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.

ekkarill92 answered 1 year ago

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