Question

For year-end financial statement purposes, an SLG will report long-term debt such as bonds as a...

For year-end financial statement purposes, an SLG will report long-term debt such as bonds as a non-current liability on the balance sheet of which type of fund?

a.

Debt Service Fund
b.

Expendable fund
c.

Non-expendable Fund
d.

GCA
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer: Option a) Debt Service Fund

Explanation:

The government-wide financial statements do not report the information because that is included in the fiduciary funds. The government-wide finanacial agency uses the fund for private-purpose trust, and pension trust are all fiduciary funds.

The debt service fund reports the payment of interest on the government's general long-term debt such as general long-term bonds.

Interest expense on general long-term debt should be reported in the government-wide statement of activities as a debt service fund.

Therefore, For year-end financial statement purposes, an SLG will report long-term debt such as bonds as a non-current liability on the balance sheet as a Debt service fund

Thus, the options a is correct and remaining given options are incorrect.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Current Portion of Long-Term Debt Connie's Bistro, Inc., reported the following information about its long-term debt...
Current Portion of Long-Term Debt Connie's Bistro, Inc., reported the following information about its long-term debt in the notes to a recent financial statement: Long-term debt is comprised of the following: December 31 Current Year Preceding Year Total long term-debt $377,900 $207,800 Less current portion (109,600) (102,000) Long-term debt $268,300 $105,800 a. How much of the long-term debt was disclosed as a current liability on the current year’s December 31 balance sheet? $ b. How much did the total current...
A company has $300,000 of 20-year bonds payable, which mature in the current year. How are...
A company has $300,000 of 20-year bonds payable, which mature in the current year. How are these liabilities classified on the company's balance sheet? a.$300,000 is reported as long term liability. b.$300,000 is reported as current liability. c.$150,000 is reported as current liability. d.$150,000 is reported as long term liability.
A company has $5,000,000 in long-term debt outstanding. It expects to repay the loan evenly over...
A company has $5,000,000 in long-term debt outstanding. It expects to repay the loan evenly over the next four years. Which of the following represents how it will be shown on the year-end statement of financial position? a) Accounts payable: $1,250,000, Long-term debts: $3,750,000 b) Current Portion of long-term debt: $1,250,000, Long-term debts: $3,750,000 c) Current Portion of long-term debt: $2,500,000, Long-term debts: $2,500,000 d) Long-term debt: $5,000,000
1. The financial statement that reports the revenue and expense for a period of time such...
1. The financial statement that reports the revenue and expense for a period of time such as year or month : Balance sheet Income statement Statement of cash flows 2. The financial statement that reports asset liability and equity at a specific date : Balance sheet Income statement Statement of cash flows 3. Assets are usually reported on the balance sheet at which amount? Cost Current market value Expected selling price 4. Obligation are reported on the balance sheet are...
11. Which of the following funds has an indefinite life? A)    General Fund B)    Special revenue...
11. Which of the following funds has an indefinite life? A)    General Fund B)    Special revenue C)    Capital projects D)    Debt Service 13.   With respect to financial reporting for governmental funds, which of the following statements is true? A)    A fund must be reported as a major fund if total assets, liabilities, revenues or expenses of the fund are at least 5% of the corresponding total for all governmental and enterprise funds combined. B)    GASB Statement 34 requires a balance...
Capital structure can best be described as: a) long-term debt, preferred stock, common stock, and retained...
Capital structure can best be described as: a) long-term debt, preferred stock, common stock, and retained earnings b) common stock, retained earnings, current liabilities, and long-term debt c) everything on the income statement d) everything on the left-hand side of the balance sheet
PVS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000...
PVS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000 Preferred stock 2,000,000 Common stock ($10 par) 10,000,000 Retained earnings 4,000,000 Total debt and equity $26,000,000 The bonds have a 4.0% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, so the bonds now sell below par. What is the current market value of the firm's debt? Question 5 options:...
CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000...
CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000 Preferred stock 2,000,000 Common stock ($10 par) 10,000,000 Retained earnings 4,000,000 Total debt and equity $26,000,000 The bonds have a 7.3% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, so the bonds now sell below par. What is the current market value of the firm's debt? Select the correct...
CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000...
CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000 Preferred stock 2,000,000 Common stock ($10 par) 10,000,000 Retained earnings 4,000,000 Total debt and equity $26,000,000 The bonds have a 7.5% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, so the bonds now sell below par. What is the current market value of the firm's debt? Select the correct...
CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000...
CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000 Preferred stock 2,000,000 Common stock ($10 par) 10,000,000 Retained earnings 4,000,000 Total debt and equity $26,000,000 The bonds have a 4.5% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, so the bonds now sell below par. What is the current market value of the firm's debt? Select the correct...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT