Question

The City of Alpine incurred the following costs during the year in its property tax collection...

The City of Alpine incurred the following costs during the year in its property tax collection department:
Purchase of computer equipment $10,000
Salaries and wages $400,000
Purchase of electricity from the city-owned electric utility $40,000
Purchase of supplies, all of which were used during the year. $10,000

What amount should be reported as expenditure under general fund

Homework Answers

Answer #1

The general fund is the fund used by a government entity to record all the receipts and expenses that are not related with any special purpose fund. In the given case, all the expenses such as purchase of computer equipment, salaries and wages, purchase of electricity and supplies are not related to any special purpose fund of the entity. Therefore all the given expenses should be reported as expenditure under general fund.

The amount to be reported as expenditure under general fund is calculated as follows:- (Amounts in $)

Purchase of Computer Equipment 10,000
Salaries and Wages 400,000
Purchase of electricity 40,000
Purchase of Supplies 10,000
Total 460,000

Hence, the amount to be reported as expenditure under general fund is $460,000.

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