Question: Thomas County pays all the debt service on its long
Thomas County pays all the debt service on its long- term general obligation bonds on April 1 and October 1 of each year. Accrued interest on these bonds for the stub period October 1– December 31, 2012, was $ 75,000. During its fiscal year ended December 31, 2013, Thomas paid $ 350,000 interest on its long- term general obligation bonds. Accrued interest for the stub period October 1– December 31, 2013, was $ 88,000. Prepare journal entries needed to adjust Thomas County’s 2013 fund financial statements so government- wide statements can be prepared.
Answer to relevant QuestionsMike Village sold $ 1,000,000 of general obligation bonds on October 1, 2012, maturing at the rate of $ 100,000 every 6 months starting April 1, 2013, and paying interest at the rate of 4 percent per annum on the unpaid ...Honesdale levies property taxes in March of each year to help finance the General Fund expenditures for the calendar year. Property owners are required to pay the taxes in equal installments in April and October. Taxes ...What are the two components of an agency’s net position? Describe the major causes of the year-to- year changes in each component. (Multiple Choice) 1. Which funds are used by federal agencies to account for receipts of resources from specific sources, earmarked by law for special purposes? a. Special Revenue Funds b. Trust Fundsc. Revolving Funds d. ...Following is a trial balance of the accounts of the Bureau of Bridge Inspection (BOBI), a relatively new unit of the Department of Transportation (DOT), as of October 1, 2013.BOBI is responsible for overseeing state ...
Post your question