Use of a debt service fund is required. A When financial resources are being accumulated for...
Use of a debt service fund is required.
| A |
When financial resources are being accumulated for the purpose of paying for capital asset acquisition. |
|
| B |
When financial resources are being accumulated for the purpose of paying principal and interest when it matures. |
|
| C |
For all bonded debt service payments. |
|
| D |
For all debt service payments. |
Homework Answers
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Use of a debt service fund is required.
A
When financial resources are being accumulated for...
A county accounts for its debt service payments in the Debt Service Fund. The amount of...
A county accounts for its debt service payments in the Debt Service Fund. The amount of unmatured, unpaid interest on general long-term liabilities at the beginning of the year was $122,000. The ending balance was $165,000. The Debt Service Fund made principal payments of $600,000 and interest payments of $150,000 during the year. The Debt Service Fund should report expenditures for debt service for the year of A. $150,000. B. $722,000 C. $750,000 D.$793,000
6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) As of December...
6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) 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 se- rial bonds pay interest semiannually on January I and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer out of the General Fund and into the Debt Service Fund be reported in the governmental funds statement of revenues, expenditures and changes in fund balance? a. As expenditures of the General Fund and revenues of the Debt Service Fund b. As adjustments of the beginning of year fund balances of both funds c. They should not be reported because the transfers out and...
P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service...
P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service fund. As stated in the previous problem, a government issued $8.5 million of special assessment bonds to finance a sewer‐extension project. To service the debt, it assessed property owners $8.5 million. Their obligations are payable over a period of five years, with annual installments due on March 31 of each year. Interest at an annual rate of 8 percent is to be paid on...
x b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt...
x b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2014 c. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31 2015 5-7. The Village of Harris issued $5,000,000 in 6 percent general obligation, tax- supported bonds on July 1, 2014, at 101. A fiscal agent is not used. Resources for principal and...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund: LEWISVILLE Debt Service Fund Concert Hall Bond Fund Trial Balance July 1, 2018 Debits Credits Cash $60,000 Investments 40.000 Restricted fund balance $100,000 $100,000 $100,000 The following transactions took place between July 1, 2018 and June 30, 2019: 1. The city council of Lewisville adopted the budget for the Concert Hall...
C. Debt Service and Capital Projects Funds (37 points) 1. In 2016, the Town of Groton issued $ 6,000,000 of 6% tax s...
C. Debt Service and Capital Projects Funds (37 points) 1. In 2016, the Town of Groton issued $ 6,000,000 of 6% tax supported bonds. The bonds are dated January 1, 2018 with interest payment dates of June 30 and December 31. The first of 10 annual principal payments is due on December 31, 2018. The bonds were sold at a $20,000 discount. Cash sufficient to fully fund interest and principal payments for the year is transferred from the General Fund...
Which statement below is false concerning the reporting for bond issues in the fund statements of...
Which statement below is false concerning the reporting for bond issues in the fund statements of a government? a. Proceeds from bonds issued to finance capital projects are reported as other financing sources in the capital projects fund operating statement. b. Payments of principal and interest on bonds issued by an enterprise fund are accounted for using a debt service fund. c. Payments of principal on general obligation bonds are reported as expenditures in the debt service fund operating statement....
The state government established a capital project fund in 2016 to build new highways. The fund...
The state government established a capital project fund in 2016 to build new highways. The fund is supported by a 5 percent tax on diesel fuel sales in the state. The tax is collected by private gas stations and remitted in the following month to the State. The following transactions occurred during 2017: Capital Project Fund Trial Balance: December 31, 2016 Debits Credits Cash $8,700,000 Taxes Receivable 2,550,000 Contracts Payable $1,875,000 Fund Balance 9,375,000 1. $2,100,000 of encumbrances outstanding at...
A county accounts for its debt service payments in the Debt Service Fund. The amount of unmatured, unpaid interest on general long-term liabilities at the beginning of the year was $122,000. The ending balance was $165,000. The Debt Service Fund made principal payments of $600,000 and interest payments of $150,000 during the year. The Debt Service Fund should report expenditures for debt service for the year of A. $150,000. B. $722,000 C. $750,000 D.$793,000
6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) 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 se- rial bonds pay interest semiannually on January I and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...
x b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2014 c. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31 2015 5-7. The Village of Harris issued $5,000,000 in 6 percent general obligation, tax- supported bonds on July 1, 2014, at 101. A fiscal agent is not used. Resources for principal and...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund: LEWISVILLE Debt Service Fund Concert Hall Bond Fund Trial Balance July 1, 2018 Debits Credits Cash $60,000 Investments 40.000 Restricted fund balance $100,000 $100,000 $100,000 The following transactions took place between July 1, 2018 and June 30, 2019: 1. The city council of Lewisville adopted the budget for the Concert Hall...
C. Debt Service and Capital Projects Funds (37 points) 1. In 2016, the Town of Groton issued $ 6,000,000 of 6% tax supported bonds. The bonds are dated January 1, 2018 with interest payment dates of June 30 and December 31. The first of 10 annual principal payments is due on December 31, 2018. The bonds were sold at a $20,000 discount. Cash sufficient to fully fund interest and principal payments for the year is transferred from the General Fund...
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