AFA 615 Midterm Reviewer

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.

2. Accounting for a Debt Service fund     Sun City has a fiscal year beginning January 1, 2012. Established a DSF for the payment of debt on bonds issued by the CPF. The series bonds with a face value of $ 600,000 were sold at 101 on January 3. The bond contract indicates an interest rate of 8% per year, payable every semester. The debt will be paid in 6 payments of $ 100,000 each December 31. The premium was transferred by CPF to DSF.   The government approved a special tax levy on property with an estimated income of $ 50,000. For the DSF. In addition, he received a transfer from the GF of $ 100,000.     to. Register the budget in the DSF b. Record contributions receivable of $ 55,000, assuming 2% is uncollectible. c. Register the collection of contributions d. It is estimated that the "allowance for uncollectible" is very high and should be reduced by $ 2,000 and increase the "revenue" and. Eliminate $ 1,000 of "property tax" that will be uncollectible F. Register the transfer you…

Prepare journal entries required by a debt service fund to record the following transactions: a. On January 2, a $5,000,000, 6%, 10-year general obligation serial bond issue is sold at 99. Interest is payable annually on December 31, along with one-tenth of the original principal. b. At year-end, the first serial bond matures, along with interest on the bond issue. c. The general fund transfers cash to meet the matured items. d. A check for the matured items is sent to First Bank, the agent handling the payments. e. Later, the bank reports that the first serial bond has been redeemed. One check for interest of $9,000 was returned by the post office because the bond owner had moved. The bank will search for the new address.

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.

None

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).

Hi there, Can you help with attached questions, thanks kindly.

Ont/2/ 2021, the County of Santa Teresa issued a 20-year-life serial bond with a principal of $8,000,000 and 5% annual interest. Interests are paid on January 1 and July 1 with $400,000 in bonds being retired on each interest payment date. The debt service fund levies property taxes in the amount to cover interest and principal payments. Prepare entries for the Debt Service Fund for the following transactions. 1. Prepare the entries to record the budget for the debt service fund for Year 2021. 2. Prepare the entry to levy the property taxes. 3. Prepare the entry to pay the interest and principal on 7/1/2021.

Need help.

Please do not give solution in image format thanku

Subject - account  Please help me.  Thankyou.

The total interest expense over the 5-year life of the bonds is $100,000. How will the issuance of these bonds on January 1, Year 1 be reported on OSU’s Cash Flow Statement? Is it inflow or outflow

On the first day of the fiscal year, a company issues a $4,200,000, 10%, five-year bond that pays semiannual interest of $210,000 ($4,200,000 × 10% × ½), receiving cash of $4,041,710. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.     Cash Cash     Discount on Bonds Payable Discount on Bonds Payable     Bonds Payable Bonds Payable

The Town of Mercy has $14,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On July 1, 2024, a current refunding took place in which $14,000,000 in new general obligation bonds were issued. Required: Record the transaction on the books of the debt service fund. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

20.  Help me selecting the right answer. Thank you

21.  Help me selecting the right answer. Thank you

Please help me.  Thankyou.

Hello! I need help with the following accounting problem where we have to prepare the journal entries assuming the gonds were issued at 104. And then, computing the total cost of borrowing these bonds assuming they were issued at 103. All based on the info attatched below. Thank you.

please help solve questions

Ayayai Corporation, during the year ended October 31, 2024, had the following transactions for money - market instruments purchased to earn interest: Jan. 2 Purchased a 90-day, $34,800 treasury bill maturing on May 1 for $ 34,591. May 1 The treasury bill matured. Aug. 1 Invested $56, 600 in a money - market fund. Aug. 31 Received notification that $142 of interest had been earned and added to the fund. Sept. 30 Received notification that $142 of interest had been earned and added to the fund. Oct. 1 Purchased a 60-day, 2.00%, $26, 100 treasury bill for $25,970. Oct. 15 Cashechthe money - market fund and received $56,955. (a) Prepare the journal entries to record the above transactions. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)…

Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $1,501,000 of 20-year, 9% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y5 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y9 Nov. 1 Called the bond issue at 95, the rate provided in the bond indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank. Issued the bonds for cash at their face amount. 20Y5 May 1 Paid the interest on the bonds. 2015 Nov. 1 38 Called the bond issue at 95, the rate provided in the bond indenture. (Omit entry for payment of interest.) 20Y9 Nov. 1

On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $200,000, 5%, 10-year bond that pays semiannual interest of $5,000 ($200,000 × 5% × ½ year), receiving cash of $200,000. (a)  Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.   Cash  fill in the blank 135942f1f00b052_2 fill in the blank 135942f1f00b052_3   Bonds Payable  fill in the blank 135942f1f00b052_5 fill in the blank 135942f1f00b052_6   (b)  Journalize the entry to record the first interest payment on June 30. If an amount box does not require an entry, leave it blank.   Interest Expense  fill in the blank 838d07010fa3fc7_2 fill in the blank 838d07010fa3fc7_3   Cash  fill in the blank 838d07010fa3fc7_5 fill in the blank 838d07010fa3fc7_6   (c)  Journalize the entry to record the payment of the principal on the maturity date. If an amount box does not require an entry, leave it blank.…

24.  Help me selecting the right answer. Thank you

Lincoln County retires a $50 million bond issue when the carrying value of the bonds is $48 million, but the market value of the bonds is $54 million. Lincoln County will record the retirement as a. A debit of $6 million to Loss due to early extinguishment.b. A credit of $6 million to Gain due to early extinguishment.c. No gain or loss on retirement.d. A debit to Cash for $54 million.