The City of Terrytown reports the following information:
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Government Activities: General-Direct Expenses Police-Direct Expenses Fire Safety-Direct Expenses Public Works-Direct Expenses Recreation-Direct Expenses Library-Direct Expenses Interest on Long term Debt-Direct Police-Indirect Allocation Fire Safety-Indirect Allocation Public Works-Indirect Allocation Recreation-Indirect Allocation Library-Indirect Allocation Charges for Police service Charges for Fire Safety Charges for Public Works Charges for Recreation Charges for Library Operating Grants for Fire Safety Capital Grants for Library 85,000115,00095,000185,00075,000140,00030,00020,00025,00025,00010,00020,00090,00050,000105,00045,00025,00015,00075,000 There are no business type activities for this city or other component units.Taxes raised for general revenues equal $200,000 and taxes raised for debt service equal $25,000.Other general revenues were generated through fines, fees, and permits that total $100,000.The city also sold a plot of land for a gain of $10,000.The beginning of the year net assets totaled $155,000.
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Required:
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Prepare a statement of activities schedule for the city.
Definitions:
Cash Advance
An option that allows credit card holders to withdraw a certain amount of cash immediately, often at a high interest rate.
Discharge
The release or dismissal of a person from their duties, obligations, or a liability, such as in bankruptcy or employment.
Subprime Loan
A type of loan offered to individuals with poor credit scores or limited credit history, typically at higher interest rates due to perceived increased risk.
Conventional Mortgage
A mortgage that involves no government backing by either insurance or guarantee.