Question
. In 2020, Duqm City began work to improve sea port to be financed by a bond issue and supplemented by a federal grant. The
. In 2020, Duqm City began work to improve sea port to be financed by a bond issue and supplemented by a federal grant. The Capital Project Fund to account for the project was designed and designated as the Port Development Fund. The following is the post-closing trial balance for the year ended December 31, 2020.
. In 2020, Duqm City began work to improve sea port to be financed by a bond issue and supplemented by a federal grant. The Capital Project Fund to account for the project was designed and designated as the Port Development Fund. The following is the post-closing trial balance for the year ended December 31, 2020.
Items
Debits (OMR)
825,000
131,000
1,000
Credits (OMR)
1,001,400 5,400
825,000
Revenue-Sales Tax
Earning from Investment
Bond Interest
Bond Principal
Other Financing Sources- Inter-fund Transfer
in
Cash
Tax receivable- Delinquent
Fund Balance January 1, 2020
Total
125.200
1,957,000 1,957,000
Required:
a. Prepare a Statement of revenues, expenditures and
change in fund balance for the period ended
December
31,
2020.
(7 marks)
b. Prepare a balance sheet for the Port Development Fund as of December 31, 2020.
plz quickly I don't have time
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