Financial Accounting for School Administrators Tools for School 3rd. Edition by R.E. Everett; Donald R. Johnson; Bernard W. Madden | 9781610487719 | 1610487710 | Holooly

Accounting for Business

Financial Accounting for School Administrators Tools for School

25 SOLVED PROBLEMS

Question: 14.5

For the second year in the debt service fund, entries for several situations are in the following steps. ...

Verified Answer:

Step 1: Record the budget entry from the accumulat...

Question: 14.8

Assume that the investment of $10,000 at a $200 premium is to be held for four years. The entry to amortize the premium at the end of the first year is as follows: Unamortized premium on investments $50 Revenue from interest $50 To amortize one-fourth of the premium on investments ...

Verified Answer:

Observe that the reserve for debt retirement balan...

Question: 14.10

Assume that $100,000 of 12 percent serial bonds have been issued, $20,000 maturing at the end of each year for five years, and that the general fund serves as the tax collection agency for the debt service fund ...

Verified Answer:

To pay both principal and interest, the following ...

Question: 14.9

Assume that at the maturity of a bond issue for which a debt service fund had been used, the amount of cash on hand is $100,000 and the reserve for debt retirement is $100,000. An entry is made to record matured bonds that have been carried in the general long-term debt group of accounts ...

Verified Answer:

Step 1: The entries to record debt retirement in t...

Question: 14.7

Assume that the $12,000 investment at a discount of $240 is to be held for four years. Either at each interest collection date or at the end of the fiscal year, the discount should be amortized. Amortization always affects interest earned on investments, and the discount or premium on investments ...

Verified Answer:

The following entry records amortization of one-fo...

Question: 14.6

Assume that an investment in bonds of $10,000 made at a premium of $200 plus accrued interest is purchased in the amount of $100. ...

Verified Answer:

Step 1: The entry to record the purchase is as fol...

Question: 10.2

Cape Jennifer School District budget and actual general fund revenues and expenditures for the fiscal year ended June 30, XXXX ...

Verified Answer:

were as follows: Revenues ...

Question: 5.3

Assume general supplies in the amount of $8,000 were purchased on account. ...

Verified Answer:

Cash in Bank ...

Question: 14.5

For the second year in the debt service fund, entries for several situations are in the following steps. ...

Verified Answer:

Step 1: Record the budget entry from the accumulat...

Question: 13.3

Assume that the bonds did sell for $99,000,000 ...

Verified Answer:

Cash ...

Loading...