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The following information pertains to the City of Williamson for $2024,$ 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.

Compensated absences $($such as vacations and sick days$)$ legally owed to general government workers at year$-$end total $$14,000.$

These amounts will not be taken by the employees until so late in $2025$ that the payment is not viewed as requiring $2024$ current

financial resources.

The city received a piece of art this year as a donation. It is valued at $$21,300.$ The city plans to use it for general govemment

purposes. The gift has no eligibility requirements. The city chose not to capitalize this property.

General government activities use the storage shed that was acquired this year. It is depreciated over a $10-$year period using the

straight$-$line method with no residual value. The city uses the equipment for health and sanitation and depreciates it using the straight$-$

line method over five years with no residual value.

The investments are valued at $$114,300$ at the end of the year.

For the equipment that was ordered but not yet received, the City Council $($the highest decision$-$making body in the government$)$ voted

to honor the commitment when the equipment eventually arrives. Required:

a$-1.$ Prepare a statement of activities for governmental activities in government$-$wide financial statements for December $31,2024,$ and the year then ended.

$a-2.$ Prepare a statement of net position for governmental activities in government$-$wide financial statements for December $31,2024.$ and the year then ended.

b$-1.$ Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December $31,2024,$ and the year then ended. Assume that the city applies the consumption method.

$b-2.$ Prepare a balance sheet for the general fund in fund financial statements as of December $31,2024,$ and the year then ended.

Assume that the city applies the consumption method.

Complete this question by entering your answers in the tabs below.

Req B$1$

Prepare a statement of activities for governmental activities in government$-$wide financial statements for December $31,2024,$ and the year then ended.

$\backslash$table$[[$CITY OF WILLIAMSON$],[$Statement of Activities$],[$For Year Ended December $31,2024],[$Functions or Programs,Expenses,Program Revenues,$\backslash$table$[[$Capital$],[$Grants and$],[$Contributions$]],\backslash$table$[[$Net $($Expense$)$ Revenue and$],[$Changes in Net Position$]],$Total$],[\backslash$table$[[$Charges for$],[$Services$]],\backslash$table$[[$Operating$],[$Grants and$],[$Contributions$]],\backslash$table$[[$Governmental$],[$Activities$]],\backslash$table$[[$Business$-$type$],[$Activities$]]],[$Governmental activities$],[,,,,,,,],[,,,,,,,],[,,,,,,,],[,,,,,,,],[,,,,,,,],[$Total governmental activities$],[$General revenues:$],[,,,,,,,],[,,,,,,,],[,,,,,,,],[,,,,,,,],[$Total general revenues$],[$Change in net position$],[,,,,,,,],[,,,,,,,]]$ Required:

a$-1.$ Prepare a statement of activities for governmental activities in government$-$wide financial statements for December $31,2024,$ and the year then ended.

$a-2.$ Prepare a statement of net position for governmental activities in government$-$wide financial statements for December $31,2024.$ and the year then ended.

b$-1.$ Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December $31,2024,$ and the year then ended. Assume that the city applies the consumption method.

b$-2.$ Prepare a balance sheet for the general fund in fund financial statements as of December $31,2024,$ and the year then ended.

Assume that the city applies the consumption method.

Complete this question by entering your answers in the tabs below.

Req A$2$

Prepare a statement of net position for governmental activities in government$-$wide financial statements for December $31,2024,$ and the year then ended.

Note: Amounts to be deducted should be indicated by a minus sign.

$\backslash$table$[[$CITY OF WILLIAMSON$],[$Statement of Net Position$],[$December $31,2024],[,\backslash$table$[[$Governmental$],[$Activities$]],\backslash$table$[[$Business$-$type$],[$Activities$]],$Total$],[$Assets:$],[$F$,,$F$,],[2],[$F$,,,],[$F$],[$F$],[3],[$F$,,,],[$Total assets$],[$Liabilities:$],[$E$],[=],[$F$],[2],[$Total Liabilities$],[$Net position:$],[$F$,=,2,],[$F$,,$z$,],[7,,,],[$Total net position,,,$]]$ Req A$1$

Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund in fund financial statements as of December $31,2024,$ and the year then ended. Assume that the city applies the consumption method.Complete this question by entering your answers in the tabs below.

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