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 $436,000 Franchise taxes 49,900 Charges for general government services 6,600 Charges for public safety services 3,900 Charges for health and sanitation services 49,400 Issued long-term note payable 300,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 93,600 Payments: Salary: General government 70,550 Public safety 40,900 Health and sanitation 22,900 Rent: General government 15,700 Public safety 18,200 Health and sanitation 3,000 Maintenance: General government 37,600 Public safety 7,800 Health and sanitation 11,000 Insurance: General government 9,200 Public safety ($2,500 still prepaid at end of year) 13,800 Health and sanitation 16,700 Interest on debt 24,000 Principal payment on debt 6,000 Storage shed 175,000 Equipment 125,000 Supplies (20% still held) (public safety) 20,900 Investments 100,000 Ordered but not received: Equipment 21,500 Due in one month at end of year: Salaries: General government 6,600 Public safety 7,500 Health and sanitation 8,100 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $22,500. 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 $16,700. 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 $114,200 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, 2017.

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 $436,000 Franchise taxes 49,900 Charges for general government services 6,600 Charges for public safety services 3,900 Charges for health and sanitation services 49,400 Issued long-term note payable 300,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 93,600 Payments: Salary: General government 70,550 Public safety 40,900 Health and sanitation 22,900 Rent: General government 15,700 Public safety 18,200 Health and sanitation 3,000 Maintenance: General government 37,600 Public safety 7,800 Health and sanitation 11,000 Insurance: General government 9,200 Public safety ($2,500 still prepaid at end of year) 13,800 Health and sanitation 16,700 Interest on debt 24,000 Principal payment on debt 6,000 Storage shed 175,000 Equipment 125,000 Supplies (20% still held) (public safety) 20,900 Investments 100,000 Ordered but not received: Equipment 21,500 Due in one month at end of year: Salaries: General government 6,600 Public safety 7,500 Health and sanitation 8,100 Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $22,500. 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 $16,700. 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 $114,200 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, 2017.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Receipts:
Property taxes	$436,000
Franchise taxes	49,900
Charges for general government services	6,600
Charges for public safety services	3,900
Charges for health and sanitation services	49,400
Issued long-term note payable	300,000
Receivables at end of year:
Property taxes (90% estimated to be collectible)	93,600
Payments:
Salary:
General government	70,550
Public safety	40,900
Health and sanitation	22,900
Rent:
General government	15,700
Public safety	18,200
Health and sanitation	3,000
Maintenance:
General government	37,600
Public safety	7,800
Health and sanitation	11,000
Insurance:
General government	9,200
Public safety ($2,500 still prepaid at end of year)	13,800
Health and sanitation	16,700
Interest on debt	24,000
Principal payment on debt	6,000
Storage shed	175,000
Equipment	125,000
Supplies (20% still held) (public safety)	20,900
Investments	100,000
Ordered but not received:
Equipment	21,500
Due in one month at end of year:
Salaries:
General government	6,600
Public safety	7,500
Health and sanitation	8,100

Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $22,500. 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 $16,700. 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 $114,200 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, 2017.

I've gotten the whole statement of activities figured out except for the operating expenses of the 3 sectors. Can you help me with that?

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