Preparation of government-wide statement of activities Hamilton Township has governmental activities but no business-type activities.The following information is taken from Hamilton Township's December 31, 2022, trial balance afterall adjustments were made for preparation of the government-wide financial statements.Hamilton TownshipTrial BalanceRevenues-property taxes$6,500,000Revenues-sales taxes4,350,000State operating aid-police program820,000State operating aid-town road maintenance500,000State capital aid-town road maintenance100,000Fees-sanitation150,000Fees-programs for youth and seniors130,000Fees-parks admissions170,000Revenue from sale of donated property850,000General government expenses1,250,000Police program expenses5,230,000Road maintenance program expenses1,950,000Sanitation program expenses2,820,000Parks and recreation program expenses1,050,000Youth and senior program expenses650,000Net position-beginning of year6,250,000 Using the appropriate format, prepare a statement of activities for Hamilton Township for the yearended December 31, 2022. (Assume that revenues from sales of donated property are reported asspecial items.)Enter revenues in order of magnitude (largest to smallest)Hamilton TownshipStatement of ActivitiesFor the Year Ended December 31, 2022Program RevenuesNet (Expenses) Revenues andChanges in Net PositionFunctionsExpenses Charges for Services Operating Grants Capital GrantsGeneral governmentPoliceRoad maintenanceSanitationParks and recreationYouth and seniorTotal government$24General revenues:24Special item - revenue from sale of donated propertyTotal general revenues and special itemsChange in net positionNet position at end of year

Here wehave to understand that the property tax and sales tax is the general government revenue…

Answered: Preparation of government-wide…

Business

Accounting

Preparation of government-wide statement of activities

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 53P

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