Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Financial Accounting Expert

Question :

As of the fiscal year ending 30th September, 2013, Crystal Beach had $10,000,000 in 5% serial bonds outstanding. The serial bonds pay interest semiannually on 1st March and 1st September, with $500,000 in bonds being retired on each interest payment date. Resources for payment of principal are transferred from the debt service fund and General Fund levies property taxes yearly to cover interest payments. Any excess is reserved for future debt service payments.

Prepare debt government-wide entries and service fund in general journal form to reflect, as required, the subsequent information and transactions for FY 2014.

(1) The operating budget for FY 2014 consists of computed revenues of $500,000 and estimated other financing sources equal to the amount of principal to be paid in FY 2014. Appropriations have to be provided for interest payments and bond redemptions on 1st March and 1st September.

(2) Property taxes in the amount of $500,000 were levied (no estimation for uncollectible accounts has been made).

(3) Property taxes in the amount of $500,000 were collected.

(4) Cash was received from the checks and General Fund was written and mailed for the 1st March principal and interest payments.

(5) Cash was received from the checks and General Fund was written and mailed for the 1st September principal and interest payments.

(6) At the fund level, entries were made to close operating and budgetary statement accounts. (Ignore closing entries in the government activities journal.)

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9718805

Have any Question?


Related Questions in Financial Accounting

Comprehensive problem - lou barlow a divisional manager for

Comprehensive Problem - Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined by his division's ...

Accounting financial assignment -question - in recent years

Accounting Financial Assignment - Question - In recent years a number of companies have gone into liquidation (been 'wound up') because they have not been able to meet their liabilities when they fell due. In Australia, ...

Lease classification considering firm guidance issues

Lease Classification, Considering Firm Guidance (Issues Memo) Facts: Tech Startup Inc. ("Lessee") is entering into a contract with Developer Inc. ("Landlord") to rent Landlord's newly constructed office building located ...

Can you please help me with thishow do restrictions affect

Can you please help me with this. How do restrictions affect net assets in Not- For -Profit organization or health care?

On december 1 of the current year the following accounts

On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (240,000 shares authorized, 86,000 shares issued)$4,300,00 ...

Excel quiz1 start excel 2016 and download and open the file

Excel Quiz 1. Start Excel 2016 and download and open the file Excel Quiz1F18. 2. Save the workbook as FirstName_LastName_Excel_Quiz1 where FirstName is your own First Name and LastName is your Surname (for example Roger_ ...

What has been strides position on dividend payouts in the

What has been Strides' position on dividend payouts in the past (pattern, relationship with earnings, etc.)? What factors affected its dividend policy?

In its first year of operations cullumber company

In its first year of operations, Cullumber Company recognized $31,800 in service revenue, $6,600 of which was on account and still outstanding at year-end. The remaining $25,200 was received in cash from customers. The c ...

Advanced financial accounting assignment -assessment task

Advanced Financial Accounting Assignment - Assessment Task Part A - In an article entitled 'Unwieldy rules useless for investors' that appeared in the Australian Financial Review on 6 February 2012 (by Agnes King), the f ...

An investment offers 6800 per year with the first payment

An investment offers $6,800 per year, with the first payment occurring one year from now. The required return is 7 percent. a. What would the value be today if the payments occurred for 20 years?  b. What would the value ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As