The debt limit for general obligation debt for Milos City is 1 percent of the assessed property

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The debt limit for general obligation debt for Milos 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 $10,863,511,000

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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Accounting for Governmental and Nonprofit Entities

ISBN: ?978-0073379609

15th Edition

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

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Question Posted: Dec 03, 2011 10:17 AM

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The debt limit for general obligation debt for Milos City is 1 percent of the assessed property

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The debt margin for Milos City is Debt limit 10863511000 X 001 ...View the full answer

Accounting for Governmental and Nonprofit Entities

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