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mart [117]
3 years ago
15

Which of the following financial statements are required for a Debt Service Fund? Multiple Choice Statement of revenues, expendi

tures, and changes in fund balances only. Balance sheet and statement of revenues, expenditures, and changes in fund balance only. Balance sheet; statement of revenues, expenditures, and changes in fund balance; and statement of cash flows. Statement of net position only.
Business
1 answer:
Setler79 [48]3 years ago
7 0

Answer:

Balance sheet; statement of revenues, expenditures, and changes in fund balance.

Explanation:

Under the Codification of Governmental Accounting and Financial Reporting Standards by the Governmental Accounting Standards Board (GASB); Code 200 states that debt service funds are to be used to service terms and bond reserves, guaranty, warrants, note, capital leases, or sinking funds.

Debt service funds is a cash reserve which is used to report account and pay for the interest and principal payment on financial resources that are restricted, committed or assigned to expenditure except debt of proprietary and fiduciary funds who account for their own interest and principle payments.

The purpose of using a debt service fund is to reduce the risk of a debt security for investors, thereby making it more attractive and appealing to them. Also, the debt service fund helps to mitigate the effective interest rate needed by the government to sell the offering.

The following financial statements are required for a Debt Service Fund;

I. Balance sheet.

II. Statement of revenues.

III. Expenditures.

IV. Changes in fund balance.

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Rudik [331]
A; sounds like the best option
4 0
3 years ago
Loft Industries sells roof trusses to contractors and builders and is currently looking for honest feedback on its services. How
astra-53 [7]

Answer:

The correct answer is C. Mail questionnaires.

Explanation:

Given that the company needs honest and sincere feedback regarding the quality of its products, and that its clients have so far not given the desired answers due to their education and lack of critical focus as a way to avoid hypothetical conflicts, the correct way to obtain honest and impersonal feedback regarding the quality of their products would be through mail questionnaires.

This is so because through these questionnaires, direct contact between the members of the company and its clients would be avoided, making the criticism or assessment much less personal for the client, which could be expanded without fear of possible reproach on the part of the members of Loft Industries. In this way, a space of sincere expression would be generated that would allow an objective assessment on the part of the clients.

8 0
3 years ago
Marigold Corp. reported the following year-end information: beginning work in process inventory, $90000; cost of goods manufactu
Stels [109]

Answer:

=$854,000

Explanation:

The cost of goods sold is the expense incurred by a manufacturing firm when making goods to be sold to customers. It is calculated using the formula.

Cost of goods sold = Beginning Stock plus purchases/ cost of goods manufactured minus  ending stock

Marigold Corp:

Beginning stock: $162,000

Ending stock: $174,000

cost of goods manufactured, $866000;

cost of goods sold =

$162,000 + 866,000 -$174,000

=$854,000

7 0
3 years ago
Prior to liquidating their partnership, Pepper and Reynell had capital accounts of $13,000 and $49,000, respectively. The partne
brilliants [131]

Answer:

Explanation:

Based on the information that has been given in the question, the following answer can be provided

a. Determine the amount of Pepper's deficiency.

First, we need to calculate the loss that was recognized. This will be:

= ($13,000 + $49,000) - $24,000

= $62,000 - $24,000

= $38,000

Pepper's share of the loss will then be:

= $38,000/2

= $19,000

Pepper's deficiency will now be his contribution minus the loss incurred. This will be:

= $19,000 - $13,000

= $6,000

Deficiency of $6000

b. Determine the amount distributed to Reynell, assuming Pepper is unable to satisfy the deficiency.

This will be:

= $49,000 - $19000 - $6,000

= $49,000 - $25,000

= $24,000

6 0
2 years ago
In a closed-fact problem, the main goal of tax research is to: Group of answer choices Determine several alternative courses of
Anettt [7]

In a closed-fact problem, the main goal of tax research is to: find support for an action the taxpayer has already taken.

Explanation:

When filing a tax return, many people are medically supported. Strong tax research skills are even greater because of their complexity and application in tax law. The purpose of this chapter is to provide information and advice on tax compliance analysis as well as tax planning. In addition, the technique of tax analysis is quite similar to accounting and auditing.

The aim of tax research is to increase the profit or gains of the taxpayer. The aim is not to generate the minimum tax liability potential. Customers should determine the accuracy of tax returns or try to minimize possible IRS conflicts.

This difference of perspective — to optimize after-tax gains instead of reducing taxation — is particularly important when one considers that many tax planning techniques require such pre-tax income transfers, either in the form of additional expenditures, income avoidance or both.

3 0
3 years ago
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