The city council of Barb City

Assume that at January 1, 2011, the first day of the new fiscal period, the city council of Barb City approves the operating budget for the general fund, providing for $800,000 in revenue and $750,000 in expenditures. Approval of the budget provides the legal authority to levy the local property taxes and to appropriate resources for the expenditures. Record the transaction in journal.
Discuss in detail the following areas covered under partnership agreement. (3 Marks)
On Jan, 1 2014, Peter Corp. (a U.S. based company) formed a new subsidiary in Saudi Arabia, Saeed Inc., with an initial investment of 30,000 SAR. (4 Marks)

Sample Solution