Hatcher Township prepares its annual General Fund budget on the cash basis and maintains its accounting records on the cash basis during the year. At the end of Hatcher Township’s 20X9 calendar year, you determine the following:

Required
(1) Prepare a worksheet to derive a GAAP basis (including accruals) statement of revenues and expenditures for the Hatcher Township General Fund for the 20X9 fiscal year.
(2) Could the readers of the budgetary basis and GAAP basis statements get different impressions of the 20X9 operating results of the Hatcher Township General Fund?Explain.

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Budget (Cash) Basis Accruals General Fund Budget Actual //X9 12/31/X9 Revenues Licenses Intergovernmental. Other- S600,000 $595,000 200,000 206,000 110,000 6,000 1,000 7,000 100,000 50,000 9,000 45,000,0 5,000 50,000956,000 14,000 Expenditures: 11,000 700,000 80,000 70,000 60,000 30,000 940,000 704,000 85,000 64,000 58,000 31,000 17,000 Utilities Supplies....- 7,000 12,000 2,000 942,000 $19,000 $30,000 Excess of Revenues Over (Under) Expenditures. 10,000 14,000