ACC-690
Module 8
Question # 12
The following information pertains to the city of Williamson for2015. Its first year of legal existence. For convenience, assumethat all transactions are for the general fund, which has threeseparate functions: general government, public safety, and healthand sanitation.
Receipts
Propertytaxes $320,000
Franchisetaxes 42,000
Charges for general governemntservices 5,000
Charges for public safteyservice 3,000
Charges for health and sanitationservices 42,000
Issued long-term notepayable 200,000
Receivables at end of year:
Property taxes(90% estimated to becollectible) 90,000
Payments:
Salary:
Generalgovernment 66,000
Publicsafety 39,000
health andsanitation 22,000
Rent:
Generalgovernment 11,000
Publicsafety 18,000
Health andsanitation 3,000
Maintenance:
Generalgovernment 21,000
Publicsafety 5,000
health andsanitation 9,000
Insaurance:
Generalgovernment 8,000
Public safety($2,000 still prepaid at end ofyear) 11,000
Health anssanitation 12,000
Interest ondebt 16,000
Principal payment ondebt 4,000
Storageshed 120,000
Equipment 80,000
Supplies(20% still held) (publicsafety) 15,000
Investments 90,000
Ordered but not received:
Equipment 12,000
Due in one month at end of year:
Salaries:
Generalgovernemnt 4,000
Publicsafety 7,000
Health andsanitation 8,000
Compensated absences legally owed to general government workersat year-end total $ 13,000. These amounts will not be taken by theemployees until late in the year 2016.
The city received a piece of art this year as a donation. It isvalued at $ 14,000. It will be used for general governmentpurposes. There are no eligibility requirements. The city chose notto capitalize this property. The general government uses thestorage shed that was acquired this year. It is being depreciatedover 10 years using the straight- line method with no salvagevalue. The city uses this equipment for health and sanitation anddepreciate it using the straight line method over five years withno salvage value. The investments are valued at $ 103,000 at theend of the year.
For the equipment that had been ordered but not yet received,the city council (the highest decision-making body in thegovernment) has voted to honor the commitment when the equipment isreceived.
a-1 Prepare a statement of activities for governmentalactivities for December 31,2015
City Of Williamson
Statement of Activities
For Year Ended December 31,2015
City Of Williamson
Statement of Net Position
December 31, 2015
Prepare a statement of revenues, expenditures, and other changesin fund balance and a balance sheet for the General Fund as ofDecember 31, 2015, and the year then ended. Assume that the cityapplies the comsumption method.
City Of Williamson
Statement of Revenues, Expenditures, and Charges in fundbalances
Governmental funds
For Year Ended December 31,2015
City Of Williamson
Balance Sheet
Governmental Funds
December 31, 2015
ACC-690
Module 8
Question # 12
The following information pertains to the city of Williamson for2015. Its first year of legal existence. For convenience, assumethat all transactions are for the general fund, which has threeseparate functions: general government, public safety, and healthand sanitation.
Receipts
Propertytaxes $320,000
Franchisetaxes 42,000
Charges for general governemntservices 5,000
Charges for public safteyservice 3,000
Charges for health and sanitationservices 42,000
Issued long-term notepayable 200,000
Receivables at end of year:
Property taxes(90% estimated to becollectible) 90,000
Payments:
Salary:
Generalgovernment 66,000
Publicsafety 39,000
health andsanitation 22,000
Rent:
Generalgovernment 11,000
Publicsafety 18,000
Health andsanitation 3,000
Maintenance:
Generalgovernment 21,000
Publicsafety 5,000
health andsanitation 9,000
Insaurance:
Generalgovernment 8,000
Public safety($2,000 still prepaid at end ofyear) 11,000
Health anssanitation 12,000
Interest ondebt 16,000
Principal payment ondebt 4,000
Storageshed 120,000
Equipment 80,000
Supplies(20% still held) (publicsafety) 15,000
Investments 90,000
Ordered but not received:
Equipment 12,000
Due in one month at end of year:
Salaries:
Generalgovernemnt 4,000
Publicsafety 7,000
Health andsanitation 8,000
Compensated absences legally owed to general government workersat year-end total $ 13,000. These amounts will not be taken by theemployees until late in the year 2016.
The city received a piece of art this year as a donation. It isvalued at $ 14,000. It will be used for general governmentpurposes. There are no eligibility requirements. The city chose notto capitalize this property. The general government uses thestorage shed that was acquired this year. It is being depreciatedover 10 years using the straight- line method with no salvagevalue. The city uses this equipment for health and sanitation anddepreciate it using the straight line method over five years withno salvage value. The investments are valued at $ 103,000 at theend of the year.
For the equipment that had been ordered but not yet received,the city council (the highest decision-making body in thegovernment) has voted to honor the commitment when the equipment isreceived.
a-1 Prepare a statement of activities for governmentalactivities for December 31,2015
City Of Williamson
Statement of Activities
For Year Ended December 31,2015
City Of Williamson
Statement of Net Position
December 31, 2015
Prepare a statement of revenues, expenditures, and other changesin fund balance and a balance sheet for the General Fund as ofDecember 31, 2015, and the year then ended. Assume that the cityapplies the comsumption method.
City Of Williamson
Statement of Revenues, Expenditures, and Charges in fundbalances
Governmental funds
For Year Ended December 31,2015
City Of Williamson
Balance Sheet
Governmental Funds
December 31, 2015
