hat amount should be reported in the City’s special revenue funds?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Ibri municipality received the following proceeds that are legally restricted.

Taxes assessments to install sidewalks RO 130,000

Hotel taxes to promote tourism RO 30,000

What amount should be reported in the City’s special revenue funds?


 

a.

RO 130,000

b.

RO 160,000

c.

RO 30,000

d.

RO 100,000

 

Question 32

 

Question text

Al Ubaida Association of women sells old furniture worth RO 3000 in an auction. The amount realized from sale is RO 3050. The accounting treatment for recording this transaction is:
a.
RO 50 added to furniture balance in the balance sheet
b.
RO 50 deducted from furniture balance in the balance sheet
c.
RO 50 debited to income and expenditure accounts and RO 3050 deducted from furniture balance in the balance sheet
d.
RO 50 credited to income and expenditure account and RO 3000 deducted from furniture balance in the balance sheet
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Property Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education