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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 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 $436,000 Franchise taxes 49,900 Charges for general government services 6,600 Charges for public safety services 3,900 Charges for health and sanitation services 49,400 Issued long-term note payable 300,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 93,600 Payments: Salary: General government 70,550 Public safety 40,900 Health and sanitation 22,900 Rent: General government 15,700 Public safety 18,200 Health and
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