Required information (The following information applies to the questions displayed below) As of December 31, 2022, Sandy Beach had $8,200,000 in 6.0 percent serial bonds outstanding. Cash of $551,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. Required b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023 SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues Proceeds of Rofunding Bords $ 492.000 Expenditures Property Tours Appropriations SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues: Proceeds of Refunding Bonds $ 492,000 Expenditures: Property Taxes Appropriations 0 Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): 492,000 Increase in Fund Balance Fund Balance, January 1, 2023 Fund Balance, December 31, 2023 492,000 $ 492,000 Required information (The following information applies to the questions displayed below) As of December 31, 2022, Sandy Beach had $8,200,000 in 6.0 percent serial bonds outstanding. Cash of $551,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. Required b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023 SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues Proceeds of Rofunding Bords $ 492.000 Expenditures Property Tours Appropriations SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues: Proceeds of Refunding Bonds $ 492,000 Expenditures: Property Taxes Appropriations 0 Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): 492,000 Increase in Fund Balance Fund Balance, January 1, 2023 Fund Balance, December 31, 2023 492,000 $ 492,000
