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. Receipts: Property taxes $435,000 50,700 5,700 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: 5,800 45,600 309,000 Property taxes (90% estimated to be collectible) Payments: Salary General government Public safety Health and sanitation 106,600 66,600 44,900 25,900 Rent: General government Public safety 13,400 23,200 3,300 Health and sanitation Maintenance: General government Public safety 34,200 7,800 9,500 Health and sanitation Insurance: General government Public safety ($4,500 still prepaid at end of year) 7,900 15,900 14,300 24,720 Health and sanitation Interest on debt Principal payment on debt 6,180 Storage shed 214,000 Equipment 95,000 18,600 113,000 Supplies (20% still held) (public safety) Investments Investments Ordered but not received Equipment Due in one month at end of year: Salaries: General government 113,000 13,500 4,500 Public safety 6,900 8,700 Health and sanitation Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $19,300. 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 $20,900. 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 $126,900 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. Req B1 Req A1 Req A2 Req B2 Prepare a statement of activities for governmental activities for December 31, 2017. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Net (Expense) Revenue and Changes in Net Position Governmental Program Revenues Capital Grants and Contributions Contributions Operating Grants and Business- Charges for Services Functions/Programs Expenses type Activities Total Activities Governmental activities General government Public safety Health and sanitation Interest on debt Total governmental activities $ $ 0 0 $ 0 0 0 0 $ 0 General revenues: Property taxes Franchise taxes Investments (gain) Total general revenues $ S 0 0 0 Change in net position 0 Net position-beginning Net position-ending S $ 0 0 Prepare a statement of net position for governmental activities for December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) CITY OF WILLIAMSON Statement of Net Position December 31, 2017 Governmental Business-type Activities Total Activities Assets Cash and cash equivalents Prepaid expenses Investments Receivables (net) Inventories Capital assets (net) Total assets $ 0 Liabilities: Salaries payable Compensated absences liability Noncurrent liabilities Total Liabilities $ $ 0 0 0 Net position: Invested in capital assets, net of related debt Unrestricted (deficit) 0 $ $ 0 Total net position Req A1 Req B1 Req A2 Req B2 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. 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: Property taxes Franchise taxes Charges for services Investments (gain) Total revenues 0 Expenditures: General government Public safety Health and sanitation Debt service: Principal payment on debt Interest on debt Interest on debt Capital outlay Total expenditures 0 0 Other financing sources: Proceeds from long-term note Total other sources $ 0 0 Net changes in fund balance Fund balances (Beginning) Fund balances (Ending) $ KReq A2 Req B2 Prepare a balance sheet for the general fund as of December 31, 2017. Assume that the city applies the consumption method. CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2017 Total General Government Fund Funds Assets: Cash and cash equivalents Prepaid expenses Investments Receivables, net Inventories 0 0 Total assets Liabilities: Salaries payable S S Total liabilities 0 Fund balances: Nonspendable Committed for equipment Unassigned Total fund balances C S 0 0 Total liabilities and fund balances