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 $432,000 47, 300 5,900 3,800 49,300 274,000 91,200 65,750 41,900 23, 600 15,600 22,700 3,900 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 (903 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 ($2,700 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 Liabilities, all of which are due in one month at end of year: Salaries: General government Public safety Health and sanitation 40, 800 6,900 11,900 8,800 15, 100 21,100 21, 920 5,480 186,000 88,000 17,400 115,000 14,000 5,400 7,500 9,600 Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $21,200. 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. Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $21,200. 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 $17,600. The city plans to use it for general government purposes. The gift has 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 $134,400 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. a-1. Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. a-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 financial statements as of December 31, 2020, and the year then ended. Assume that the city applies the consumption method. b-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. Reg A1 Reg A2 Req B1 Reg B2 Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year th CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2020 Program Revenues Net (Expense) Revenue and Changes in Net Position Charges for Operating Capital Governmental Business-type Grants and Grants and Services Activities Contributions Contributions Activities Functions/Programs Expenses Total $ 0 Governmental activities General government Public safety Health and sanitation Interest on debt 0 0 0 0 $ 0 0 $ 0 $ 0 $ 0 $ 0 0 Total governmental activities General revenues: Property taxes Franchise taxes Investments (gain) $ 0 0 0 Olo $ 0 $ $ 0 0 0 Total general revenues Change in net position Net positionbeginning Net positionending ololo $ 0 $ $ 0 Reg A1 Req A2 Reg 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 Governmental Business-type Activities Activities Total Assets: Cash and cash equivalents Prepaid expenses Investments Receivables (net) Inventories Capital assets (net) $ 0 $ 0 $ Total assets bilities: 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 $ 0 CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds For Year Ended December 31, 2020 Total General Fund Government Funds Revenues: Property taxes Franchise taxes Charges for services Investments (gain) $ 0 $ 0 Total revenues Expenditures: General government Public safety Health and sanitation Debt service: Principal payment on debt Interest on debt Capital outlay Total expenditures 0 $ $ 0 $ 0 $ 0 Other financing sources: Proceeds from long-term note $ 0 $ 0 0 0 Total other sources Net changes in fund balance Fund balances (Beginning) Fund balances (Ending) $ 0 $ 0 Reg A1 Reg A2 Req B1 Req 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 $ 0 $ 0 Total assets Liabilities: Salaries payable $ 0 $ 0 Total liabilities Fund balances: Nonspendable Committed for equipment Unassigned $ 0 $ 0 Total fund balances Total liabilities and fund balances ba 0 $ 0 Reg A1 Req A2 Reg 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 Governmental Business-type Activities Activities Total Assets: Cash and cash equivalents Prepaid expenses Investments Receivables (net) Inventories Capital assets (net) $ 0 $ 0 $ Total assets bilities: 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 $ 0 CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds For Year Ended December 31, 2020 Total General Fund Government Funds Revenues: Property taxes Franchise taxes Charges for services Investments (gain) $ 0 $ 0 Total revenues Expenditures: General government Public safety Health and sanitation Debt service: Principal payment on debt Interest on debt Capital outlay Total expenditures 0 $ $ 0 $ 0 $ 0 Other financing sources: Proceeds from long-term note $ 0 $ 0 0 0 Total other sources Net changes in fund balance Fund balances (Beginning) Fund balances (Ending) $ 0 $ 0 Reg A1 Reg A2 Req B1 Req 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 $ 0 $ 0 Total assets Liabilities: Salaries payable $ 0 $ 0 Total liabilities Fund balances: Nonspendable Committed for equipment Unassigned $ 0 $ 0 Total fund balances Total liabilities and fund balances ba 0 $ 0