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.
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- [The following information applies to the questions displayed below] As of December 31, 2022, Sandy Beach had $9,500,000 in 3 percent serial bonds outstanding. Cash of $509,000 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. > Show Transcribed Text cynnes b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt services December 31, 2023. Revenues Property Taxes SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Expenditures Bond Interest Bond Principal Show Transcribed Text Required information Expenditures: PON Bond…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 0Required 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
- 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.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.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.
- 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
- The City of Crane issued 300 bonds at their face value of $4,000 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 9%. Crane uses the effective interest method. (a) 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.)On January 1, 2021, COVID Hospital issued a P250,000, 10 percent, 5-year bond for P231,601. Interest is payable on June 30 and December 31. Felipe uses the effective-interest method to amortize all premiums and discounts. The effective interest rate was 12 percent based on your inquiry with the bank and other financial institution for the same transaction . The accounting department recorded interest expense of P12,500for the fiscal year ended JUNE 30, 2021. How much interest expense must be adjusted to correct the interest expense recorded as of June 30, 2021? Answer in figures, ignore peso sign.City Slicker Corporation pays $55,000 into a bond sinking fund each year for the future redemption of bonds. During the first year, the fund earns $1,475. When the bonds mature, there is a sinking fund balance of $612,000, and $600,000 is needed to redeem the bonds. Required:Prepare the following general journal entries. a. The initial sinking fund deposit. b. The first year's earnings. c. The redemption of the bonds. d. The return of excess cash to the corporation.