Using the annual financial report obtained for Exercise 1-1, answer the following questions:
a.Report the following ratios, using the text material for the Village of Elizabeth as a guide:
(1) Net debt per capita.
(2) Net debt to fair value of property.
(3) Net debt to assets.
(4) Debt service to total expenditures—General and debt service funds.
(5) Net assets/expenses.
(6) Unrestricted net assets/expenses.
(7) Unreserved fund balance/revenues—General Fund.
(8) Governmental revenues per capita.
(9) Interest coverage—revenue bonds.
(10) Operating ratio—enterprise funds.
b.Write a memorandum, based on the ratios you calculated in part (a) of this problem, giving a recommendation as to whether to purchase (1) general obligation or (2) revenue bonds of your governmental unit.
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