Problem - Presented below is the information for the governmental activities for the Town of Whitby for the year ended December 2011. Prepare in good form a statement of activities for governmental activities only for 2011.
General property taxes revenue $13,000,000
Unrestricted grants 4,000,000
Restricted grants for public safety 1,200,000
Capital grants for highways 300,000
Increase in fair value of investments 70,000
Interest on investments 108,000
Principal paid on general long-term liabilities 1,100,000
Interest expense on general long-term liabilities 100,000
Expenses:
Expenses of general administration 1,700,000
Expenses for public safety 4,200,000
Expenses for highways and streets 2,100,000
Expenses for health and welfare 3,000,000
Fees charged for health and welfare programs 270,000
Transfer to Enterprise Fund 2,500,000
Collection of interfund advance to Enterprise Fund established three years ago 1,000,000
Proceeds from sale of capital assets (book value of $25,000) 7,000
Net assets, governmental activities, January 1, 2011 $3,017,000