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 $425,000 51,500 7,900 5,500 49,200 286,500 Receivables at end of year: Property taxes (90% estimated to be collectible) 104,500 Payments: Salary: General government Public safety Health and sanitation 68,350 48,300 25,500 Rent: General government Public safety Health and sanitation 13,500 26,900 5,400 Maintenance: General government Public safety Health and sanitation 24,400 5,100 9,400 Insurance: General government 8,300 11,500 16,200 22,920 5,730 201,000 85,500 15,400 96,000 Public safety ($2,300 still prepaid at end of year) Health and sanitation Interest on debt Principal payment on debt Storage shed Equipment supplies (20% still held) (public safety) Investments Ordered but not received: Equipment 13,500 Due in one month at end of year: Salaries: General government Public safety Health and sanitation 6,300 9,600 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 $109,600 at the end of the year. For the equipment that has been ordered but not yet received, the City Council (the highest decision-making body in the government) has voted to honor the commitment when the equipment is received a-1. Prepare a statement of activities for governmental activities for December 31, 2017. a-2. Prepare a statement of net position for governmental activities for December 31, 2017. b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund as of December 31, 2017 Assume that the city applies the consumption method. b-2. Prepare a balance sheet for the general fund as of December 31, 2017. Assume that the city applies the consumption method. Req A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities for December 31, 2017. CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Net (Expense) Revenue and Program Revenues Changes in Net Position CapitalGovernmental Business- Charges for Services Operating Grants and Functions/Programs Expenses Grants and type Total Contributions Contributions Activities Activities Governmental activities Total governmental activities$ General revenues: 0 $ 0 Total general revenues Change in net position 0 0 Req A1 Req A2 Req B1 Req B2 Prepare a statement of net position for governmental activities for December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) CITY OF WILLIAMSON Statement of Net Position December 31, 2017 Governmental Business-typeTotal Activities Activities Assets Total assets 0 Liabilities: Total Liabilities 0 Net position: Total net position 0 Req A1 Req A2 Req B1 Req B2 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 CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds For Year Ended December 31, 2017 Total General Fund Government Funds Revenues Total revenues Expenditures Debt service Total expenditures 0 Other financing sources Total other sources Net changes in fund balance Req A1 Req A2 Req B1 Req B2 Prepare a balance sheet for the general fund as of December 31, 2017. Assume that the city applies the consumption method CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2017 Tota GeneraGovernment Fund Funds Assets Total assets Liabilities Total liabilities Fund balances Total fund balances 0 $% Total liabilities and fund balances