Required informationExercise 6-24 (Static) Serial Bond Debt Service Fund Journal Entries and Financial Statements [LO 6-2, 6-5][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 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.Exercise 6-24 (Static) Part cRequiredc. Prepare a balance sheet for the debt service fund as of December 31, 2023.SANDY BEACH Required informationExercise 6-24 (Static) Serial Bond Debt Service Fund Journal Entries and Financial Statements [LO 6-2, 6-5][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 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.Exercise 6-24 (Static) Part cRequiredc. Prepare a balance sheet for the debt service fund as of December 31, 2023.SANDY BEACH

A serial debt service fund is a financial account set up by a government entity, typically a…

Answered: Exercise 6-24 (Static) Serial Bond Debt…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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
[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, 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,…
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.
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
12 Part 1 of 3 Required information [The following information applies to the questions displayed below.] As of December 31, 2022, 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, 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 a-1. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Transaction Fund / Governmental Activties General…
Help me with entries Journal entries for Debt Service Fund transactions At the start of 2019, Croton’s Debt Service Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) The General Fund transferred $1,200 cash to the Debt Service Fund. The first installment of principal and interest on the bonds sold in Part C (1) came due for payment. The principal and interest due for payment were paid. Debt service on bonds sold by Croton in previous years came due and was paid. Principal and interest payments on those bonds were $600 and $470, respectively. Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Debt Service Fund: DSF).
Local government-issued bonds to the value of RO 500,000 to finance its general operating expenditure at 10 % premium. Which one of the following journal entries records this transaction in the general fund? a. None of the options b. Bank Account Dr. 550,000, Proceeds from issue of bonds Account Cr. 500,000, Premium on issue of bonds Account Dr. 50,000 c. Bank Account Dr. 550,000, Cash Account Dr. 550,000 d. Bank Account Dr. 550,000, Proceeds from issue of bonds Account Cr. 500,000, Premium on issue of bonds Account Cr. 50,000
Required information [The following information applies to the questions displayed below.] Temptation Vacations issues $49 million in bonds on January 1, 2024, 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 Total cash interest $1,470,000 1,470,000 (3) Interest Expense $1,378,755 1,376,473 (4) Decrease in. Carrying Value $91,245 93,527 (5) Carrying Value $55,150, 180 55,058,935 54,965,408 6. What is the total cash paid for interest assuming the bonds mature in 20 years? (Enter your answer in dollars, not millions. i.e., $5.5 million should be entered as 5,500,000.)
Determine the correct debit account from among the choices below: a. Expenditures b. Extraordinary Items c. Encumbrances d. Answer not included in the above selections The Debt Service Fund recognizes a principal payment that is currently due on a Bond debt. Answer 1 A contract is signed with ABC Construction for a project related to the Capital Projects Fund in the amount of $8,400,000. Answer 2 The city invests 30% of the bond proceeds in short term investments. Answer 3 A city’s water supply is contaminated by terrorists. Costs of clean-up, disposal, and importation of a fresh water supply total $50,000,000. Answer 4 The General Fund incurs and pays salaries totaling $400,000. Answer 5
The City of Thumane had he owng dbf outstanding $2,900.000 General obligation bonds to be paid from a debt service fund $3,100.000 General obligation bonds to be paid trom utility revenues Revenue bonds to be paid trom utility revenues $3,400,000 The amount that shouid be shown as debt in the uhlity (enterprise) fund would be: Oa S6.500 000 06 S3400.000 Oc $3, 100.000 Od $9,400,000 hp

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