Example Comprehensive Annual Financial Report Financial Section: Basic Financial Statements Proprietary Funds Statements: Statement of Net Position ILLUSTRATION 2-9 Proprietary Funds: Statement of Net Position CITY OF SALEM Statement of Net Position-Proprietary Funds As of December 31, 2020 Assets Current assets: Business-type Activities-Enterprise Funds Solid Waste Water Parking Governmental Activities- Internal Service Total Fund Cash and cash equivalents $ 3.801,978 $ 847,889 $164,857 $ 4,814,724 $ 81,647 4,433,039 5,917,295 Investments 10,350,334 Inventory 30,779 30,779 330,759 Receivables (net) Accounts receivable 2,307,643 342,394 7,289 2,657,326 Due from other funds 28,824 Restricted assets Total current assets 1,394,787 11,968.226 900,256 8,007,834 2,295,043 172,146 20,148,206 441,230 Noncurrent assets: Capital assets (net of accumulated depreciation) Total assets Liabilities Current liabilities: 37,975,852 4,611,754 6,306,796 48.894,402 68,603 $49.944,078 $12,619,588 $6,478,942 $69,042.608 $509.833 Accounts payable Accrued abilities Total current liabilities 317,131 437,363 174,087 754,494 25,854 199,941 2.631 9,951 12,582 493,849 62.958 473.168 3.309 967,017 66,267 Liability for landfill closure and postclosure care costs 2,063,637 2,063,637 Capital leases payable 7,091 Bonds payable 16.114,097 Total noncurrent liabilities Total liabilities 2,023,170 18.137.267 16.114,097 2,063,637 2.023,170 20,200,904 16,868,591 2.263.578 2,035,752 21.167.921 73,358 7,091 Net position Net investment in capital assets 21,861,755 Restricted Unrestricted Total net position 4.611,754 4,283,626 30,757,135 61.512 1,394,787 900.256 9818.945 4,844,000 $33.075.487 $10,356.010 2,295,043 159,564 14.822.509 374,963 $4,443.190 $47,874,667 $436.475 Presented below are the computed amounts of ratios for the Village of Riverside example appearing in the chapter. Required: a. Using the financial statements provided in Illustrations 2-5 through 2-11, compute ratios for the City of Salem. Assume the population of Salem is 52,000 and the fair value of property totals $970 million. b. For each ratio, indicate which of the two governments has a stronger financial position. (Round "Debt per Capita" answer to the nearest whole dollar and other answers to 2 decimal places.) (1) Financial Position (government-wide governmental activities) Village of Riverside 10 % City of Salem Stronger Ratio (2) Financial Position (General Fund) 11 % % (3) Quick Ratio (government-wide, govemmental activities) 232 (4) Leverage (government-wide primary government) 0.11 (5) Debt Service Coverage (enterprise funds) 2.5 times times (6) Debt Service to Total Expenditures (governmental fund-basis) 4 % % Debt per Capita (govemment-wide, primary government) $ 468 (8) Debt to Assessed Value of Property (government-wide, primary government) 4.68 % %6