In: Accounting
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 $)
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. |