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. $415,000 42,100 4,800 5,900 49,600 280,000 93,200 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 (908 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 ($3,900 still prepaid at end of year) 68,100 38,000 24,400 11,700 21,700 4,800 29,200 6,900 8,500 10,500 13,800 A CAN 8,500 Health and sanitation Insurance General government Publie safety ($3,900 still prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment Supplies (208 still held) (public safety) Investments Ordered but not received: Equipment Due in one month at end of years Salaries: General government Public safety Health and sanitation 10,500 13,800 20,500 22,400 5,600 183,000 97,000 17,900 89,000 17.000 6,600 8,700 8,100 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $22,400. 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 $16,300. 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 $103,600 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. Statement of Activities For Year Ended December 31, 2017 Net (Expense) Revenue and Program Revenues Changes in Net Position Operating Charges for Capital Business- Governmental Services Grants and Grants and type Activities Contributions Contributions Activities Functions/Programs Expenses Total Governmental activities $ 0$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total governmental activities General revenues S $ 0 S 0 Total general revenues Change in net position 0 0 0 0 4 S 0 $ 0 $ 0 Governmental Business-type Activities Activities Total Assets: $ 0 $ 0 0 Total assets Liabilities: $ 0 $ 0 $ 0 Total Liabilities Net position: S 0 0 Total net position $ S 0 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 $ 0 Total revenues Expenditures: Debt service: Total revenues Expenditures: 0 S 0 Debt service: Total expenditures S 0 0 S 0 $ S 0 Other financing sources: Total other sources A 0 S 0 Net changes in fund balance 0 0 $ 0 0 C Reg A2 Reg B2 > CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2017 Total General Fund Government Funds Assets: Total assets S 0 $ 0 Liabilities $ 0 $ 0 Total liabilities Fund balances Total General Fund Government Funds Assets: es $ $ Total assets Liabilities: $ 0 Total liabilities Fund balances: $ 0 Total fund balances Total liabilities and fund balances 0 $ S 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. $415,000 42,100 4,800 5,900 49,600 280,000 93,200 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 (908 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 ($3,900 still prepaid at end of year) 68,100 38,000 24,400 11,700 21,700 4,800 29,200 6,900 8,500 10,500 13,800 A CAN 8,500 Health and sanitation Insurance General government Publie safety ($3,900 still prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment Supplies (208 still held) (public safety) Investments Ordered but not received: Equipment Due in one month at end of years Salaries: General government Public safety Health and sanitation 10,500 13,800 20,500 22,400 5,600 183,000 97,000 17,900 89,000 17.000 6,600 8,700 8,100 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $22,400. 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 $16,300. 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 $103,600 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. Statement of Activities For Year Ended December 31, 2017 Net (Expense) Revenue and Program Revenues Changes in Net Position Operating Charges for Capital Business- Governmental Services Grants and Grants and type Activities Contributions Contributions Activities Functions/Programs Expenses Total Governmental activities $ 0$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Total governmental activities General revenues S $ 0 S 0 Total general revenues Change in net position 0 0 0 0 4 S 0 $ 0 $ 0 Governmental Business-type Activities Activities Total Assets: $ 0 $ 0 0 Total assets Liabilities: $ 0 $ 0 $ 0 Total Liabilities Net position: S 0 0 Total net position $ S 0 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 $ 0 Total revenues Expenditures: Debt service: Total revenues Expenditures: 0 S 0 Debt service: Total expenditures S 0 0 S 0 $ S 0 Other financing sources: Total other sources A 0 S 0 Net changes in fund balance 0 0 $ 0 0 C Reg A2 Reg B2 > CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2017 Total General Fund Government Funds Assets: Total assets S 0 $ 0 Liabilities $ 0 $ 0 Total liabilities Fund balances Total General Fund Government Funds Assets: es $ $ Total assets Liabilities: $ 0 Total liabilities Fund balances: $ 0 Total fund balances Total liabilities and fund balances 0 $ S 0 0