Question & Answer: The following information pertains to the City of Williamson for 2015, its first year of legal existence. For convenience, assume that all trans…..

The following information pertains to the City of Williamson for 2015, 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, 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 $420,000 44300 7.200 4,200 48,300 288,500 Receivables at end of year: Property taxes (90% estimated to be collectible) 103,000 Payments General government Public safety Health and sanitation 66,850 40,300 29,000 13,700 25,100 3,300 General govemment Public safety Health and sanitation Maintenance General govemment Public safety Health and sanitation 21800 6,600 11.400 Insurance 8,100 14,700 18,900 23,080 5,770 161,000 127,500 18,200 101,000 Generall govermment 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 16,000 Due in one month at end of year Salaries: General government Public safety Health and sanitation 5.400 7,800 10,200 Compensated absences legally owed to general government workers at year-end total S21,300, These amounts will not be taken by the employees until late in the year 2016. The city received a piece of art this year as a donation. It is valued at $15,000. It will be used for general govenment 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 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 $120,200 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, 2015

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The following information pertains to the City of Williamson for 2015, 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, 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 $420,000 44300 7.200 4,200 48,300 288,500 Receivables at end of year: Property taxes (90% estimated to be collectible) 103,000 Payments General government Public safety Health and sanitation 66,850 40,300 29,000 13,700 25,100 3,300 General govemment Public safety Health and sanitation Maintenance General govemment Public safety Health and sanitation 21800 6,600 11.400 Insurance 8,100 14,700 18,900 23,080 5,770 161,000 127,500 18,200 101,000 Generall govermment 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 16,000 Due in one month at end of year Salaries: General government Public safety Health and sanitation 5.400 7,800 10,200 Compensated absences legally owed to general government workers at year-end total S21,300, These amounts will not be taken by the employees until late in the year 2016. The city received a piece of art this year as a donation. It is valued at $15,000. It will be used for general govenment 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 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 $120,200 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, 2015

Expert Answer

 

a-1
CITY OF WILLIAMSON
STATEMENT OF ACTIVITIES
For the year ended 31st Dec 2015
Programe Revenues Net (Expense) Revenue and Changes in Net Assets
Functions/Programs Expenses Charges for Services Operating Grants and Services Government Activities Business-type Activities Total
Primary Government:
Governmental activities
General Governmental $168,250 $7,200 $15,000 -$146,050 -$146,050
Public Safety $106,060 $4,200 -$101,860 -$101,860
Health and Sanitation $98,300 $48,300 -$50,000 -$50,000
Interest on debt $23,080 -$23,080 -$23,080
Total Governmental activities $395,690 $59,700 $15,000 -$320,990 $0 -$320,990
General Revenues:
Property taxes = $420,000 + 90% x 103000 $512,700 $512,700
Franchise taxes $44,300 $44,300
Investments (Gain) = $120,200 – $101,000 $19,200 $19,200
Total general revenues,transfers, and special items $576,200 $576,200
Change in net assets $255,210 $255,210
Net assets – beginning $0 $0
Net assets – ending $255,210 $255,210
Calculation
General Governmental
Salary $66,850
Rent $13,700
Maintenance $21,800
Insurance $8,100
Salaris payable $5,400
compensated absences $21,300
art work $15,000
Depreciation on building (Storage Shed): $161,000/10 years $16,100
Total $168,250
Public Safety
Salary $40,300
Rent $25,100
Maintenance $6,600
Insurance = 14700 -3000 $11,700
supplies used 18200 x (1-20%) $14,560
Salaris payable = $7,800
Total $106,060
Health and Sanitation
Salary $29,000
Rent $3,300
Maintenance $11,400
Insurance $18,900
Salaris payable $10,200
Depreciation on building (equipment): $127,500/5 years $25,500
Total $98,300
CITY OF WILLIAMSON
STATEMENT OF POSITION
For the year ended 31st Dec 2015
Government Activities Business-type Activities Total
ASSETS:
Cash and cash equivalents = 59700 +16000 $116,200 $116,200
Prepaid expenses $3,000 $3,000
Investments $120,200 $120,200
Receivables (net) 103000 x 90% $92,700 $92,700
Inventories $18200 x 20% $3,640 $3,640
Capital Assets net = ($161000 – 16100)+127500-25500 $246,900 $246,900
TOTAL ASSETS $582,640 $582,640
LIABILITIES
Salaries payable $23,400 $23,400
Compensating absences Liabilities $21,300 $21,300
Noncurrent Liabilities ($288500 – 5770) $282,730 $282,730
TOTAL LIABILITIES $327,430 $327,430
NET POSITIONS
Invested in capital assets,net of related debt (16100+25500+5770) -$47,370 -$47,370
Unrestricted (deficit) $207,840 $207,840
Total Net Assets $255,210 $255,210

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