Homework Answers
1. While issued Bonds
Cash Ac Dr$6,000,000
6% tax supported bonds cr. $6,000,000
(Being bonds issued at par)
2. Transfer to DSF Dr 1,198,000
To cash 1,198,000
2. When interest paid on Jun 30 and Dec 31
June 30
Interest on Bonds Dr. $180,000
to Cash a/c Cr. $180,000
Dec 31
Interest on Bonds Dr. $180,000
6% tax supported bonds(Principal amount) Dr. $598,000
to Cash a/c Cr. $778,000
Add Answer to:
C. Debt Service and Capital Projects Funds (37 points) 1. In 2016, the Town of Groton issued $ 6,000,000 of 6% tax s...
new project analysis you must evaluate proposal to buy new bu Question 25 (12 points) On...
new project analysis you must evaluate proposal to buy new
bu
Question 25 (12 points) On January 1, 2017, the City of Portland issued $5,000,000 of 4% tax supported bonds. The bonds are dated January 1, 2017 with interest payment dates of June 30 and December 31. The first of 10 annual principal payments is due on December 31, 2017. The bonds were sold at a $48,000 premium that was transferred to the Debt Service Fund on January 1 from...
The Village of Hawksbill issued $4,400,000 in 5 percent general obligation, tax-supported bonds on July 1,...
The Village of Hawksbill issued $4,400,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium (in the amount of $44,000)...
The Village of Hawksbill issued $4,700,000 in 5 percent general obligation, tax-supported bonds on July 1,...
The Village of Hawksbill issued $4,700,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year 1. A capital projects fund transferred the premium in the amount of $94,000)...
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...
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...
Please bold answer in explanation The Village of Hawksbill issued $5,200,000 in 5 percent general obligation,...
Please bold answer in
explanation
The Village of Hawksbill issued $5,200,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium...
The Village of Hawksbill issued $5,000,000 in 5 percent general obligation, tax-supported bonds on July 1,...
The Village of Hawksbill issued $5,000,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used Resources for principal and Interest payments are to come from the General Fund Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year LA capital projects fund transferred the premium (in the amount of $100,000) to...
The state government established a capital project fund in 2016 to build new highways. The fund...
The state government established a capital project fund in 2016 to build new highways. The fund is supported by a 5 percent tax on diesel fuel sales in the state. The tax is collected by private gas stations and remitted in the following month to the State. The following transactions occurred during 2017: Capital Project Fund Trial Balance: December 31, 2016 Debits Credits Cash $8,700,000 Taxes Receivable 2,550,000 Contracts Payable $1,875,000 Fund Balance 9,375,000 1. $2,100,000 of encumbrances outstanding at...
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...
On July 1, 2019, the first day of its 2020 fiscal year, the Town of Bear...
On July 1, 2019, the first day of its 2020 fiscal year, the Town
of Bear Creek issued at par $2,400,000 of 10 percent term bonds to
renovate a historic wing of its main administrative building. The
bonds mature in five years on July 1, 2024. Interest is payable
semiannually on January 1 and July 1. As illustrated in the table
below, a sinking fund is to be established with equal semiannual
additions made on June 30 and December 31....
new project analysis you must evaluate proposal to buy new
bu
Question 25 (12 points) On January 1, 2017, the City of Portland issued $5,000,000 of 4% tax supported bonds. The bonds are dated January 1, 2017 with interest payment dates of June 30 and December 31. The first of 10 annual principal payments is due on December 31, 2017. The bonds were sold at a $48,000 premium that was transferred to the Debt Service Fund on January 1 from...
The Village of Hawksbill issued $4,700,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year 1. A capital projects fund transferred the premium in the amount of $94,000)...
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...
Please bold answer in
explanation
The Village of Hawksbill issued $5,200,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium...
The Village of Hawksbill issued $5,000,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used Resources for principal and Interest payments are to come from the General Fund Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year LA capital projects fund transferred the premium (in the amount of $100,000) to...
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...
On July 1, 2019, the first day of its 2020 fiscal year, the Town
of Bear Creek issued at par $2,400,000 of 10 percent term bonds to
renovate a historic wing of its main administrative building. The
bonds mature in five years on July 1, 2024. Interest is payable
semiannually on January 1 and July 1. As illustrated in the table
below, a sinking fund is to be established with equal semiannual
additions made on June 30 and December 31....
Most questions answered within 3 hours.
-
You draw and keep a single bill from a hat that contains a
$11, $55, $20...
asked 7 minutes ago -
Write a Java program that has the following methods:
findSum - a method that takes in...
asked 8 minutes ago -
A coffee cup calorimeter initially contains 135g of water at
22.0oC. Calcium chloride (21.0g) at the...
asked 12 minutes ago -
A patient is having a magnetic resonance imaging scan (an MRI)
and has neglected to remove...
asked 14 minutes ago -
A student takes a multiple-choice test that has 10 questions.
Each question has two choices. The...
asked 38 minutes ago -
Willie Keeler has a lifetime batting average of 0.341. Assume
that Willie Keeler came to bat...
asked 40 minutes ago -
Which of the following has the highest boiling point?
A) 0.5m NaCl
B) 0.5m C6H12O6
C)...
asked 59 minutes ago -
12. A firm is producing at an output level where
AR = MC > AC >...
asked 56 minutes ago -
Radovilsky Manufacturing Company, in Hayward, California,
makes flashing lights for toys. The company operates its production...
asked 58 minutes ago -
As an athlete exercises, sweat is produced and evaporated to
jelp maintain a proper body temperature....
asked 58 minutes ago -
Which of these macromolecules is most prevalent (by mass) in the
environment? What particular challenge does...
asked 1 hour ago -
Consider two stocks. Stock A has a standard deviation of 46% and
stock B has a...
asked 1 hour ago