Need Help to solve each solutions below where its says: A1. Complete this questi
ID: 2597494 • Letter: N
Question
Need Help to solve each solutions below where its says:
A1. Complete this question by entering your answers in the tabs below
A2. prepare a statement of net position for governmental activities for December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)
B1.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.
B2. Prepare a balance sheet for the general fund as of December 31, 2017. Assume that the city applies the consumption method.
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The following information pertains to the city of williamson for 2017 its the first year of legal existence
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
$435,000
Franchise taxes
50,700
Charges for general government services
5700
Charges for public safety services
5800
Charges for health and sanitation services
45,600
Issued long-term note payable
309000
Receivables at the end of year:
Property taxes (90% estimated to be collectible)
106600
Payments:
Salary:
General government
66,600
Public safety
44,900
Health and sanitation
25900
Rent:
General government
13,400
Public safety
23200
Health and sanitation
3300
Maintenance:
General government
34200
Public safety
7800
Health and sanitation
9500
Insurance:
General government
7900
Public safety ($3,100 still prepaid at end of year)
15,900
Health and sanitation
14300
Interest on debt
24720
Principal payment on debt
6180
Storage shed
214000
Equipment
95000
Supplies (20% still held) (public safety)
18600
Investments
113.000
Ordered but not received:
Equipment
13500
Due in one month at end of year:
Salaries:
General government
4,500
Public safety
6,900
Health and sanitation
8700
Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $19,300. 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 $20,900. 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 $126,900 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.
A1.
Complete this question by entering your answers in the tabs below.
Prepare a statement of activities for governmental activities for December 31, 2017.
CITY OF WILLIAMSON
Statement of Activities
For Year Ended December 31, 2017
Program Revenues
Net (Expense) Revenue and Changes in Net Position
Functions/Programs
Expenses
Charges for Services
Operating Grants and Contributions
Capital Grants and Contributions
Governmental Activities
Business-type Activities
Total
Governmental activities
Total governmental activities
$0
$0
$0
$0
$0
$0
$0
General revenues:
Total general revenues
$0
$0
$0
Change in net position
0
0
0
$0
$0
$0
A2.
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 Activities
Business-type Activities
Total
Assets:
Total assets
$0
$0
$0
Liabilities:
Total Liabilities
$0
$0
$0
Net position:
Total net position
$0
$0
$0
B1.
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
General Fund
Total Government Funds
Revenues:
Total revenues
$0
$0
Expenditures:
Debt service:
Total expenditures
$0
$0
$0
$0
Other financing sources:
Total other sources
$0
$0
Net changes in fund balance
0
0
$0
$0
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
General Fund
Total Government Funds
Assets:
Total assets
$0
$0
Liabilities:
Total liabilities
$0
$0
Fund balances:
Total fund balances
$0
$0
Total liabilities and fund balances
$0
$0
Receipts:
Property Taxes
$435,000
Franchise taxes
50,700
Charges for general government services
5700
Charges for public safety services
5800
Charges for health and sanitation services
45,600
Issued long-term note payable
309000
Receivables at the end of year:
Property taxes (90% estimated to be collectible)
106600
Payments:
Salary:
General government
66,600
Public safety
44,900
Health and sanitation
25900
Rent:
General government
13,400
Public safety
23200
Health and sanitation
3300
Maintenance:
General government
34200
Public safety
7800
Health and sanitation
9500
Insurance:
General government
7900
Public safety ($3,100 still prepaid at end of year)
15,900
Health and sanitation
14300
Interest on debt
24720
Principal payment on debt
6180
Storage shed
214000
Equipment
95000
Supplies (20% still held) (public safety)
18600
Investments
113.000
Ordered but not received:
Equipment
13500
Due in one month at end of year:
Salaries:
General government
4,500
Public safety
6,900
Health and sanitation
8700
Explanation / Answer
CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Program Revenues Net (Expense) Revenue and Changes in Net Position Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Governmental Activities Business-type Activities Primary Government: Governmental activities General Governmental $188,200 $5,700 $20,900 -$161,600 -$161,600 Public Safety $110,480 $5,800 -$104,680 -$104,680 Health and Sanitation $80,700 $45,600 -$35,100 -$35,100 Interest on debt $24,720 -$23,080 -$23,080 Total Governmental activities $404,100 $57,100 $20,900 -$324,460 $0 -$324,460 General Revenues: Property taxes = $435,000 + 90% x 106600 $530,940 $530,940 Franchise taxes $50,700 $50,700 Investments (Gain) = $126,900 - $113,000 $13,900 $13,900 Total general revenues,transfers, and special items $595,540 $595,540 Change in net assets $271,080 $271,080 Net assets – beginning $0 $0 Net assets - ending $271,080 $271,080 Calculation General Governmental Salary $66,600 Rent $13,400 Maintenance $34,200 Insurance $7,900 Salaris payable $4,500 compensated absences $19,300 art work $20,900 Depreciation on building (Storage Shed): $214,000/10 years $21,400 Total $188,200 Public Safety Salary $44,900 Rent $23,200 Maintenance $7,800 Insurance = 15900 -3100 $12,800 supplies used 18600 x (1-20%) $14,880 Salaris payable = $6,900 Total $110,480 Health and Sanitation Salary $25,900 Rent $3,300 Maintenance $9,500 Insurance $14,300 Salaris payable $8,700 Depreciation on building (equipment): $95000/5 years $19,000 Total $80,700
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