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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.) Stronger Ratio (1) (2) Answer is not complete. Willage of Riverside Financial Position (government-wide, governmental activities) 10 % Financial Position (General Fund) Quick Ratio (government-wide, governmental activities) 2.32 Leverage government-wide, primary government) 0.11 Debt Service Coverage (enterprise funds) 2.5 times Debt Service to Total Expenditures (governmental fund-basis) Debt per Capita (government-wide primary government) $ 488 Debt to Assessed Value of Property (government-wide, primary government) 4.68 % City of Salem City of Salem 0.05 % 15.30 % 1.29 (4 (5) City of Salem City of Salem Vilage of Riverside Vilage of Riverside Village of Riverside Village of Riverside Village of Riverside Village of Riverside times % 12.00 5.63 $ 1,345 7.21 (7) (8) % Y TEC T SIM Financial Section: Basic Financial Statements Government wide Financial Statements: Statement of Net Position ILLUSTRATION 2-5 Statement of Net Position CITY OF SALEM Statement of Net Position As of December 31, 2020 Primary Government Governmental Activities $ 8,242,998 3.312.992 1,072.963 Business-type Primary Activities Government $ 4,814,724 $13,057,722 10.350.334 1 3.663.326 30.7791 103.742 Component Units $ 84,733 Assets Cash and cash equivalents Investments Inventory Receivables (net) Taxes receivable Accounts receivable Due from other governments Restricted assets Capital assets net of accumulated depreciation) Total assets 2.872,611 722.215 2.872.611 3,379,541 2.657 326 27,085 1.328.448 3.933,126 2.295,043 1.328,448 6.228.169 65.690.373 4 8,894.402 87.175.72669,042.508 114.584,775 156,218.334 11,170.900 11,282,718 2.425,447 4.340.108 493,849 473,168 2.919.295 4,813275 2,164,521 1 342.717 3.507 238 Liabilities Accounts payable Accrued liabilities Bonds payable due within one year Bonds bete due in more than one TO Net position Notes plast 39.834,88218,858,18758.693.069 48.764,958 21,167,92169.932.829 30,752135 od 54448.0 23.690.91 3.93 125 10 TO 1995 02 85410 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.) Stronger Ratio (1) (2) Answer is not complete. Willage of Riverside Financial Position (government-wide, governmental activities) 10 % Financial Position (General Fund) Quick Ratio (government-wide, governmental activities) 2.32 Leverage government-wide, primary government) 0.11 Debt Service Coverage (enterprise funds) 2.5 times Debt Service to Total Expenditures (governmental fund-basis) Debt per Capita (government-wide primary government) $ 488 Debt to Assessed Value of Property (government-wide, primary government) 4.68 % City of Salem City of Salem 0.05 % 15.30 % 1.29 (4 (5) City of Salem City of Salem Vilage of Riverside Vilage of Riverside Village of Riverside Village of Riverside Village of Riverside Village of Riverside times % 12.00 5.63 $ 1,345 7.21 (7) (8) % Y TEC T SIM Financial Section: Basic Financial Statements Government wide Financial Statements: Statement of Net Position ILLUSTRATION 2-5 Statement of Net Position CITY OF SALEM Statement of Net Position As of December 31, 2020 Primary Government Governmental Activities $ 8,242,998 3.312.992 1,072.963 Business-type Primary Activities Government $ 4,814,724 $13,057,722 10.350.334 1 3.663.326 30.7791 103.742 Component Units $ 84,733 Assets Cash and cash equivalents Investments Inventory Receivables (net) Taxes receivable Accounts receivable Due from other governments Restricted assets Capital assets net of accumulated depreciation) Total assets 2.872,611 722.215 2.872.611 3,379,541 2.657 326 27,085 1.328.448 3.933,126 2.295,043 1.328,448 6.228.169 65.690.373 4 8,894.402 87.175.72669,042.508 114.584,775 156,218.334 11,170.900 11,282,718 2.425,447 4.340.108 493,849 473,168 2.919.295 4,813275 2,164,521 1 342.717 3.507 238 Liabilities Accounts payable Accrued liabilities Bonds payable due within one year Bonds bete due in more than one TO Net position Notes plast 39.834,88218,858,18758.693.069 48.764,958 21,167,92169.932.829 30,752135 od 54448.0 23.690.91 3.93 125 10 TO 1995 02 85410
