The state government passes a law requiring localities to upgrade their water treatment facilities. The state then awards a grant of $500,000 to the Town of Midlothian to help pay for this cost. What type of revenue is this grant?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transaction.
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The state government passes a law requiring localities to upgrade their water treatment facilities.
The state then awards a grant of $500,000 to the Town of Midlothian to help pay for this cost. What
type of revenue is this grant?
a. Derived tax revenue.
b. Imposed nonexchange revenue.
c. Government-mandated nonexchange revenue.
d. Voluntary nonexchange transaction.
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- The state government passes a law requiring localities to upgrade their water treatment facilities. The state then awards a grant of $500,000 to the Town of Midlothian to help pay for this cost. What type of revenue is this grant? Derived tax revenue. Imposed nonexchange revenue. Government-mandated nonexchange revenue. Voluntary nonexchange transaction.Muscat City received the following proceeds that are legally restricted.Taxes assessments to install sidewalks RO 100,000Hotel taxes to promote tourism RO 20,000What amount should be reported in the City’s special revenue funds?The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the government-wide financial statements?a. A capital asset of $240,000 must be reported.b. No capital asset will be reported.c. If conditions are met, recording the sculpture as a capital asset is optional.d. The sculpture will be recorded but only for the amount paid by the city.
- A city provides a local business with a tax abatement so that real estate taxes will be avoided for the next five years. In exchange, the business agrees to construct a new facility to hire 50 or more individuals. How is this reported? Choose the correct.a. Only on the government-wide financial statements.b. Only on the fund financial statements.c. On both the government-wide and fund financial statements.d. Only as a footnote disclosure.A city provides a local business with a tax abatement so that real estate taxes will be avoided for the next five years. In exchange, the business agrees to construct a new facility to hire 50 or more individuals. How is this reported? Only on the government-wide financial statements. Only on the fund financial statements. On both the government-wide and fund financial statements. Only as a footnote disclosure.The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the government-wide financial statements? A capital asset of $240,000 must be reported. No capital asset will be reported. If conditions are met, recording the sculpture as a capital asset is optional. The sculpture will be recorded but only for the amount paid by the city.
- Neighboring parishes in Louisiana have agreed to pool road tax resources already designated for bridge refurbishment. At a recent meeting, the engineers estimated that a total of $500,000 will be deposited at the end of next year into an account for the repair of old and safety-questionable bridges throughout the area. Further, they estimate that the deposits will increase by $100,000 per year for only 9 years thereafter, then cease. Determine the equivalent (a) present worth and (b) annual series amounts, if public funds earn at a rate of 5% per year. Draw also the cash flow diagramThe accounting for contributions may depend on how they will be used.Green Hills County received the following two contributions during a year:• A developer (in exchange for exemptions to zoning restrictions) donated several acres of land that the county intended to convert to a park. The land had cost the developer $1.7 million. At the time of the contribution, its fair market value was $3.2 million. • A local resident donated several acres of land to the county with the understanding that the county would sell the land and use the proceeds to fund construction of a county health center. The land had cost the resident $2.5 million. The county sold the land intended for the health center for $3 million 30 days after the end of its fiscal year. 1. Prepare journal entries to record the contributions. Be sure to specify the appropriate fund in which they would likely be made.2. Comment on and justify any differences in the way you accounted for the two contributions.3. Comment on how…The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. which of the following statements is true about reporting a revenue in connection with this gift? Choose the correct.a. A revenue will be reported.b. Revenue is reported but only if the asset is reported.c. If the asset is not capitalized, no revenue should be recognized.d. As a gift, no revenue would ever be reported.
- Nizwa city was awarded two state grants during the fiscal year 2019 RO 4 million and RO 2 million respectively. These grants used only for restricted purposes. The expenditure related to the restricted activity is RO 2 million and bond issued and collected RO 5 million for special restricted activity. The other financing sources in the special revenue fund is a. RO 10 million b. RO 8 million c. RO 5 million d. None of the optionsThe state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to the town as a reimbursement for money spent on road repair. At the time of the grant, the state pays $8,000 in advance. During the first year of this program, the town spent $14,000 and applied for reimbursement. What amount of revenue should be recognized? $–0– $8,000 $14,000 $50,000Planter County received the following proceeds that are legally restricted to expenditure for specified purposes:Levies on affected property owners to install sidewalks. . . . . . . . . . . . . . . . . . . . . . . . . $500,000Gasoline taxes to finance road repairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000What amount would be accounted for in Planter’s special revenue funds?a. $1,400,000b. $900,000c. $500,000d. $0