Question
information is from the county's financial statements for the fiscal year ending December 31, 2017, for the primary government (in thousands of dollars): Total assets
information is from the county's financial statements for the fiscal year ending December 31, 2017, for the primary government (in thousands of dollars):
Total assets | $5,519,445 |
Capital assets, net | 3,579,073 |
Total deferred outflows | 9,622 |
Total liabilities | 2,078,490 |
Long-term liabilities | 1,536,126 |
Outstanding bonds and notes | 1,256,754 |
Total deferred inflows of resources | 17,334 |
Net position: | |
Net investment in capital assets | 2,671,433 |
Restricted | 541,865 |
Unrestricted | 219,945 |
Total net position | 3,433,243 |
Total expenses | 3,516,728 |
Interest expenses leases | 38,574 |
Total revenues | 3,598,824 |
Lease expenditures | 115,892 |
Other relevant information includes (in thousands of dollars):
Present value of all future lease payments in effect as of 12-31-17 | $317,645 |
Taxable assessed value of property | 44,514,992 |
State law limits the amount of outstanding debt (including capital leases) that a county may have to 5% of taxable assessed value of property.
Determine what amounts in the countys financial statements would change if the proposed standards had been in effect as of 12-31-17, and what the new amounts would be. Be sure to show your relevant work.
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