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Kayla County prepares its general fund financial reports in accordance with generally accepted accounting principles (GAAP) but its budgetary basis for the general fund differs from GAAP. The budget-to-actual comparison for the general fund is presented below. All numbers are in thousands.

REQUIRED: Prepare the GAAP-basis operating statement for the general fund.

(a) For budgetary purposes, the county recognizes encumbrances as expenditures in the year of the purchase commitment; it recognizes supplies as expenditures when acquired. For budgetary purposes the county recognizes all revenues in the fiscal year collected.
For GAAP-basis financial reporting, the county recognizes supplies as expenditures as consumed. It recognizes property taxes as revenue if they are collected within 60 days of fiscal year-end. All other revenues are recognized on the cash basis for GAAP.

(b) The following additional information is available.
Beginning of Year End of Year
Encumbrances $ 60 $ 100
Supplies inventory on hand $ 10 $ 40
Property taxes expected to be collected
within 60 days of year-end$ 100 $ 80


Amended Actual
Budget (on Budget Basis)
Property tax revenue $ 700 $ 710
Other revenue 500 550
Total revenue $1,200 $1,260
Expenditures 1,190 1,150
Excess of revenues over expenditures $ 10 $ 110

 

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