ZuoTi.Pro
Question

A county accounts for its debt service payments in the Debt Service Fund. The amount of unmatured, unpaid interest on general

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

The correct answer is $ 793000

Calculation

Expenditure for debt service fund = closing balance + payment for debt and interest - opening balance

= 165000 + 600000 + 150000 - 122000

= $ 793000

0 0
Add a comment
Know the answer?
Add Answer to:
A county accounts for its debt service payments in the Debt Service Fund. The amount of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • x b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt...

    x b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2014 c. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31 2015 5-7. The Village of Harris issued $5,000,000 in 6 percent general obligation, tax- supported bonds on July 1, 2014, at 101. A fiscal agent is not used. Resources for principal and...

  • Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1, 2020. The...

    Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1, 2020. The fund expenditures were to be financed by a special gasoline tax. Prepare journal entries to record the following transactions for the calendar year 2020. Then prepare a preclosing trial balance as of December 31,2020. a. Winter County adopted the following budget for the fund: Estimated revenues—gasoline taxes 855,000 Appropriations—maintenance salaries 745,000 Appropriations—maintenance supplies 90,000 Budgeted increase in fund balance 20,000 b. The county collected...

  • Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

    Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

  • Question 1 Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1,...

    Question 1 Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1, 2020. The fund expenditures were to be financed by a special gasoline tax. Prepare journal entries to record the following transactions for the calendar year 2020. Then prepare a preclosing trial balance as of December 31,2020. a. Winter County adopted the following budget for the fund: Estimated revenues—gasoline taxes 855,000 Appropriations—maintenance salaries 745,000 Appropriations—maintenance supplies 90,000 Budgeted increase in fund balance 20,000 b. The...

  • W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not...

    W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...

  • Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

    Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

  • P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service...

    P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service fund. As stated in the previous problem, a government issued $8.5 million of special assessment bonds to finance a sewer‐extension project. To service the debt, it assessed property owners $8.5 million. Their obligations are payable over a period of five years, with annual installments due on March 31 of each year. Interest at an annual rate of 8 percent is to be paid on...

  • 2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer...

    2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer out of the General Fund and into the Debt Service Fund be reported in the governmental funds statement of revenues, expenditures and changes in fund balance? a. As expenditures of the General Fund and revenues of the Debt Service Fund b. As adjustments of the beginning of year fund balances of both funds c. They should not be reported because the transfers out and...

  • The City of Shelby had the following transactions related to the construction of a new courthouse....

    The City of Shelby had the following transactions related to the construction of a new courthouse. (a) 1/2/2018: 20 year 5% General Obligation Serial Bonds with a face value of $6,000,000 are issued at 102. Interest and principal payments are made on Jan. 1 and July 1 of each year. The premium was transferred into the Debt Service Fund. The General Fund will fully fund each payment as they become due. (b) 3/1/2018: Land is purchased for a new courthouse...

  • 2. The City of Shelby had the following transactions related to the construction of a new courthouse. (a) 1/2/2018:...

    2. The City of Shelby had the following transactions related to the construction of a new courthouse. (a) 1/2/2018: 20 year 5% General Obligation Serial Bonds with a face value of $6,000,000 are issued at 102. Interest and principal payments are made on Jan. 1 and July 1 of each year. The premium was transferred into the Debt Service Fund. The General Fund will fully fund each payment as they become due (b) 3/1/2018: Land is purchased for a new...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT