Question No. 3 On 1/1/2011, the Health Ministry authorized the construction of a new building in Ibra Hospital expected to cost RO1,000,000 the amount will be received from the government grant. The following transactions were occurred during the year. Planning and architect's fees are paid RO 40,000 A contract is awarded for RO 950,000 Construction is certified to be 50% complete and a bill for RO 475,000 is received from the contractor RO 450,000 cash paid to contractor Required: Prepare Statement of revenues, expenditures & changes in fund balances. Capital Project Fund of Health Ministry References Appropriations Encumbrances Expenditure Fund Balance

Question No. 3 On 1/1/2011, the Health Ministry authorized the construction of a new building in Ibra Hospital expected to cost RO1,000,000 the amount will be received from the government grant. The following transactions were occurred during the year. Planning and architect's fees are paid RO 40,000 A contract is awarded for RO 950,000 Construction is certified to be 50% complete and a bill for RO 475,000 is received from the contractor RO 450,000 cash paid to contractor Required: Prepare Statement of revenues, expenditures & changes in fund balances. Capital Project Fund of Health Ministry References Appropriations Encumbrances Expenditure Fund Balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Muscat Municipality issued a purchase order for supplies with an estimated cost of RO 6,000. When the supplies were received, the accompanying invoice indicated an actual price of RO 5,950. What amount should debit to Budgetary Fund Balance Reserve for Encumbrances (BFBR) after the supplies and invoice were received? a. RO - 50 b. RO 50 c. None of the options d. RO 6,000
Required information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 $2,490,000 5,810,000 Cost incurred during the year 2022 $3,984,000 1,826,000 2023 $2,008,600 Estimated costs to complete as of year-end 0 Billings during the year 2,030,000 4,444,000 3,526,000 Cash collections during the year 1,815,000 3,900,000 4,285,000 Westgate recognizes revenue over time according to percentage of completion. 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 2022 $2,490,000…