The government-wide financial data for the City of ABC for the year ended 31-12- 2017 are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The government-wide financial data for the City of ABC for the year ended 31-12- 2017 are as follows (Numbers in millions): Operating revenues Grants Operating expenditures General Fund balances Cash Short-term investments Salaries Payable Unearned Revenue Debt (Due in 5 years) Account Payable Personal income Interest expense Tax Payable Population $20,000 $2,000 $16,000 $3,000 $400 $200 $150 $50 $15,000 $150 $60,000 $2,400 $50 40 Required: Calculate the financial performance ratios of ABC city for the year 2017; mention the effect of each ratio on the financial performance; and comment on each ratio. The government-wide financial data for the City of ABC for the year ended 31-12- 2017 are as follows (Numbers in millions): Operating revenues Grants Operating expenditures General Fund balances Cash Short-term investments Salaries Payable Unearned Revenue Debt (Due in 5 years) Account Payable Personal income Interest expense Tax Payable Population $20,000 $2,000 $16,000 $3,000 $400 $200 $150 $50 $15,000 $150 $60,000 $2,400 $50 40 Required: Calculate the financial performance ratios of ABC city for the year 2017; mention the effect of each ratio on the financial performance; and comment on each ratio.
Expert Answer:
Answer rating: 100% (QA)
To calculate the financial performance ratios of the City of ABC for the year 2017 we need to use the information provided in the governmentwide finan... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Posted Date:
Students also viewed these general management questions
-
Selected financial data for Surf City and Paradise Falls are as follows: Calculate and Required: 1. Calculate the debt to equity ratio for Surf City and Paradise Falls for the most recent year. Which...
-
Selected financial data for Surf City and Paradise Falls are as follows: Required: 1. Calculate the debt to equity ratio for Surf City and Paradise Falls for the most recent year. Which company has...
-
Selected financial data for Surf City and Paradise Falls are as follows: Required: 1. Calculate the debt to equity ratio for Surf City and Paradise Falls for the most recent year. Which company has...
-
Prepare journal entries for each of the following transactions: 1. Purchase equipment in exchange for cash of $22,400. 2. Provide services to customers and receive cash of $5,100. 3. Pay the current...
-
Questions for those who argue that the First Amendment does not protect flag burning:
-
A mixture of four -[32P]-labeled ribonucleoside triphosphates was added to permeabilized bacterial cells undergoing DNA replication in the presence of an RNA polymerase inhibitor, and incorporation...
-
A survey of U.S. registered voters found that 71% have a favorable opinion of police. You randomly select 150 U.S. registered voters. Find the probability that the number who have a favorable opinion...
-
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold . . . . . . . . . . . . . . . . . . . . . . . . 20,000 Selling price per unit . . . . . . . . . ....
-
Calculate the 95% prediction intervals for the four different investments included in the following table. Average Retum Standard Deviation of returns Small Stocks 18.11% 38.84% S&P 500 11.52%...
-
The plots below show sampling distributions of p-values for different values of power. Match the distribution to the power. Please note that for this problem, you must pick values of power for all...
-
By using both array and function, write a program in C++ to find the sum of first 10 natural numbers.
-
Moffett Industries is considering new equipment. The equipment can be purchased from an overseas supplier for $3,100. The freight and installation costs for the equipment are $660. If purchased,...
-
The client is advised to drink 1 liter of water every 6 hours. If the client is using a glass that holds 100 mL of water, how many glasses of water does the client need to drink every 6 hours?
-
On the first day of the fiscal year, a company issues a $3,700,000, 9%, 8-year bond that pays semiannual interest of $166,500 ($3,700,000 9% x %), receiving cash of $4,397,140. Using straight-line...
-
Can feminist theories provide insights into the construction and deconstruction of gender-based social roles, challenging traditional notions of gender norms and expectations ?
-
Write Java code to repeatedly print each single character between a and i you would get a triangle of the shape below where a prints once, b twice... and i prints 9 times. Do not write the entire...
-
A bank becomes insolvent when: a. currency and liquid assets are less than deposits. b. shareholder equity is less than total assets. c. None of the other answers is correct. d. a bank's exchange...
-
Place a tick in the appropriate grid to identify the balance that would be brought down in each of the following named accounts, in the books of Rizwy Mohamed: (a) In the Cash account: if Rizwy...
-
Identify and briefly describe the three broad categories of service activities that most general purpose governments perform.
-
The City and County of Denver allocates its governmental fund balances among the classifications specified by GASB standards. Go to Denvers website and locate its CAFR report for the 2016 fiscal...
-
Concept Statement Four (accessible at www.FASB.org) discusses the concepts of stewardship and performance. Given that providing decision-useful information is the primary purpose of not-for-profit...
-
List the things that should not be done in a fraud investigation.
-
What is the most common response to the discovery of fraud by an organization? How often does an organization report a fraud to a law enforcement agency?
-
Which risk factor should be considered an incentive or pressure per SAS No. 99 ? a. Significant related party transactions. b. Unstable organizational structure. c. High turnover of senior...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App