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 that the city applies the consumption method.

The following Information pertains to the City of Williamson for 2024, 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 $ 422,008 Franchise taxes 48,508 Charges for general government services 2,588 Charges for public safety services 4,288 Charges for health and sanitation services 42,408 Issued long-term note payable 286, 508 Receivables at end of year: Property taxes (98% estimated to be collectible) 92,568 Payments: Salary: General government 69,858 Public safety 46,268 Health and sanitation 38, 788 Rent: General government 12,208 Public safety 26,188 Health and sanitation 4,988 Maintenance: General government 27,888 Public safety 6,588 Health and sanitation 16,888 Insurance: General government 5,808 Public safety ($43,788 still prepaid at end of year) 13,188 Health and sanitation 14,788 Interest on debt 22,448 Principal payment on debt 5,618 Storage shed 158,888 Equipment 122,568 Supplies (28% still held} (public safety) 18, 588 Investments 162,668 Ordered but not received: Equipment 14,588 Liabilities, all of which are due in one month at end of year: Salaries: General government 6,908 Public safety 9,668 Health and sanitation 18,288 Compensated absences (such as vacations and sick days) legally owed to general government workers at year-end total $20,700. These amounts will not be taken by the employees until so late In 2025 that the payment Is not viewed as requiring 2024 current financial resources. The city recelved a plece of art this year as a donation. It Is valued at $20,500. The city plans to use It for general government purposes. The gift has no eligibility requirements. The city chose not to capitalize this property. General government activities use the storage shed that was acquired this year. It Is depreciated over a 10-year period using the stralghttine method with no residual value. The city uses the equipment for health and sanitation and deprectates It using the stralght- lIne method over five years with no residual value. The Investments are valued at $130,500 at the end of the year For the equipment that was ordered but not yet received, the City Councll (the highest decision-making body In the government) voted to honor the commitment when the equipment eventually arrtves