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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 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 Franchise taxes Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable $428,000 43,800 7,000 3,400 47,400 289,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 105,400 Payments: Salary: General government 69,200 41,200 30,000 Public safety Health and sanitation Rent: General government 20,400 19,200 4,800 Public safety Health and sanitation Maintenance: 35,500 7,800 9,100 General government Public safety Health and sanitation Insurance: General government 10,300 14,400 15,500 23,120 5,780 167,000 122,000 18,400 112,000 Public safety $4,600 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 18,500 Due in one month at end of vear Salaries: General government Public safety Health and sanitation 4, 500 9,000 10,200
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