS OOO s 140.750 107,600 67.700 O 140.750 107 600 67 700 Debt service Principal payment on debt Interest on debt Capital outlay 13,600 22,680 BOX 13,600 22.680 283.500 283,500 S $ 635,830 s 4,650 635,830 4,650 S Total expenditures Excess of revenues over expenses Other financing sources Proceeds from long-term note 283,500 283,500 s Total other sources Net changes in fund balance $ 283,500 288, 150 283,500 288,150 S 288,150 $ 288.150 Reg A1 Reg A2 Reg B1 Reg B2 Prepare a balance sheet for the general fund in fund financial statements as of December 31, 2020, and the year then ended. Assume that the city applies the consumption method. CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2020 General Fund Total Government Funds Assets Cash and cash equivalents Prepaid expenses Investments Receivables, net Inventories OOOOO 5 0 Is 0 Total assets Liabilities Salaries payable s 0 15 0 Total liabilities Fund balances Nonspendable Committed for equipment Unassigned 5 00 5,000 12.000 215,000 s 0 Total fund balances Total liabilities and fund balances 232.000 232,000 s 5 0