P1-1 (Statement of Revenues and Expenditures-Worksheet) Hatcher Township prepares its annual General Fund budget on the cash basis and maintains its accounting records on the cash basis during the year. At the end of Hatcher Township's 20X9 calendar year, you determine the following: General Fund Budget (Cash) Basis Budget Accruals Actual 1/1/X9 12/31/X9 Revenues: Taxes $600,000 $595,000 $ 6,000 Licenses.. 200,000 206,000 Intergovernmental 100,000 110,000 9,000 1,000 Other. 50,000 45,000 5,000 950,000 956,000 14,000 7,000 Expenditures: Salaries. 700,000 704,000 17,000 11,000 Utilities...... 80,000 85,000 Supplies..... 70,000 64,000 7,000 Equipment. 60,000 58,000 2,000 12,000 Other..... 30,000 31,000 940,000 942,000 $19,000 $30,000 Excess of Revenues Over (Under) Expenditures.......... $ 10,000 $ 14,000 1. Prepare a worksheet to derive a GAAP basis (including accruals) statement of revenues and expenditures for the Hatcher Township General Fund for the 20X9 fiscal year. 2. Could the readers of the budgetary basis and GAAP basis statements get different impressions of the 20X9 operating results of the Hatcher Township General Fund? Explain