The City of Bernard starts the year of 2024 with the following unrestricted amounts in its...

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The City of Bernard starts the year of 2024 with the following unrestricted amounts in its general fund: cash of $28,500 and investments of $70,500. In addition, it holds a small building bought on January 1, 2023, for general government purposes for $338,000 and a related long-term debt of $270,400. 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 $ 567,000 108,100 28,000 28,000 24,800 12,950 Charges for public works 6,300 Charges for health and sanitation services Charges for landfill 33,300 be Grant to be used for salaries for health workers (no eligibility requirements) 10,000 26,800 Sold investments (mentioned above) Health and sanitation on previous debt Issued long-term note payable Receivables at year-end: Property taxes ($15,400 is expected to be uncollectible) Payments: Salary: General government Public safety Public works Health and sanitation (all from grant) Utilities: undes. General government Public safety Public Public works Health and sanitation health and Insurance. General government public safety Public works (all prepaid as of the end of the year) Health and Miscellaneous: scelaneous. General government Public safety Public works Public WorkS Health and sanitation Interest on Principal payment on previous debt Interest on new debt interest Building (public works) Equipment (public safety) Public works supplies (30% still held) wo Investments Ordered but not received: Equipment Supplies Due at end of year: Salaries: General government Public safety Public works 254,000 87,450 179,500 119,000 105,250 73,500 22,600 10,150 18,250 15,400 5,100 29,900 15,000 6,000 4,500 18,100 13,400 10,800 9,750 9,750 27,040 27,040 11.100 22,860 22,000 264,000 90,000 24,000 150,000 39,250 10,450 14,000 21,000 7,200 On the last day of the year, the city borrows $69,000 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 $270,000 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 $159,300 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. Req A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2024, and the year then ended. Note: For columns under "Net (Expense) Revenue and Changes in Net Position", enter values to be deducted with negative sign. Enter rest of the values as positive. Functions or Programs Governmental activities: Total governmental activities General revenues: Total general revenues Change in net position: Change during 2024 CITY OF BERNARD Statement of Activities For Year Ended December 31, 2024 Program Revenues Expenses Charges for Services Grants and Contributions Net (Expense) Revenue and Changes in Net Position Total Governmental Activities < Req A1 Req A2 > Req A1 Req A2 Req B1 Req B2 Show less Req A1 Req A2 Req B1 Req B2 Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2024, and the year then ended. 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. Assets: Current assets: Total current assets Capital assets: Total assets Liabilities: Current liabilities: Noncurrent liabilities: Total liabilities Net position: CITY OF BERNARD Statement of Net Position December 31, 2024 Governmental Activities Totals CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2024 Revenues: Total Expenditures: Current: Debt service: Capital outlay: Total expenditures Excess (deficiency) of revenues over expenses Other financing sources: Total net position Total other financing sources < Req A1 Req B1 > Net changes in fund balance Req A1 Req A2 Req B1 Req B2 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. Assets: Total assets Liabilities and fund balances: Liabilities: Fund balances: Total liabilities and fund balance CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2024 General Fund < Req B1 Req B2 > General Fund < Req A2 Req B2 > The City of Bernard starts the year of 2024 with the following unrestricted amounts in its general fund: cash of $28,500 and investments of $70,500. In addition, it holds a small building bought on January 1, 2023, for general government purposes for $338,000 and a related long-term debt of $270,400. 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 $ 567,000 108,100 28,000 28,000 24,800 12,950 Charges for public works 6,300 Charges for health and sanitation services Charges for landfill 33,300 be Grant to be used for salaries for health workers (no eligibility requirements) 10,000 26,800 Sold investments (mentioned above) Health and sanitation on previous debt Issued long-term note payable Receivables at year-end: Property taxes ($15,400 is expected to be uncollectible) Payments: Salary: General government Public safety Public works Health and sanitation (all from grant) Utilities: undes. General government Public safety Public Public works Health and sanitation health and Insurance. General government public safety Public works (all prepaid as of the end of the year) Health and Miscellaneous: scelaneous. General government Public safety Public works Public WorkS Health and sanitation Interest on Principal payment on previous debt Interest on new debt interest Building (public works) Equipment (public safety) Public works supplies (30% still held) wo Investments Ordered but not received: Equipment Supplies Due at end of year: Salaries: General government Public safety Public works 254,000 87,450 179,500 119,000 105,250 73,500 22,600 10,150 18,250 15,400 5,100 29,900 15,000 6,000 4,500 18,100 13,400 10,800 9,750 9,750 27,040 27,040 11.100 22,860 22,000 264,000 90,000 24,000 150,000 39,250 10,450 14,000 21,000 7,200 On the last day of the year, the city borrows $69,000 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 $270,000 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 $159,300 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. Req A1 Req A2 Req B1 Req B2 Prepare a statement of activities for governmental activities in government-wide financial statements for December 31, 2024, and the year then ended. Note: For columns under "Net (Expense) Revenue and Changes in Net Position", enter values to be deducted with negative sign. Enter rest of the values as positive. Functions or Programs Governmental activities: Total governmental activities General revenues: Total general revenues Change in net position: Change during 2024 CITY OF BERNARD Statement of Activities For Year Ended December 31, 2024 Program Revenues Expenses Charges for Services Grants and Contributions Net (Expense) Revenue and Changes in Net Position Total Governmental Activities < Req A1 Req A2 > Req A1 Req A2 Req B1 Req B2 Show less Req A1 Req A2 Req B1 Req B2 Prepare a statement of net position for governmental activities in government-wide financial statements for December 31, 2024, and the year then ended. 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. Assets: Current assets: Total current assets Capital assets: Total assets Liabilities: Current liabilities: Noncurrent liabilities: Total liabilities Net position: CITY OF BERNARD Statement of Net Position December 31, 2024 Governmental Activities Totals CITY OF BERNARD Statement of Revenues, Expenditures, and Other Changes in Fund Balances - Governmental Funds For Year Ended December 31, 2024 Revenues: Total Expenditures: Current: Debt service: Capital outlay: Total expenditures Excess (deficiency) of revenues over expenses Other financing sources: Total net position Total other financing sources < Req A1 Req B1 > Net changes in fund balance Req A1 Req A2 Req B1 Req B2 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. Assets: Total assets Liabilities and fund balances: Liabilities: Fund balances: Total liabilities and fund balance CITY OF BERNARD Balance Sheet Governmental Funds December 31, 2024 General Fund < Req B1 Req B2 > General Fund < Req A2 Req B2 >