Prepare the journal entries necessary to record budget

Assignment Help Accounting Basics
Reference no: EM131701782

Question: (Journal entries in a Debt Service Fund) Green Valley issued $20,000,000 of general obligation bonds to construct a multipurpose arena. These bonds will be serviced by a tax on the revenue from events held in the arena and will mature in 2017. During 2012, Green Valley budgeted $2,500,000 of tax revenues and $2,000,000 for interest on the bonds in its Debt Service Fund. Prepare the journal entries necessary to record

(a) the budget and

(b) the expenditure when the interest comes due for payment.

Reference no: EM131701782

Questions Cloud

Contribute to one phenotypic trait : When many genes contribute to one phenotypic trait
Analyze what are the main points ed lorenz made : Read the article labeled Chaos by Gleick. Analyze What are the main points Ed Lorenz made? What are the main points Dr. Gotfryd made?
Amount of asset to be recorded in plymouthville cpf : (Leases) Plymouthville leased equipment with a fair market value of $905,863. The life of the noncancellable lease is 10 years, and the economic life.
Shortness of breath : Mitral valve prolapse (MVP) is a medical condition characterized by symptoms such as dizziness, fatigue, and shortness of breath.
Prepare the journal entries necessary to record budget : (Journal entries in a Debt Service Fund) Green Valley issued $20,000,000 of general obligation bonds to construct a multipurpose arena.
Total silica concentration : The total silica concentration (H3SiO4- + H4SiO4) is 0.2 mM. Assume that activity = concentration.
Developing a premium brand or label for product : Prepare a report together with journal entries that will lay the foundations towards developing a Premium Brand/Label for your product/service of choice
What you learn about south africa that piqued your curiosity : What did you learn about South Africa that piqued your curiosity from a geographers standpoint? Consider the following chapters in our text book study.
Measure of proton activity : pH is a measure of proton activity and not concentration.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd