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.

6. As of December 31, 2016, Rustaq New Town had OMR 9,500,000 in 4.5 percent serial bonds outstanding. Cash of OMR 509,000 is the debt service fund’s only asset as of December 31, 2016, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with OMR 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 Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2017. The operating budget for FY 2016 consists of estimated revenues of OMR 1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2017. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1.

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

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…

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

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.

Vinubhai

[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…

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.

11. As of December 31, 2010, ‘N’ Town had OMR 5,750,000 in 3 percent serial bonds outstanding. Cash of OMR 524,500 is the debt service fund’s only asset as of December 31, 2010, and there are no liabilities. The serial bonds pay interest semi-annually on January 1 and July 1, with OMR 350,000 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 payment. Required: Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transaction for FY 2011. (1) The operating budget for FY 2011 consists of estimated revenues of OMR 610,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2011. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1. (2) Cash was received from the…

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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.

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On October 31, 2020, the Village of Lexington issued $1,000,000 of 3% general obligation serial bonds. The bonds pay interest on April 30 and October 31. Starting on October 31, 2021, the first of 20 equal annual serial payments of $50,000 was made.  At December 31, 2022, what is the amount of accrued but unmatured interest that is not reported by the debt service fund?   A. $4,875. B. $5,000. C. $4,500. D. $4,750.

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.

On October 31, 2020, the Village of Lexington issued $1,000,000 of 3% general obligation serial bonds. The bonds pay interest on April 30 and October 31. Starting on October 31, 2021, the first of 20 equal annual serial payments of $50,000 was made. For the year ended December 31, 2022, what is the amount that should be reported for “expenditures—matured interest” on the debt service fund’s statement of revenues, expenditures, and changes in fund balance?   A. $27,750. B. $30,000. C. $27,000. D. $28,500.

On January 1, 2025. Pharoah issued $870,000 of 9% serial bonds at par. Semiannual interest is payable on January 1 and July 1 and principal of $87.000 matures each January 1 starting in 2026. The debt will be serviced through a special tax levy designed especially for this purpose. Therefore, transfers will be provided as needed from the Special Revenue Fund. The following transactions occurred relating to the Debt Service Fund. 2025 June 29 July 1 Dec. 18 2026 Jan. 1 Your answer is partially correct. 2035 Jan. 2 Jan. 4 A transfer of $39,150 was received from the Special Revenue Fund. The semiannual interest payment was made. A Special Revenue Fund transfer of $21,000 was received. Date A payment on bond principal and semiannual interest was made. Accumulations in the Debt Service Fund amounted to $58,000 in investments and $37.000 in cash. The investments were liquidated at face value and the final interest and principal payment was made. Having served its purpose, the Debt Service…

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Dd.104.

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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

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

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.

21.  Help me selecting the right answer. Thank you

Prepare the entries that would be made in the general long-term debt account group for the following events:a. To finance the construction of an art center, $13,000,000 of general obligation term bonds were sold for $12,500,000.b. The general fund allocated $1,300,000 to a debt service fund to begin providing for retirement of the bonds in item (a) at maturity.c. To help finance an addition to the community health center, $6,000,000 of 6%, 10-year serial bonds were sold at 101. $960,000 was transferred from the general fund to the debt service fund to cover the annual interest and the first serial redemption.d. Serial bonds of $600,000 matured and were retired through the debt service fund.

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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.

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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.)…

Sun City issues $47 million of bonds on January 1, 2021 that pay interest semiannually on June 30 and December 31. A portion of the bond amortization schedule appears below: Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value   01/01/2021       $51,324,372   06/30/2021 $2,350,000 $2,309,597 $40,403 51,283,969   12/31/2021 2,350,000 2,307,779 42,221 51,241,748   1. Were the bonds issued at face amount, a discount, or a premium? multiple choice Discount Premium Face amount 2. What is the original issue price of the bonds? Original price     3. What is the face amount of the bonds?       Face amount   4. What is the stated annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.)     Stated annual interest rate   %   5. What is the market annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.)…