b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year end December 31, 2023.
b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year end December 31, 2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb9c301e-db30-471d-90a3-962c708f3207%2Fb4b3e89c-3d7d-4d6b-a4c8-9f7ca0098b72%2F012p4z_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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.
Transcribed Image Text:3
b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year enc
December 31, 2023.
SANDY BEACH
Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2023
Revenues:
Property Taxes.
Expenditures
Bond Interest
Bond Principal
Expenditures:
Answer is not complete.
Bond Interest
Bond Principal
Total Expenditures
Excess of Expenditures Over Revenues
Other Financing Sources (Uses):
Interfund Transfers In
Increase in Fund Balance.
Fund Balance, January 1, 2023
Fund Balance, December 31, 2023
$
416,250
1,000,000
$ 9,500,000
$ 416,250
1,000,000
$
1,416,250
8,083,750
8,083,750
509,000
8,592,750
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