Chap017-baker 32

Chap017-baker 32 - separately The theoretical support for...

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-32 P17-15 (continued) e. Pine Ridge General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For Fiscal Year Ended December 31, 20X2 Revenue: Property Taxes $1,586,000 Sales Taxes 284,000 Miscellaneous 39,000 Total Revenue $1,909,000 Expenditures: Current $1,746,000 Capital Outlay – Furniture Total Expenditures 42,000 $1,788,000 Excess of Revenue over Expenditures $ 121,000 Other Financing Sources (Uses): Transfer Out (37,000) Change in Fund Balance $ 84,000 Fund Balance, January 1, 20X2 161,000 Fund Balance, December 31, 20X2 $ 245,000 [Note that the $42,000 expenditure for the office furniture capital outlay is reported
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Unformatted text preview: separately. The theoretical support for this is that the expenditure will also benefit future periods. Some governmental entities report capital outlays made in the general fund with current expenditures because current financial resources were expended. Some governments integrate capital outlay expenditures into the appropriate functional categories (e.g., fire protection, government administration, or streets and highways) rather than separately report the expenditures for capital outlays. The choice of reporting alternative for the general fund is up to the governmental entity because the total expenditures will be the same regardless of how or where the capital outlay is reported.]...
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