Answer Happy

5. The following data comes from the 2021
financial statements of the city of Boston. Although presented in
summarized format, the balance sheet debits and credits are equal
and the operating statement information is complete.
General Fund - Balance Sheet Elements
Cash
$1,200,000
Short-term
investments
405,000
Property taxes receivable -
delinquent
282,000
Due from other
funds
58,000
Accounts payable and other accrued
liabilities
900,000
Assigned fund balance

90,000
Unassigned fund
balance
935,000
General Fund - Operating Statement Elements
Revenues, including property taxes of
$6,125,000
$8,350,000
Expenditures
(total)
7,510,000
Transfer to Debt Service
Fund
400,000
Excess of revenues and other sources over expenditures
and other
uses
440,000
Debt Service Fund - Balance Sheet Elements
Cash and cash
equivalents
230,000
Restricted fund
balance
230,000
Debt Service Fund - Operating Statement Elements
Debt service expenditures:
Principal
100,000
Interest
200,000
Operating transfer from General
Fund
400,000
Excess of revenues and other sources over
expenditures and other
uses
100,000
Required: Calculate the following ratios for
the Village of Matthews:
a. Current ratio - General Fund
b. Quick ratio - General Fund
c. Property tax receivable delinquency rate
d. Budgetary cushion for the General Fund (All assigned
fund balance is available.)
e. Debt service burden
f. Excess of revenues and other sources over
expenditures and other uses, as a percentage of revenues -
Combined, General Fund and Debt Service Fund (Hint: The transfers
out and in cancel each other. Therefore, use the revenues for the
denominator.)