Required information [The following information applies to the questions displayed below] As of December 31, 2022, Sandy Beach had $9,800,000 in 6.0 percent serial bonds outstanding. Cash of $423,000 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 c. Prepare a balance sheet for the debt service fund as of December 31, 2023.
Required information [The following information applies to the questions displayed below] As of December 31, 2022, Sandy Beach had $9,800,000 in 6.0 percent serial bonds outstanding. Cash of $423,000 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 c. Prepare a balance sheet for the debt service fund as of December 31, 2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please dont provide solution image based thanx
![Required Information
[The following information applies to the questions displayed below]
As of December 31, 2022, Sandy Beach had $9,800,000 in 6.0 percent serial bonds outstanding. Cash of $423,000 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
c. Prepare a balance sheet for the debt service fund as of December 31, 2023.
Cash
Taxes Receivable-Delinquent
Total Assets
Unavailable Revenues
Answer is not complete.
SANDY BEACH
Debt Service Fund
Balance Sheet.
December 31, 2023
Assets
Deferred Inflows of Resources
Fund Balances
Fund Balance-Restricted for Debt Service
Total Deferred Inflows of Resources and Fund Balance
✔
G
O
S 423.000
S423.000
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5aefec99-cc75-443c-b1df-eea8d8e2d5e3%2F2d4b37b8-087c-4c8f-81d7-9cb3e03a8534%2Fnnafabb_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below]
As of December 31, 2022, Sandy Beach had $9,800,000 in 6.0 percent serial bonds outstanding. Cash of $423,000 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
c. Prepare a balance sheet for the debt service fund as of December 31, 2023.
Cash
Taxes Receivable-Delinquent
Total Assets
Unavailable Revenues
Answer is not complete.
SANDY BEACH
Debt Service Fund
Balance Sheet.
December 31, 2023
Assets
Deferred Inflows of Resources
Fund Balances
Fund Balance-Restricted for Debt Service
Total Deferred Inflows of Resources and Fund Balance
✔
G
O
S 423.000
S423.000
$
0
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