Business, 21.09.2020 23:01 Navi18

Preparation of the statement of activities The City of Truro reports the following revenues for the fiscal year: Real estate and personal property taxes $70,876
Motor vehicle and other excise taxes 3,692
Grants and contributions not restricted 3,634

The City of Truro reports the following revenues for the fiscal year: Real estate and personal property taxes $57,020 Motor vehicle and other excise taxes 5,340 Grants and contributions not restricted 5,295 The City also reports the following revenues from fees it charges for services and operating grants and contributions it has received during the year as well as expenses it has incurred, categorized by governmental activity:

Functions/Programs Charges for Services Operating Grants and Contributions Expenses

Primary government
Governmental activities:
General government $351 $580 $6,969
Public safety 1,175 308 8,237
Education 1,092 5,524 57,768
Public works 87 195 3,465
Human services 850 138 2,012
Library 66 96 1,292
Pension and benefits - 3,273 5,532
Interest - - 1,275
Total governmental activities $3,621 $10,114 $86,550

The City manages two business-type activities: a sanitation department which oversees solid and liquid waste disposal and a municipal pool. Both of these activities charge users a fee that is set at the beginning of the year at a level that is anticipated to cover the costs of providing the service. These fees cannot be changed during the year. As a result, these activities may produce a net profit or loss for the year, depending on the level of operating costs. The revenues and expenses for these services are provided in the following table:

Functions/Programs Charges for Services Expenses

Business-type activities:
Sanitation $4,619 $3,407
Municipal pool 524 742
$5,143 $4,149

Required:
Prepare the City of Truro Statement of Activities for the year (assume a beginning balance for Net Position of $175,638 for Governmental activities and $35,554 for Business-type activities).

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Preparation of the statement of activities The City of Truro reports the following revenues for the...

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