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As of December 31, 2022, Sandy Beach had $9,800,0 debt service fund's only asset as of December 31, 202 semiannually on January 1 and July 1, with $500,000 In payment of Interest are transferred from the General F sufficient to cover principal payments.

As of December 31, 2022, Sandy Beach had $9,800,0 debt service fund's only asset as of December 31, 202 semiannually on January 1 and July 1, with $500,000 In payment of Interest are transferred from the General F sufficient to cover principal payments.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 levles 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 Answer is not complete. SANDY BEACH Debt Service Fund Balance Sheet December 31, 2023 Assets Unavailable Revenues Deferred Inflows of Resources Fund Balances Fund Balance-Restricted for Debt Service Total Deferred Inflows of Resources and Fund Balance $ 423.000 S423.000 0
Transcribed Image Text: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 levles 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 Answer is not complete. SANDY BEACH Debt Service Fund Balance Sheet December 31, 2023 Assets Unavailable Revenues Deferred Inflows of Resources Fund Balances Fund Balance-Restricted for Debt Service Total Deferred Inflows of Resources and Fund Balance $ 423.000 S423.000 0
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