The following information pertains to the City of Williamson for 2020, its first year of legal existence. For convenienc

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The Following Information Pertains To The City Of Williamson For 2020 Its First Year Of Legal Existence For Convenienc 1 (62.15 KiB) Viewed 10 times

The Following Information Pertains To The City Of Williamson For 2020 Its First Year Of Legal Existence For Convenienc 2 (51.68 KiB) Viewed 10 times

The following information pertains to the City of Williamson for 2020, 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 Receivables at end of year: Property taxes (90% estimated to be collectible) Payments: Salary: General government Public safety Health and sanitation. Rent: General government Public safety Health and sanitation. Maintenance: General government Public safety Health and sanitation Insurance: General government Public safety ($4,800 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 Liabilities, all of which are due in one month at end of year: Salaries: General government Public safety Health and sanitation $450,000 45,600 6,000 3,300 42,300 301,000 104,800 70,950 41,700 29,800 20,300 22, 100 4,500 22,400 5,400 10,800 10,200 15,000 19,600 24,080 6,020 191,000 110,000 22,200 99,000 13,000 5,700 6,900 10,500 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 2021 that the payment is not viewed as requiring 2020 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 government 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
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 2021 that the payment is not viewed as requiring 2020 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 government 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. a-1. Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2020, and the year then ended. a-2. Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2020, 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, 2020, 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, 2020, and the year then ended. Assume that the city applies the consumption method.