hat amount should be reported in the City’s special revenue funds?
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 19P
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
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT