Question

In: Accounting

The General Fund of a small municipality began the current fiscal year with $200,000 cash. During...

The General Fund of a small municipality began the current fiscal year with $200,000 cash. During the fiscal year, the General Fund made cash disbursements for the following:

- Salaries and other personnel costs, $90,000

- Office rent and utilities, $12,000


- Retirement of debt principal, $20,000; payment of interest, $2,000


- Purchased equipment at the beginning of the fiscal year for $60,000; the equipment is expected to last 5 years and have a salvage value of $6,000


- Photocopier rental, $8,000

         

Compute the total amount of expenditures to be reported on the fund financial sstatement of the General Fund.

(Do not use $)

Solutions

Expert Solution

Calculation of the total expenditureto be reported in fund financial statement of the general fund:
Particulars Amt.
Operating Expenditures:
* Salaries and other personnel cost          90,000
* Office rent and utilities          12,000
* Photocopier rental            8,000          110,000
Cpaital outlay:
* Purchase of equipment            60,000
Debt Service:
*Debt Principle          20,000
* Interest            2,000            22,000
Total          192,000
Note: Depreciation on equipment will be recorded as an expense during the year.

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