question 2 & 3 tables

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.
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 ($3,000 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
$
420,000
44,300
7,200
4,200
48,300
288,500
103,000
66,850
40,300
29,000
13,700
25,100
3,300
21,800
6,600
11,400
8,100
14,700
18,900
23,080
5,770
161,000
127,500
18,200
101,000
16,000
5,400
7,800
Health and sanitation
10,200
Compensated absences (such as vacations and sick days) legally owed to
general government workers at year-end total $21,300. 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 $15,000.
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 $120,200 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.
The City of Bernard starts the year of 2024 with the following unrestricted amounts in its general
fund: cash of $26,250 and investments of $86,500. In addition, it holds a small building bought
on January 1, 2023, for general government purposes for $315,000 and a related long-term debt
of $252,000. The building is depreciated on the straight-line method over 10 years. The annual
interest rate on the debt is 10 percent. The general fund has four separate functions: general
government, public safety, public works, and health and sanitation. Other information includes
the following:
Receipts:
Property taxes
Sales taxes
Dividend income
Charges for general government services
Charges for public safety services
Charges for public works
Charges for health and sanitation services
Charges for landfill
Grant to be used for salaries for health workers (no
eligibility requirements)
Issued long-term note payable
Sold investments (mentioned above)
Receivables at year-end:
Property taxes ($11,800 is expected to be
uncollectible)
Payments:
Salary:
General government
Public safety
Public works
Health and sanitation (all from grant)
Utilities:
General government
Public safety
Public works
Health and sanitation
Insurance:
General government
Public safety
Public works (all prepaid as of the end of the
year)
Health and sanitation
Miscellaneous:
General government
Public safety
Public works
Health and sanitation
$
648,000
99,300
29,000
23,100
11,950
4,500
34,700
10,950
25,600
257,000
102,800
142,000
132,500
117,250
85,000
22,000
11,950
19,850
15,450
3,900
28,000
13,700
6,900
5,100
18,700
15,100
11,450
8,550
Interest on previous debt
25,200
Principal payment on previous debt
13,000
Interest on new debt
23,130
Building (public works)
246,000
Equipment (public safety)
111,000
Public works supplies (30% still held)
24,500
Investments
158,000
Ordered but not received:
Equipment
39,000
Supplies
8,700
Due at end of year:
Salaries:
General government
19,800
Public safety
21,050
Public works
7,800
On the last day of the year, the city borrows $68,000 from a local bank and uses the money to
buy a truck. The first payment on the loan (plus interest) will be made at the end of the next year.
The city opens a landfill this year that it records within its general fund. It is a public works
function. Closure costs today is estimated as $266,500 although officials do not expect the
landfill to be filled for nine more years. The city has incurred no costs to date. The landfill is
now 15 percent filled.
For the equipment and supplies that were ordered but not yet received, the City Council (the
highest decision-making body in the government) has voted to honor the commitment when the
items arrive.
The new building is depreciated over 20 years using the straight-line method and no residual
value. Depreciation of the equipment is similar except that its life is only 10 years. Assume the
city records a full year’s depreciation in the year of acquisition.
The investments have a market value of $163,050 at year-end.
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 the purchases method is applied.
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 the purchases method is applied.