Statement of Activities Statement of Net Position Prepare a statement of activities. CITY OF PFEIFFER Statement of Activities Government-Wide Financial Statements Year Ending December 31, 2024 Complete this question by entering your answers in the tabs below. The City of Pfelffer starts the year of 2024 with the general fund and an enterprise fund. The general fund has two activitles: educatlon and parks/recreation. For convenlence, assume that the general fund holds \\( \\$ 133,000 \\) cash and a new school bullding costing \\( \\$ 810,000 \\). The city utilizes straight-line depreciation. The bullding has a 20-year life and no residual value. The enterprise fund has \\( \\$ 78,800 \\) cash and a new \\( \\$ 480,000 \\) clvic auditorlum with a 30 -year life and no residual value. The enterprise fund monitors one actlvity, the rental of the clvic auditorlum for entertalnment and other cultural affalrs. The following transactions for the city take place during 2024. Assume that the city's fiscal year ends on December 31. a. Decides to bulld a municipal park and transfers cash of \\( \\$ 92,000 \\) into a capital projects fund. Both the creation of this fund and the transfer were made by the highest level of government authority. The city Immedlately expends \\( \\$ 26,600 \\) to acquire three acres of land. b. Borrows \\( \\$ 146,800 \\) cash on a long-term bond for use in creating the new municipal park. c. Assesses property taxes on the first day of the year. The assessment, which Is immedlately enforceable, totals \\( \\$ 801,000 \\). Of this amount, \\( \\$ 680,800 \\) will be collected during 2024 . Officlals expect another \\( \\$ 67,000 \\) during the first month of 2025 . They anticipate the remainder halfway through 2025. d. Constructs a covered bullding in the new municipal park for 88,000 cash so that local cltizens can play basketball when It rains. The bullding Is put Into service on July 1 . It should last 10 years with no expected residual value. e. Bullds a sidewalk through the new park for \\( \\$ 10,000 \\) cash and puts it Into service on July 1 . The sidewalk should normally last for 10 years, but the city plans to keep It fixed up to a predetermined quality level so that it can last almost Indefinitely. f. Opens the park and charges an entrance fee of only a token amount. The city reports the park within Its general fund. Collections durling the first year of operations total \\( \\$ 8,800 \\). g. Buys a new parking deck for \\( \\$ 240,000 \\), paying \\( \\$ 24,000 \\) cash and signing a long-term note for the rest. The parking deck, which goes into operation on July 1, Is across the street from the clvic auditorlum and Is considered part of that actlvity. It has a 20-year life and no residual value. h. Recelves a \\( \\$ 120,000 \\) cash grant for the city school system that must be spent for school lunches for children in low-Income familles. Officlals view the approprlate spending of these funds as an eligibility requirement of this grant. During the current year, \\( \\$ 44,500 \\) of the amount recelved was spent for the Intended purpose. I. Charges students in the school system a total fee of \\( \\$ 7,200 \\) for books and the like. Of this amount, 90 percent is collected during 2024 with the remainder expected to be collected in the first few weeks of 2025. J. Buys school supplies for \\( \\$ 25,000 \\) cash and uses \\( \\$ 19,200 \\) of them. The general fund applies the purchases method. k. Recelves a palnting by a local artist to be displayed in the local school. It qualfies as a work of art, and officlals have chosen not to capltallze It. The painting has a value of \\( \\$ 90,100 \\). Officlals have set up securlty precautions so that the painting will be vlewed as Inexhaustlble. I. Transfers \\( \\$ 26,600 \\) cash from the general fund to the enterprise fund as a capltal contribution. \\( \\mathrm{m} \\). Orders a school bus for \\( \\$ 132,000 \\). n. Recelves the school bus and pays an actual cost of \\( \\$ 135,600 \\) including transportation and other necessary costs. The bus goes Into operation on October 1. It should last for five years with no residual value. o. Pays salarles of \\( \\$ 318,800 \\) to school teachers. In addition, owes and will pay \\( \\$ 39,400 \\) during the first two weeks of 2025 . Vacatlons worth \\( \\$ 30,200 \\) have also been earned by the teachers but will not be taken untll July 2025 . p. Pays salarles of \\( \\$ 54,800 \\) to clty auditorlum workers. In addition, owes and will pay \\( \\$ 7,800 \\) in the first two weeks of 2025 . Vacations worth \\( \\$ 13,000 \\) have also been earned by the workers but will not be taken untll July 2025 . q. Charges customers \\( \\$ 338,000 \\) for short-term rental of the clvic auditorlum. Of this balance, collects \\( \\$ 286,000 \\) In cash and will collect the remalnder in April 2025. r. Pays \\( \\$ 23,400 \\) maintenance charges for the bullding and sidewalk in (d) and (e). s. Pays \\( \\$ 36,400 \\) on the bond in part \\( (b) \\) on the last day of 2024 : \\( \\$ 13,000 \\) princlpal and \\( \\$ 23,400 \\) interest. t. Accrues interest of \\( \\$ 33,800 \\) on the note in part \\( (g) \\) as of the end of 2024 , an amount that It will pay In June 2025. u. Assumes a museum operating within the clty is a component unlt that will be discretely presented. The museum reports to city officlals that It Incurred \\( \\$ 109,200 \\) of direct expenses this past year and earned \\( \\$ 130,000 \\) In revenues from admission charges. The only assets held at year-end were cash of \\( \\$ 62,400 \\), bullding (net of depreclation) of \\( \\$ 780,400 \\), and a long-term Ilability of \\( \\$ 546,400 \\). Statement of Activities Statement of Net Position Prepare a statement of activities. CITY OF PFEIFFER Statement of Activities Government-Wide Financial Statements Year Ending December 31, 2024 Complete this question by entering your answers in the tabs below. The City of Pfelffer starts the year of 2024 with the general fund and an enterprise fund. The general fund has two activitles: educatlon and parks/recreation. For convenlence, assume that the general fund holds \\( \\$ 133,000 \\) cash and a new school bullding costing \\( \\$ 810,000 \\). The city utilizes straight-line depreciation. The bullding has a 20-year life and no residual value. The enterprise fund has \\( \\$ 78,800 \\) cash and a new \\( \\$ 480,000 \\) clvic auditorlum with a 30 -year life and no residual value. The enterprise fund monitors one actlvity, the rental of the clvic auditorlum for entertalnment and other cultural affalrs. The following transactions for the city take place during 2024. Assume that the city's fiscal year ends on December 31. a. Decides to bulld a municipal park and transfers cash of \\( \\$ 92,000 \\) into a capital projects fund. Both the creation of this fund and the transfer were made by the highest level of government authority. The city Immedlately expends \\( \\$ 26,600 \\) to acquire three acres of land. b. Borrows \\( \\$ 146,800 \\) cash on a long-term bond for use in creating the new municipal park. c. Assesses property taxes on the first day of the year. The assessment, which Is immedlately enforceable, totals \\( \\$ 801,000 \\). Of this amount, \\( \\$ 680,800 \\) will be collected during 2024 . Officlals expect another \\( \\$ 67,000 \\) during the first month of 2025 . They anticipate the remainder halfway through 2025. d. Constructs a covered bullding in the new municipal park for 88,000 cash so that local cltizens can play basketball when It rains. The bullding Is put Into service on July 1 . It should last 10 years with no expected residual value. e. Bullds a sidewalk through the new park for \\( \\$ 10,000 \\) cash and puts it Into service on July 1 . The sidewalk should normally last for 10 years, but the city plans to keep It fixed up to a predetermined quality level so that it can last almost Indefinitely. f. Opens the park and charges an entrance fee of only a token amount. The city reports the park within Its general fund. Collections durling the first year of operations total \\( \\$ 8,800 \\). g. Buys a new parking deck for \\( \\$ 240,000 \\), paying \\( \\$ 24,000 \\) cash and signing a long-term note for the rest. The parking deck, which goes into operation on July 1, Is across the street from the clvic auditorlum and Is considered part of that actlvity. It has a 20-year life and no residual value. h. Recelves a \\( \\$ 120,000 \\) cash grant for the city school system that must be spent for school lunches for children in low-Income familles. Officlals view the approprlate spending of these funds as an eligibility requirement of this grant. During the current year, \\( \\$ 44,500 \\) of the amount recelved was spent for the Intended purpose. I. Charges students in the school system a total fee of \\( \\$ 7,200 \\) for books and the like. Of this amount, 90 percent is collected during 2024 with the remainder expected to be collected in the first few weeks of 2025. J. Buys school supplies for \\( \\$ 25,000 \\) cash and uses \\( \\$ 19,200 \\) of them. The general fund applies the purchases method. k. Recelves a palnting by a local artist to be displayed in the local school. It qualfies as a work of art, and officlals have chosen not to capltallze It. The painting has a value of \\( \\$ 90,100 \\). Officlals have set up securlty precautions so that the painting will be vlewed as Inexhaustlble. I. Transfers \\( \\$ 26,600 \\) cash from the general fund to the enterprise fund as a capltal contribution. \\( \\mathrm{m} \\). Orders a school bus for \\( \\$ 132,000 \\). n. Recelves the school bus and pays an actual cost of \\( \\$ 135,600 \\) including transportation and other necessary costs. The bus goes Into operation on October 1. It should last for five years with no residual value. o. Pays salarles of \\( \\$ 318,800 \\) to school teachers. In addition, owes and will pay \\( \\$ 39,400 \\) during the first two weeks of 2025 . Vacatlons worth \\( \\$ 30,200 \\) have also been earned by the teachers but will not be taken untll July 2025 . p. Pays salarles of \\( \\$ 54,800 \\) to clty auditorlum workers. In addition, owes and will pay \\( \\$ 7,800 \\) in the first two weeks of 2025 . Vacations worth \\( \\$ 13,000 \\) have also been earned by the workers but will not be taken untll July 2025 . q. Charges customers \\( \\$ 338,000 \\) for short-term rental of the clvic auditorlum. Of this balance, collects \\( \\$ 286,000 \\) In cash and will collect the remalnder in April 2025. r. Pays \\( \\$ 23,400 \\) maintenance charges for the bullding and sidewalk in (d) and (e). s. Pays \\( \\$ 36,400 \\) on the bond in part \\( (b) \\) on the last day of 2024 : \\( \\$ 13,000 \\) princlpal and \\( \\$ 23,400 \\) interest. t. Accrues interest of \\( \\$ 33,800 \\) on the note in part \\( (g) \\) as of the end of 2024 , an amount that It will pay In June 2025. u. Assumes a museum operating within the clty is a component unlt that will be discretely presented. The museum reports to city officlals that It Incurred \\( \\$ 109,200 \\) of direct expenses this past year and earned \\( \\$ 130,000 \\) In revenues from admission charges. The only assets held at year-end were cash of \\( \\$ 62,400 \\), bullding (net of depreclation) of \\( \\$ 780,400 \\), and a long-term Ilability of \\( \\$ 546,400 \\)