Govermental Accounting

Compute The Expense and Expenditure for the Grambling Housing Development for the year ended December 31, 2016 based on the following data:

Grambling Housing Development, a small housing service nonprofit agency, began operations on January 1, 2016, with $40,000 cash and $150,000 Equipment, on which $60,000 was owed on a note to Chase Bank. The equipment was expected to have a remaining useful life of 25 years with no salvage value. During its first year of operations, ending December 31, 2016, Grambling Housing paid or accrued the following:2.Utilities, $24,0004.Capital Outlay-additional houses were purchased on January 3, 2016 for $300,000 expected to have a 25 year useful life.

Salaries and other personnel costs, $100,000

Utilities $24,000

Debt service-interest $5,500 and payment on long-term note principal $10,000

Capital Outlay-additional houses were purchased on January 3, 2016 for $300,000 expected to have a 25 year useful life.