Muscat City received the following proceeds that are legally restricted. Taxes assessments to install sidewalks RO 100,000 Hotel taxes to promote tourism RO 20,000 What amount should be reported in the City’s special revenue funds?
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Muscat City received the following proceeds that are legally restricted.
Taxes assessments to install sidewalks RO 100,000
Hotel taxes to promote tourism RO 20,000
What amount should be reported in the City’s special revenue funds?
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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.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.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 constructs a special assessment project (a sidewalk) for which it is secondarily liable. The city issues bonds of $90,000. It authorizes another $10,000 that is transferred out of the general fund. The sidewalk is built for $100,000. The citizens are billed for $90,000. They pay this amount and the debt is paid off. Where is the $100,000 expenditure for construction recorded? It is not recorded by the city. It is recorded in the agency fund. It is recorded in the general fund. It is recorded in the capital projects fund.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.Using the information below, what amount should be accounted for in a special revenue fund or funds? Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis $ 300,000 Equipment used for supplying electric power to residents $ 1,750,000 Receivables for completed sidewalks to be paid for in installments by affected property owners. Construction was financed by special assessment bonds for which the town has no liability $ 1,500,000 Cash received from federal government, dedicated to highway maintenance, that must be accounted for in a separate fund $ 1,800,000 Multiple Choice A. $1,800,000. B. $2,100,000. C. $5,350,000. D. $3,300,000.
- 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.A city constructs a special assessment project (a sidewalk) for which it is secondarily liable. The city issues bonds of $90,000. It authorizes another $10,000 that is transferred out of the general fund. The sidewalk is built for $100,000. The citizens are billed for $90,000. They pay this amount and the debt is paid off. Where is the $100,000 expenditure for construction recorded? Choose the correct.a. It is not recorded by the city.b. It is recorded in the agency fund.c. It is recorded in the general fund.d. It is recorded in the capital projects fund.1. Beachfront property owners of the Town of Eden Beach requested a seawall be constructed to protect their beach. The seawall was financed through a note payable, which was to be repaid from taxes raised through a special assessment on their properties. The Town guarantees the debt and accounts for the special assessment through a debt service fund. Assume the special assessments were levied in 2023, recording a special assessment tax receivable and deferred inflow in the amount of $330,000. One-third of the assessment is to be collected each year and used to pay the interest and principal on the note. Requried: Record the following transactions that occurred in 2024: On June 30, $110,000 of the assessments became due and currently receivable. (Hint: The special assessment tax is recorded as revenue in the debt service fund when it becomes due.) July 31, the $110,000 was collected. September 30, interest of $19,800 and principal of $90,200 were paid. December 31, the books were…
- Nizwa municipality received a grant from the government RO 5 million for the construction of houses for economically weak people. The grant received from the government should be recorded under which fund? a. Special revenue fund account b. Permanent fund account c. Pension fund account d. None of the optionsA city receives a copy of its original charter from the year 1799 as a gift from a citizen. The document will be put under glass and displayed in the city hall for all to see. The fair value is estimated at $10,000. Indicate whether each of the following independent statements is true or false and briefly explain each answer.a. If the city government does not have a policy for handling any proceeds if it ever sells the document, the city must report a $10,000 asset within its government-wide financial statements.b. Assume that this gift qualifies for optional handling and that the city chooses to report it as an asset. For the government-wide financial statements, depreciation is required.c. Assume this gift qualifies for optional handling and the document is deemed to be exhaustible. The city must report an immediate expense of $10,000 in the government-wide financial statements.d. Assume that this gift qualifies for optional handling. The city must make a decision as to whether to…The 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?a. $–0–b. $8,000c. $14,000d. $50,000