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,e9e 43.80e 7,80e 3,49e 47.49e 289,89 Receivables at end of year: Property taxes (90% estimated to be collectible) 105,488 Payments: Salary: General Public safety Health and sanitation 69.29e 41.28e 39,89 Rent General 28,498 19, 289 4,890 Public safety Health and sanitation Maintenance: General government 35,598 7,80e 9,18e Public safety Health and sanitation Insurance: General government 18,39e 14,40e 15,598 23,12e 5.780 167.890 122,890 18,49 112,898 Public safety ($4,680 stil1 prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment supplies (28% still held) (public safety) Investments Ordered but not received: Equipment 18,598 Due in one month at end of year: Salaries General government Public safety Health and sanitation 4.500 9.800 18, 289 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $14,100. 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 $15,200. 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 $127,500 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. b1. 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
