Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 6, Problem 17.7EP
To determine
Identify the statement that is not accounted in debt service funds.
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Students have asked these similar questions
Debt service funds are used to account for which of the following?
Multiple Choice
Payment of only interest on general long-term debt.
Payment of only principal on general long-term debt.
Payment of principal and interest on general long-term debt.
Describe the key characteristics of a debt investment and demonstrate how to account for a purchase and for interest revenue.
Demonstrate how to identify and account for debt investments classified for reporting purposes as held-to-maturity.
Chapter 6 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 6 - Prob. 1QCh. 6 - What disclosures about long-term liabilities are...Ch. 6 - Prob. 3QCh. 6 - Prob. 4QCh. 6 - Although the most common type of general long-term...Ch. 6 - What is overlapping debt? Why would a citizen care...Ch. 6 - Prob. 7QCh. 6 - Prob. 8QCh. 6 - How are debt issuance costs accounted for at the...Ch. 6 - Under what circumstances might a government...
Ch. 6 - Prob. 11CCh. 6 - A citizens group in your state has placed an...Ch. 6 - A county government and a legally separate...Ch. 6 - Prob. 14CCh. 6 - Evaluating Legal Debt Margins. (LO6-2) Youll be...Ch. 6 - Prob. 17.1EPCh. 6 - Proceeds from bonds issued to construct a new city...Ch. 6 - The liability for long-term debt issued to finance...Ch. 6 - Which one of the following statements regarding...Ch. 6 - Prob. 17.5EPCh. 6 - On March 2, 2020, 20-year, 6 percent, general...Ch. 6 - Prob. 17.7EPCh. 6 - Prob. 17.8EPCh. 6 - The liability for special assessment bonds for...Ch. 6 - Total general long-term indebtedness subject to...Ch. 6 - Payment of general obligation bond interest would...Ch. 6 - Debt issuance costs a. Include legal and...Ch. 6 - If bonds are sold at a premium: a. The premium is...Ch. 6 - Prob. 17.14EPCh. 6 - Prob. 17.15EPCh. 6 - Prob. 18EPCh. 6 - Budgeted and Actual Debt Service Transactions....Ch. 6 - Lease Agreement. (LO6-5) McCormick County agreed...Ch. 6 - Legal Debt Margin and Direct and Overlapping Debt....Ch. 6 - Debt Service Fund Trial Balance. (LO6-5) Following...Ch. 6 - Prob. 23EPCh. 6 - Term Bond Debt Service Fund Transactions. (LO6-5)...Ch. 6 - Prob. 25EP
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- The Discount on Bonds Payable accounta. is an expense account.b. is a contra account to Bonds Payable.c. is expensed at the bond’s maturity.d. is a miscellaneous revenue account.arrow_forwardDefine bonds payable.arrow_forwardDescribe the accouting for bonds payaable, including bonds issued at face amount , bonds issued at a discount, and bonds issued at a premium.arrow_forward
- A typical provision is: a. bonds payable. b. cash. c. a warranty liability. d. accounts payable.arrow_forwardDiscuss in brief the types of collateralized debt Obligation. Please explain in details.arrow_forward2. Bond issue costs, such as printing fees, legal fees, commissions, etc. are most appropriately accounted for by: a. charging them to an expense account in the year the bonds are actually sold. b. debiting them to unamortized bond issue costs, setting them as a deferred charge on the statement of financial position, and amortizing them in a manner similar to bond discount over the life of the bond. c. charging them to an expense account in the year the bonds are originally dated whether or not they are sold in that year. d. considering them in the measurement of the bonds payable.arrow_forward
- The indenture is a contract between the issuer and lenders that does all the following EXCEPT ______. a. specify the manner in which the principal must be repaid b. give management's expectations about return of the proceeds c. list any restrictive covenants d. detail the nature of the debt issuearrow_forwardThe following items are found in the financial statements.Indicate how each of these items should be classified in the financial statements. Classification (a) Discount on bonds payable. select a financial statement Balance SheetIncome statement (b) Interest expense (credit balance). select a financial statement Balance SheetIncome statement (c) Unamortized bond issue costs. select a financial statement Balance SheetIncome statement (d) Gain on repurchase of debt. select a financial statement Balance SheetIncome statement (e) Mortgage payable (payable in equal amounts over next 3 years). select a financial statement Balance SheetIncome statement…arrow_forwardWhich of the following is classified as nonmonetary? a. Warranty liability b. Accrued expense c. Unamortized discount on bonds payable d. Refundable depositarrow_forward
- Describe the repayment process for both a term loan and a bond.arrow_forwardPlease show the solutions from current/non-current liability to balances of carrying of bonds payable.arrow_forwardWhat type of account is Discount on Bonds Payable, and what is its normal balance?a. Adjusting account; Creditb. Reversing account; Debitc. Contra liability account; Debitd. Contra liability account; Creditarrow_forward
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