A department of a local government began operations at the beginning of the current fiscal year with
Question:
A department of a local government began operations at the beginning of the current fiscal year with $250,000 cash, During the fiscal year, the department made cash disbursements for the following governmental-type activities and is accounted for in the General Fund. Then compute total annual expenses for this department assuming it performs activities within an Enterprise Fu
• Salaries and other personnel costs, $100,000
• Office rent and utilities, $24,000
• Retirement of debt principal, $10,000: payment of interest. $2,200
• Purchased equipment at the beginning of the fiscal year for 530.000: the equipment is expected to last 6 years and have a salvage value of $6,000
• Photocopier rental. $10.500
Based on the preceding transactions, compute total annual expenditures for this department assuming it performs governmental-type activities and is accounted for in the General Fund.
Then compute total annual expenses for this department assuming its performance actives within an Enterprise fund.
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones