The following Information pertains to the City of Willilamson for 2017, ts first year of legal exlstence. For convenlence, 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 $478,888 47,888 6,988 5,488 43,988 328,888 Receivables at end of year: Property taxes (98% estimated to be collectible) 187,688 Payments Salary General government Public safety Health and sanitation 68,988 43,688 27,988 Rent: General government Public safety Health and sanitation 11,688 19,480 3,980 Maintenance General government Public safety Health and sanitation 35,880 7,808 11,188 Insurance: 7,880 16,488 28,188 26,240 6,568 282,888 126,888 23,380 186,888 General government Public safety ($4,188 still 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 17,98e Due in one month at end of year: Salaries: General government Public safety Health and sanitation 5,188 7,580 9,800 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $22,900. These amounts will not be taken by the employees until so late In 2018 that the payment is not viewed as requiring 2017 current financlal resources. The city recelved a plece of art this year as a donatlon. It is valued at $16,000. It will be used for general government purposes. There are no ellgiblity requlrements. The city chose not to capltalize this property The general government uses the storage shed that was acquired thls year. It is belng depreclated 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 $127600 at the end of the year For the equipment that has been ordered but not yet recelved, the City Council (the highest decision-making body In the government) has voted to honor the commitment when the equipment is recelved 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 appliles the consumption method
