On June 28, 2019, Brock City’s debt service fund received funds for the future repayment of bond principal. As a consequence, the general long-term debt account group reporteda. an increase in the amount available in debt service funds and an increase in the fund balance.b. an increase in the amount available in debt service funds and an increase in the amount to be provided for bonds.c. an increase in the amount available in debt service funds and a decrease in the amount to be provided for bonds.d. no changes in any amount until the bond principal is actually paid.
On June 28, 2019, Brock City’s debt service fund received funds for the future repayment of bond principal. As a consequence, the general long-term debt account group reporteda. an increase in the amount available in debt service funds and an increase in the fund balance.b. an increase in the amount available in debt service funds and an increase in the amount to be provided for bonds.c. an increase in the amount available in debt service funds and a decrease in the amount to be provided for bonds.d. no changes in any amount until the bond principal is actually paid.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 28, 2019, Brock City’s debt service fund received funds for the future repayment of bond principal. As a consequence, the general long-term debt account group reported
a. an increase in the amount available in debt service funds and an increase in the fund balance.
b. an increase in the amount available in debt service funds and an increase in the amount to be provided for bonds.
c. an increase in the amount available in debt service funds and a decrease in the amount to be provided for bonds.
d. no changes in any amount until the bond principal is actually paid.
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