Question
A city keeps its books on a calendar year basis. On April 1, 2013, the city sold $500,000 of 6% general obligation bonds, payable in
A city keeps its books on a calendar year basis. On April 1, 2013, the city sold $500,000 of 6% general obligation bonds, payable in semi-annual instalments. The first instalment, due October 31, 2013 covered interest of $15,000 and principal of $25,000.
For the year ended December 31, 2013, how much should the Debt Service Fund report as expenditures?
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Solution The Debt Service Fund should report 40000 as expenditures for the year ended December ...
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Introduction to Governmental and Not for Profit Accounting
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
7th edition
9780132776073, 132776014, 978-0132776011
