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A city has only one activity, its school system. The school system is accounted for within the general fund. For convenience, assume that, at the start of 2017, the school system and the city have no assets. During the year, the city assessed $400,000 in property taxes. Of this amount, it collected $320,000 during the year, received $50,000 within a few weeks after the end of the year, and expected the remainder to be collected about six months later. The city makes the following payments during 2017: salary expense, $100,000; rent expense, $70,000; equipment (received on January 1 with a five-year life and no salvage value), $50,000; land, $30,000; and maintenance expense, $20,000. In addition, on the last day of the year, the city purchased a $200,000 building by signing a longterm liability. The building has a 20-year life and no salvage value, and the liability accrues interest at a 10 percent annual rate. The city also buys two computers on the last day of the year for $4,000 each. One will be paid for in 30 days and the other in 90 days. The computers should last for four years and have no salvage value. During the year, the school system charged students $3,000 for school fees and collected the entire amount. Any depreciation is recorded using the straight-line method. a. Produce a statement of net position and a statement of activities for this city’s government-wide financial statements. b. Produce a balance sheet and a statement of revenues, expenditures, and changes in fund balance for the fund financial statements. Assume that available is defined by the city as anything to be received within 60 days.
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