As of December 31, 2022, Sandy Beach had $9,800,000 in 6.5 percent serial bonds outstanding. Cash of $433,000 is thedebt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interestsemiannually on January 1 and July 1, with $500,000 in bonds being retired on each Interest payment date. Resources forpayment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amountsufficient to cover principal payments.Requiredb. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year endedDecember 31, 2023.SANDY BEACHDebt Service FundStatement of Revenues, Expenditures and Changes in Fund BalanceFor the Year Ended December 31, 2023Revenues:AppropriationsExpenditures:Total ExpendituresExcess of Expenditures Over RevenuesOther Financing Sources (Uses):Increase in Fund Balance000Fund Balance, January 1, 2023Fund Balance, December 31, 2023$0

Balance Sheet-The balance sheet refers to the document which reflects the performance of a company…

Answered: repare a statement of revenues,…

repare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended ecember 31, 2023.

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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