None As of December 31, 2022, Sandy Beach had $9,800,000 in 6.5 percent serial bonds outstanding. Cash of $433,000 is thedebt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay Interestsemiannually on January 1 and July 1, with $500,000 in bonds being retired on each Interest payment date. Resources forpayment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amountsufficient to cover principal payments.Requiredb. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year endedDecember 31, 2023.SANDY BEACHDebt Service FundStatement of Revenues, Expenditures and Changes in Fund BalanceFor the Year Ended December 31, 2023Revenues:AppropriationsExpenditures:Total ExpendituresExcess of Expenditures Over RevenuesOther Financing Sources (Uses):Increase in Fund Balance000Fund Balance, January 1, 2023Fund Balance, December 31, 2023$0

Revenue:The sales made or income earned by a business through its normal business operations is…

As of December 31, 2022, Sandy Beach had $9,800,000 in 6.5 percent serial bonds outstanding. Cash of $433,000 Ist debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources f payment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. quired Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 venues Appropriations penditures: al Expenditures cess of Expenditures Over Revenues mer Financing Sources (Uses): rease in Fund Balance nd Balance, January 1, 2023 nd Balance, December 31, 2023 $

As of December 31, 2022, Sandy Beach had $9,800,000 in 6.5 percent serial bonds outstanding. Cash of $433,000 Ist debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources f payment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. quired Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 venues Appropriations penditures: al Expenditures cess of Expenditures Over Revenues mer Financing Sources (Uses): rease in Fund Balance nd Balance, January 1, 2023 nd Balance, December 31, 2023 $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 16E

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On January 1, 2020, Clarettes Inc. established a sinking fund of P2,000,000 under a trustee BDO Bank for payment of Bonds Payable which will mature on January 1, 2022. On December 31, 2020, the periodic trustee report shows that P1,000,000 was invested in securities and P500,000 in money market placement. On December 31, 2021, the periodic report from the trustee shows that the securities were sold for P1,300,000 and interest received on money market placement was P50,000. The trustee’s fees and administrative expenses during the year are P50,000 and P20,000 respectively. On January 1, 2022, Clarettes received a periodic report from the trustee that bonds payable of P2,000,000 and interest of P200,000 were paid. Required: 1. Prepare the entry for the preceding transaction 2. Based on the result of your audit, determine the following: A. Book value of bond sinking fund on December 31, 2020 B. Book value of bond sinking fund on December 31, 2021 C. Cash remitted to Clarettes from…