Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information pertains to the City of Williamson for 2 0 2 4 , its first year of legal existence. For convenience, assume that
The following information pertains to the City of Williamson for 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.
Compensated absences such as vacations and sick days legally owed to general government workers at yearend total $
These amounts will not be taken by the employees until so late in that the payment is not viewed as requiring current
financial resources.
The city received a piece of art this year as a donation. It is valued at $ The city plans to use it for general govemment
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 year period using the
straightline 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 $ at the end of the year.
For the equipment that was ordered but not yet received, the City Council the highest decisionmaking body in the government voted
to honor the commitment when the equipment eventually arrives. Required:
a Prepare a statement of activities for governmental activities in governmentwide financial statements for December and the year then ended.
Prepare a statement of net position for governmental activities in governmentwide financial statements for December and the year then ended.
b Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December and the year then ended. Assume that the city applies the consumption method.
Prepare a balance sheet for the general fund in fund financial statements as of December and the year then ended.
Assume that the city applies the consumption method.
Complete this question by entering your answers in the tabs below.
Req B
Prepare a statement of activities for governmental activities in governmentwide financial statements for December and the year then ended.
tableCITY OF WILLIAMSONStatement of ActivitiesFor Year Ended December Functions or Programs,Expenses,Program Revenues,tableCapitalGrants andContributionstableNet Expense Revenue andChanges in Net PositionTotaltableCharges forServicestableOperatingGrants andContributionstableGovernmentalActivitiestableBusinesstypeActivitiesGovernmental activitiesTotal governmental activitiesGeneral revenues:Total general revenuesChange in net position Required:
a Prepare a statement of activities for governmental activities in governmentwide financial statements for December and the year then ended.
Prepare a statement of net position for governmental activities in governmentwide financial statements for December and the year then ended.
b Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December and the year then ended. Assume that the city applies the consumption method.
b Prepare a balance sheet for the general fund in fund financial statements as of December and the year then ended.
Assume that the city applies the consumption method.
Complete this question by entering your answers in the tabs below.
Req A
Prepare a statement of net position for governmental activities in governmentwide financial statements for December and the year then ended.
Note: Amounts to be deducted should be indicated by a minus sign.
tableCITY OF WILLIAMSONStatement of Net PositionDecember tableGovernmentalActivitiestableBusinesstypeActivitiesTotalAssets:FFFFFFTotal assetsLiabilities:EFTotal LiabilitiesNet position:FFzTotal net position,,, Req A
Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December and the year then ended. Assume that the city applies the consumption method.Complete this question by entering your answers in the tabs below.
Prepare a balance sheet for the general fund in fund
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started