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1. The debt limit for general obligation debt for Oak City is 1 percent of the assessed property valuation for the city. Using the following information, calculate the city’s debt margin. Assessed property valuation $10,836,621,000 Approved but unissued tax-supported debt 10,000,000 Revenue bonds issued 32,000,000 General obligation serial bonds issued 43,000,000 Capital leases outstanding 5,230,000

1. The debt limit for general obligation debt for Oak City is 1 percent of the assessed property valuation for the city. Using the following information, calculate the city’s debt margin. Assessed property valuation $10,836,621,000 Approved but unissued tax-supported debt 10,000,000 Revenue bonds issued 32,000,000 General obligation serial bonds issued 43,000,000 Capital leases outstanding 5,230,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. The debt limit for general obligation debt for Oak City is 1 percent of the assessed property valuation for the city. Using the following information, calculate the city’s debt margin. Assessed property valuation $10,836,621,000 Approved but unissued tax-supported debt 10,000,000 Revenue bonds issued 32,000,000 General obligation serial bonds issued 43,000,000 Capital leases outstanding 5,230,000
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