Arlington has a debt service fund that it uses to pay the principal and interest on its $2,000,000 of general long-term debt.Interest at 5 percent is due on October 1 and April 1.On October 1,20X8,and April 1,20X9,Arlington's debt service fund paid $50,000 of interest due on its bonds.On the balance sheet prepared on June 30,20X9,for Arlington's debt service fund,interest payable should be reported at:
A) $0.
B) $16,667.
C) $25,000.
D) $50,000.
Correct Answer:
Verified
Q34: GASB 34 specifies two criteria for determining
Q35: During the fiscal year ended June 30,20X3,an
Q36: Required financial statements of funds may include
Q37: Which of the following statement is true
Q38: A debt service fund for the City
Q40: During the fiscal year ended June 30,20X9,an
Q41: Riviera Township reported the following data for
Q42: Riviera Township reported the following data for
Q43: The general fund of Reston acquired computer
Q44: The following information pertains to Auburn's water
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents