Arlington Has a Debt Service Fund That It Uses to Pay

question 7

Multiple Choice

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.

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