Find the cash balance in the asset section of balance sheet for the municipality under general fund
Question:
Find the cash balance in the asset section of balance sheet for the municipality under general fund after recording the following transactions. (assume all transactions are executed in cash):
1. The municipality imposed OMR 9.5 million as commercial property tax out of which it collected OMR 8.8 million.
2. The municipality received a central ministry grant of OMR 2.2 million for the purchase of trucks for garbage collection.
3. The municipality issued long term bonds to construct office building OMR 4.8 million
4. The municipality incurred OMR 3.2 million in general operating expenditure out of which it actually paid OMR 2.1 million
a-OMR 13.7 million
b-None of them
c-OMR 6.7 million
d-OMR 7.4 million
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith