Answered: b. Prepare a statement of revenues,…

b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year end December 31, 2023.

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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Required information [The following information applies to the questions displayed below.] As of December 31, 2019, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of $443,000 is the debt service fund's only asset as of December 31, 2019, 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 for 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. c. Prepare a balance sheet for the debt service fund as of December 31, 2020. Cash Total Assets SANDY BEACH Debt Service Fund Balance Sheet December 31, 2020 Assets Deferred Inflows of Resources Fund Balances S Total Deferred Inflows of Resources and Fund Balance S 0 0
As of December 31, 2022, Sandy Beach had $9,600,000 in 5.5 percent serial bonds outstanding. Cash of $541,000 is the 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 for 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. C. Prepare a balance sheet for the debt service fund as of 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 is the 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 for 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. Required b. 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 Revenues: Appropriations Expenditures: Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): Increase in Fund Balance 0 0 0 Fund Balance, January 1, 2023 Fund Balance,…
D4. As of december 31, 2019, Sandy Beach had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2019, 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 for 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.
As of December 31, 2019, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of $443,000 is the debt service fund's only asset as of December 31, 2019, 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 for 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. c. Prepare a balance sheet for the debt service fund as of December 31, 2020. Cash Total Assets SANDY BEACH Debt Service Fund Balance Sheet December 31, 2020 Assets S Deferred Inflows of Resources Fund Balances Total Deferred Inflows of Resources and Fund Balance S 0 0
6. As of December 31, 2016, Rustaq New Town had OMR 9,500,000 in 4.5 percent serial bonds outstanding. Cash of OMR 509,000 is the debt service fund’s only asset as of December 31, 2016, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with OMR 500,000 in bonds being retired on each interest payment date. Resources for 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. Required Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2017. The operating budget for FY 2016 consists of estimated revenues of OMR 1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2017. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1.
11. As of December 31, 2010, ‘N’ Town had OMR 5,750,000 in 3 percent serial bonds outstanding. Cash of OMR 524,500 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities. The serial bonds pay interest semi-annually on January 1 and July 1, with OMR 350,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund and the debt service fund levies property taxes in an amount sufficient to cover principal payment. Required: Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transaction for FY 2011. (1) The operating budget for FY 2011 consists of estimated revenues of OMR 610,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2011. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1. (2) Cash was received from the…
On January 1, 2025. Pharoah issued $870,000 of 9% serial bonds at par. Semiannual interest is payable on January 1 and July 1 and principal of $87.000 matures each January 1 starting in 2026. The debt will be serviced through a special tax levy designed especially for this purpose. Therefore, transfers will be provided as needed from the Special Revenue Fund. The following transactions occurred relating to the Debt Service Fund. 2025 June 29 July 1 Dec. 18 2026 Jan. 1 Your answer is partially correct. 2035 Jan. 2 Jan. 4 A transfer of $39,150 was received from the Special Revenue Fund. The semiannual interest payment was made. A Special Revenue Fund transfer of $21,000 was received. Date A payment on bond principal and semiannual interest was made. Accumulations in the Debt Service Fund amounted to $58,000 in investments and $37.000 in cash. The investments were liquidated at face value and the final interest and principal payment was made. Having served its purpose, the Debt Service…
The City of Oriole issued 300 bonds at their face value of $2,000 each plus accrued interest on June 1, 2023. The term of the bonds was January 1, 2023, to January 1, 2029, with interest payable semi-annually each January 1 and July 1 at 6%. Oriole uses the effective interest method.Prepare the journal entry for the date of issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Bonds Payable
On October 31, 2020, the Village of Lexington issued $1,000,000 of 3% general obligation serial bonds. The bonds pay interest on April 30 and October 31. Starting on October 31, 2021, the first of 20 equal annual serial payments of $50,000 was made. At December 31, 2022, what is the amount of accrued but unmatured interest that is not reported by the debt service fund? A. $4,875. B. $5,000. C. $4,500. D. $4,750.
Hi, I'm stuck on these questions. I need explanations, thanks. On January 1, 2021, Vacation Destinations issues $37 million of bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: (1) (2) (3) (4) (5) Cash Paid Interest Increase in Carrying Date for Interest Expense Carrying Value Value 1/1/2021 $ 34,485,790 6/30/2021 $ 1,295,000 $ 1,379,432 $ 84,432 34,570,222 12/31/2021 1,295,000 1,382,809 87,809 34,658,031 What is the original issue price of the bonds? What is the stated annual interest rate? What is the market annual interest rate? What is the total cash paid for interest assuming the bonds mature in 10 years?
of 6 Required information [The following information applies to the questions displayed below.] On January 1, 2024, Vacation Destinations issues $40 million of bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: (1) Date 1/1/2024 6/30/2024 12/31/2024 (2) Cash Paid for Interest $1,400,000 1,400,000 (3) Interest Expense Market annual interest rate $1,491,277 1,494, 928 Answer is complete but not entirely correct. 7X% Increase in Carrying Value $91,277 94,928 5. What is the market annual interest rate? (Round your answer to the nearest whole percent.) (5) Carrying Value < Prev $37,281,935 37,373,212 37,468, 140 8 9 of 23 ⠀ Next