Question: Using the annual financial report obtained for Exercise 1-1, answer the following questions: a. Again looking at the governmental fund financial statements, are any major

Using the annual financial report obtained for Exercise 1-1, answer the following questions:

a. Again looking at the governmental fund financial statements, are any major debt service funds included? If so, list them.

b. Does your report include supplemental information including combining statements for nonmajor funds. If so, are any capital projects and debt service funds included?

c. Does your government report capital leases payable in the government-wide Statement of Net Position? If so, can you determine if new capital leases were initiated during the year? Can you trace the payments related to capital leases?

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