The City of Terrytown Reports the Following Information:
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question 13

Essay

The City of Terrytown reports the following information:
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$$\begin{array} { l r } \text { Government Activities: } & \\\text { General-Direct Expenses } & 85,000 \\\text { Police-Direct Expenses } & 115,000 \\\text { Fire Safety-Direct Expenses } & 95,000 \\\text { Public Works-Direct Expenses } & 185,000 \\\text { Recreation-Direct Expenses } & 75,000 \\\text { Library-Direct Expenses } & 140,000 \\\text { Interest on Long term Debt-Direct } & 30,000 \\\text { Police-Indirect Allocation } & 20,000 \\\text { Fire Safety-Indirect Allocation } & 25,000 \\\text { Public Works-Indirect Allocation } & 25,000 \\\text { Recreation-Indirect Allocation } & 10,000 \\\text { Library-Indirect Allocation } & 20,000 \\\text { Charges for Police service } & 90,000 \\\text { Charges for Fire Safety } & 50,000 \\\text { Charges for Public Works } & 105,000 \\\text { Charges for Recreation } & 45,000 \\\text { Charges for Library } & 25,000 \\\text { Operating Grants for Fire Safety } & 15,000 \\\text { Capital Grants for Library } & 75,000\end{array}$$ 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.

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Definitions:

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An option that allows credit card holders to withdraw a certain amount of cash immediately, often at a high interest rate.

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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.

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A mortgage that involves no government backing by either insurance or guarantee.