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Question > Partially correct Mark 3.11 out of 6.67 Flag question Assume the following information was obtained from the comprehensive annual financial report of the city of Tampa, Florida for a recent fiscal year. All amounts are in thousands. Condensed General Fund balance sheet: Debt service expenditures Total assets Total liabilities Fund balance Cash and investments included in assets $141,353 in governmental funds $24,062 Principal $13,837 $117,291 Interest $10,364 Total $24,201 $120,616 Debt service principal maturities Components of General Fund fund balance: 2,020 $13,905 Nonspendable $302 2,021 23,180 Committed 717 2,022 24,950 Assigned 27,423 2,023 32,190 Unassigned 88,849 2,024 62,800 Total $117,291 2025-2029 133,990 Total revenues: 2030-2034 90,615 Property taxes $144,295 2035-2044 19,300 Utility charges 40,214 2045-2054 13,815 State aid 46,873 Total $414,745 Charges for services 51,678 Pension data: Other 73,882 General employees: Total Transfers in $356,942 Pension liability $740,043 Plan fiduciary net position $657,493 Recurring $33,443 Fire and Police Property taxes: Pension liability $1,923,536 Tax levy Tax collected in year of levy $149,922 $143,836 Plan fiduciary net position $1,727,529 Other information: 1. All liabilities are current. 2. Assigned funds are all for intended uses, but no formal action taken to commit. 3. Transfers in are virtually all recurring payments in lieu of taxes and franchise fees. 4. Governmental activities debt services includes notes payable of $53,845 thousand. Calculate the following ratios: Budgetary cushion 32.9 x% Debt Service Burden O 96 % of principal paid back in 5 years 0 % of principal paid back in 10 years 0 % Quick ratio 0 × Property tax collection rate 0 Pension benefit burdens: General 0 Fire and Police о x% %6 %

Question > Partially correct Mark 3.11 out of 6.67 Flag question Assume the following information was obtained from the comprehensive annual financial report of the city of Tampa, Florida for a recent fiscal year. All amounts are in thousands. Condensed General Fund balance sheet: Debt service expenditures Total assets Total liabilities Fund balance Cash and investments included in assets $141,353 in governmental funds $24,062 Principal $13,837 $117,291 Interest $10,364 Total $24,201 $120,616 Debt service principal maturities Components of General Fund fund balance: 2,020 $13,905 Nonspendable $302 2,021 23,180 Committed 717 2,022 24,950 Assigned 27,423 2,023 32,190 Unassigned 88,849 2,024 62,800 Total $117,291 2025-2029 133,990 Total revenues: 2030-2034 90,615 Property taxes $144,295 2035-2044 19,300 Utility charges 40,214 2045-2054 13,815 State aid 46,873 Total $414,745 Charges for services 51,678 Pension data: Other 73,882 General employees: Total Transfers in $356,942 Pension liability $740,043 Plan fiduciary net position $657,493 Recurring $33,443 Fire and Police Property taxes: Pension liability $1,923,536 Tax levy Tax collected in year of levy $149,922 $143,836 Plan fiduciary net position $1,727,529 Other information: 1. All liabilities are current. 2. Assigned funds are all for intended uses, but no formal action taken to commit. 3. Transfers in are virtually all recurring payments in lieu of taxes and franchise fees. 4. Governmental activities debt services includes notes payable of $53,845 thousand. Calculate the following ratios: Budgetary cushion 32.9 x% Debt Service Burden O 96 % of principal paid back in 5 years 0 % of principal paid back in 10 years 0 % Quick ratio 0 × Property tax collection rate 0 Pension benefit burdens: General 0 Fire and Police о x% %6 %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question > Partially correct Mark 3.11 out of 6.67 Flag question Assume the following information was obtained from the comprehensive annual financial report of the city of Tampa, Florida for a recent fiscal year. All amounts are in thousands. Condensed General Fund balance sheet: Debt service expenditures Total assets Total liabilities Fund balance Cash and investments included in assets $141,353 in governmental funds $24,062 Principal $13,837 $117,291 Interest $10,364 Total $24,201 $120,616 Debt service principal maturities Components of General Fund fund balance: 2,020 $13,905 Nonspendable $302 2,021 23,180 Committed 717 2,022 24,950 Assigned 27,423 2,023 32,190 Unassigned 88,849 2,024 62,800 Total $117,291 2025-2029 133,990 Total revenues: 2030-2034 90,615 Property taxes $144,295 2035-2044 19,300 Utility charges 40,214 2045-2054 13,815 State aid 46,873 Total $414,745 Charges for services 51,678 Pension data: Other 73,882 General employees: Total Transfers in $356,942 Pension liability $740,043 Plan fiduciary net position $657,493 Recurring $33,443 Fire and Police Property taxes: Pension liability $1,923,536 Tax levy Tax collected in year of levy $149,922 $143,836 Plan fiduciary net position $1,727,529 Other information: 1. All liabilities are current. 2. Assigned funds are all for intended uses, but no formal action taken to commit. 3. Transfers in are virtually all recurring payments in lieu of taxes and franchise fees. 4. Governmental activities debt services includes notes payable of $53,845 thousand. Calculate the following ratios: Budgetary cushion 32.9 x% Debt Service Burden O 96 % of principal paid back in 5 years 0 % of principal paid back in 10 years 0 % Quick ratio 0 × Property tax collection rate 0 Pension benefit burdens: General 0 Fire and Police о x% %6 %
Transcribed Image Text:Question > Partially correct Mark 3.11 out of 6.67 Flag question Assume the following information was obtained from the comprehensive annual financial report of the city of Tampa, Florida for a recent fiscal year. All amounts are in thousands. Condensed General Fund balance sheet: Debt service expenditures Total assets Total liabilities Fund balance Cash and investments included in assets $141,353 in governmental funds $24,062 Principal $13,837 $117,291 Interest $10,364 Total $24,201 $120,616 Debt service principal maturities Components of General Fund fund balance: 2,020 $13,905 Nonspendable $302 2,021 23,180 Committed 717 2,022 24,950 Assigned 27,423 2,023 32,190 Unassigned 88,849 2,024 62,800 Total $117,291 2025-2029 133,990 Total revenues: 2030-2034 90,615 Property taxes $144,295 2035-2044 19,300 Utility charges 40,214 2045-2054 13,815 State aid 46,873 Total $414,745 Charges for services 51,678 Pension data: Other 73,882 General employees: Total Transfers in $356,942 Pension liability $740,043 Plan fiduciary net position $657,493 Recurring $33,443 Fire and Police Property taxes: Pension liability $1,923,536 Tax levy Tax collected in year of levy $149,922 $143,836 Plan fiduciary net position $1,727,529 Other information: 1. All liabilities are current. 2. Assigned funds are all for intended uses, but no formal action taken to commit. 3. Transfers in are virtually all recurring payments in lieu of taxes and franchise fees. 4. Governmental activities debt services includes notes payable of $53,845 thousand. Calculate the following ratios: Budgetary cushion 32.9 x% Debt Service Burden O 96 % of principal paid back in 5 years 0 % of principal paid back in 10 years 0 % Quick ratio 0 × Property tax collection rate 0 Pension benefit burdens: General 0 Fire and Police о x% %6 %
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