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As of the fiscal year ending September 30, 2013, Crystal Beach had $10,000,000 in 5 percent serial bonds outstanding. The serial bonds pay interest semiannually on March 1 and September 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of principal are transferred from the General Fund, and the debt service fund levies property taxes annually to cover interest payments. Any excess is reserved for future debt service payments.
Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2014.(1) The operating budget for FY 2014 consists of estimated revenues of $500,000 and estimated other financing sources equal to the amount of principal to be paid in FY 2014. Appropriations must be provided for interest payments and bond redemptions on March 1 and September 1.(2) Property taxes in the amount of $500,000 were levied (no estimate for uncollectible accounts has been made).(3) Property taxes in the amount of $500,000 were collected.(4) Cash was received from the General Fund and checks were written and mailed for the March 1 principal and interest payments.(5) Cash was received from the General Fund and checks were written and mailed for the September1 principal and interest payments.(6) At the fund level, entries were made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.)
below you will find selected information in millions from coca-cola co.s 2012 annual reportincome taxes
grandpop and grandmom died and left 100mm to their 5 grandkids. the first kid started up a sole proprietorship with his
in year 1 laylor company had revenues of 100000 advertising expense of 22000 depreciation of 15000 and other expenses
Speculate which regulatory changes will be the top priority for management. Then, suggest a timetable in which management should start getting ready for the change.
smith cpa was engaged to audit golf corporations financial statements for the years ended august 2006. smith planned
Open up an IAS or IFRS a. What are the major organizational parts of the authority (placed in bold) b. Compare your answer in (a) to the major organizational parts of an IFRIC or SIC. c. Are (a) and (b) for the most part, the same If yes, how so If n..
Prepare a budgeted income statement for the first and second quarters of 19B and a budgeted balance sheet as of June 30, 19B.
East, Inc. had beginning inventory of $10,000, purchases of $25,000, and ending inventory of $5,000. What is East's cost of merchandise sold?
Two years ago your corporate treasurer purchased for the firm a 20-year bond at its par value of $1,000. The coupon rate on this security is 8 percent. Interest payments are made to bondholders once a year.
Your company completed the site work for the South Pointe office complex. The costs are shown in Figure 11-3. The site concrete labor and landscaping were done by subcontractors.
How is FedEx performing? How, if at all, do is performance and plans affect your assessment of the sustainability of UPS's current performance?
The cost recovery method was chosen.
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