Kindly help me with accounting questions The City of Riverdale had general obligation debt outstanding inthe amount of $95,000,000 and had available resources of$18,000,000 to pay that debt. The assessed valuation of property inthe city is $1,200,000,000. The state applies an 8 percent debt limit,based on assessed valuation. What is the debt margin to bereported in the City's statistical section of the CAFR?

Step 1: Definition of Debt MarginDebt margin is the difference between the amount of debt a…

Answered: The City of Riverdale had general…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The following information is available for the preparation of the government-wide financial statements for the City of Northren Pines fot the year ended June 30,2020: Expenses: General government $11,960,000; Public Safety $23,900.000; Public Works $11,290,000 Health and sanitation $6,010,000, Culture and recreation $4,198,000; Interest on long term debt, governmental type $721,000; Water and Sewer system $10,710,000 Parking system $409,000 Revenues: Charges for service, general governemnt $1,510,000; Charges for services, public safety $210,000; Operating grant, public safety $798,000; Charges for services health and sanitation $2,335,000; Operating grant, health and sanitation $1,210,000; Charges for service, culture and recreation $1,998,000; Charges for services, water and sewer $11,588,000; Changes for services, parking system $388,000; Property Taxes $27,112,000; Sales Taxes $20,698,000 investment earnings, business-type $325,000; Special Item - gain on sale of unused land,…
The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2020: Expenses: General government $ 12,060,000 Public safety 24,509,000 Public works 11,578,000 Health and sanitation 6,163,000 Culture and recreation 4,509,000 Interest on long-term debt, governmental type 739,000 Water and sewer system 10,977,000 Parking system 418,000 Revenues: Charges for services, general government 1,340,000 Charges for services, public safety 214,800 Operating grant, public safety 816,300 Charges for services, health and sanitation 2,409,000 Operating grant, health and sanitation 1,237,600 Charges for services, culture and recreation 2,248,100 Charges for services, water and sewer 11,852,000 Charges for services, parking system 396,700 Property taxes 27,719,800 Sales taxes…
Easterly City has $47 million of debt recorded in its schedule of changes in long-term obligations, made up of $30 million of general obligation debt, $1 million of compensated absences payable, $4 million of claims and judgments, and $12 million of obligations under capital leases. The state limits the amount of general obligation debt that can be issued by a city to 20 percent of the assessed value of its taxable property. The assessed value of property in Easterly City is $300 million. The city' s legal debt margin is A.) $ 13 million. B.) $ 20 million. C.) $ 30 million. D.) $60 million
3. The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2024: Expenses: General government $ 10,712,000 Public safety 22,500,000 Public works 11,290,000 Health and sanitation 6,010,000 Culture and recreation 4,198,000 Interest on long-term debt, governmental type 450,000 Water and sewer system 10,710,000 Parking system 412,000 Revenues: Charges for services, general government 1,206,000 Charges for services, public safety 210,000 Operating grant, public safety 800,000 Charges for services, health, and sanitation 2,580,000 Operating grant, health, and sanitation 1,210,000 Charges for services, culture, and recreation 1,998,000 Charges for services, water, and sewer 11,588,000 Charges for services, parking system 388,000 Property taxes 27,900,000 Sales taxes 17,600,000 Investment earnings, business-type 325,000 Special item—gain on…
I need the journal entry for these questions As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding. Eliminate the expenditures for bond principal. Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 × 0.03 × 6/12) = $180,000.
City has a population of 50,000. During this fiscal year, the city generated general revenues of $30 million. The primary revenue source is property tax. The taxable property value is $1,250 million. The debt outstanding and the debt service is 37 million and 2.7 million respectively. What is the debt service ratio?
The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made. a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019. b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund. c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year. d. The city transferred the required pension contribution of $2 million from the general fund to the…
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During fiscal year 2019, a municipality issued the following debt instruments: Tax anticipation notes : $2,500,000 Utility bonds : 3,000,000 General obligation bonds : 8,000,000 How much of this debt should be reported in the fund financial statement?

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