Functions/Programs CITY OF WILLIAMSON Statement of Activities For Year Ended December 31, 2017 Program Revenues Net (Expense) Revenue and Changes in Net Position Governmental Business- type Activities Expenses Charges for Services Operating Capital Grants and Grants and Contributions Contributions Activities Total Governmental activities General government $ 183,600 $ 7,700 Public safety 100,620 Health and sanitation 96,200 4,000 45,800 Interest on debt 26,360 $ 18,500 $ (157,400) $ (157,400) (96,620) (96,620) (50,400) (50,400) (26,360) (26,360) Total governmental activities $ 406,780 $ 57,500 $ 0 $ 18,500 $ (330,780) $ 0 $ (330,780) General revenues: Property taxes Franchise taxes Investments (gain) Total general revenues Change in net position Net position-beginning Net position-ending $ 550,220 48,000 15,100 $ 550,220 48,000 15,100 $ 613,320 $ 282,540 0 $ 613,320 0 282,540 $ 282,540 $ 0 $ 282,540 Assets: Cash and cash equivalents Prepaid expenses Investments Receivables (net) Inventories Capital assets (net) Total assets Liabilities: Salaries payable Compensated absences liability Noncurrent liabilities CITY OF WILLIAMSON Statement of Net Position December 31, 2017 Total Liabilities Net position: Invested in capital assets, net of related debt Unrestricted (deficit) Total net position Governmental Business-type Total Activities Activities $ 0 $ 0 $ 0 EA $ 0 $ 0 $ 0 SA $ 0 $ 0 $ 0 CITY OF WILLIAMSON Statement of Revenues, Expenditures, and Other Changes in Fund Balances Governmental Funds Revenues: Total revenues Expenditures: Debt service: For Year Ended December 31, 2017 Total General Fund Government Funds $ 0 $ 0 Total expenditures $ 0 $ 0 $ 0 $ 0 Other financing sources: Total other sources Net changes in fund balance $ 0 $ 0 0 0 $ 0 $ 0 Assets: CITY OF WILLIAMSON Balance Sheet Governmental Funds December 31, 2017 General Fund Total Government Funds Total assets $ 0 $ 0 Liabilities: Total liabilities $ 0 $ 0 Fund balances: Total fund balances $ 0 $ 0 Total liabilities and fund balances $ 0 $ 0 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 $464,000 48,000 7,700 Charges for public safety services 4,000 Charges for health and sanitation services 45,800 Issued long-term note payable 329,500 Receivables at end of year: Property taxes (90% estimated to be collectible) 95,800 Payments: Salary: General government 67,500 Public safety 39,200 Health and sanitation 29,500 Rent: General government Public safety Health and sanitation Maintenance: 19,900 19,900 4,500 General government Public safety Health and sanitation Insurance: General government Health and sanitation Interest on debt Principal payment on debt Storage shed 21,500 6,600 10,900 9,700 Public safety ($2,100 still prepaid at end of year) 13,700 19,000 26,360 6,590 219,000 Equipment Supplies (20% still held) (public safety) Investments Ordered but not received: Equipment Due in one month at end of year: Salaries: General government Public safety Health and sanitation 110,500 19,400 98,000 20,000 6,000 7,800 10,200 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $18,600. 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 $18,500. 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 $113,100 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.