Business, 17.04.2020 18:10 Jerrikasmith28
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 $425,000
Franchise taxes 51,500
Charges for general government services 7,900
Charges for public safety services 5,500
Charges for health and sanitation services 49,200
Issued long-term note payable 286,500
Receivables at end of year: Property taxes (90% estimated to be collectible) 104,500
Payments:
Salary:
General government 68,350
Public safety 48,300
Health and sanitation 25,500
Rent:
General government 13,500
Public safety 26,900
Health and sanitation 5,400
Maintenance:
General government 24,400
Public safety 5,100
Health and sanitation 9,400
Insurance:
General government 8,300
Public safety ($2,300 still prepaid at end of year) 11,500
Health and sanitation 16,200
Interest on debt 22,920
Principal payment on debt 5,730
Storage shed 201,000
Equipment 85,500
Supplies (20% still held) (public safety) 15,400
Investments 96,000
Ordered but not received:
Equipment 13,500
Due in one month at end of year:
Salaries:
General government 6,300
Public safety 9,600
Health and sanitation 10,800
Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $13,500. 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 $22,300. 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 $109,600 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-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.
Answers: 3
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