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Based on the data from the general fund presented below, assess (as best you can) the...

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Accounting

Based on the data from the general fund presented below, assess(as best you can) the financial/fiscal condition of Karla city. Asmuch as possible, justify your answer with quantitative data.

Population (increasing slowly)86
Appraised value of taxable property$120,000
Total general fund revenues$ 25,000
General fund property tax revenue$ 11,000
Intergovernmental revenues$ 4,000
Miscellaneous revenues$ 8,000
Total general fund expenditures
(including debt service)$ 20,000
Current expenditures$ 21,300
Capital outlay$ 1,600
Debt service expenditures$ 100
Operating transfer-in$ 600
Operating transfer-out$ (4,600)
Unassigned fund balance$ 13,000
Cash and investments$ 15,000
Current liabilities$ 1,400

Answer & Explanation Solved by verified expert
3.9 Ratings (405 Votes)
As it can be seen the appraised value of taxable property is 120000 and the property tax revenue earned 11000 is relatively lower The Action can be taken by property tax revnue department for collecting    See Answer
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Transcribed Image Text

Based on the data from the general fund presented below, assess(as best you can) the financial/fiscal condition of Karla city. Asmuch as possible, justify your answer with quantitative data.Population (increasing slowly)86Appraised value of taxable property$120,000Total general fund revenues$ 25,000General fund property tax revenue$ 11,000Intergovernmental revenues$ 4,000Miscellaneous revenues$ 8,000Total general fund expenditures(including debt service)$ 20,000Current expenditures$ 21,300Capital outlay$ 1,600Debt service expenditures$ 100Operating transfer-in$ 600Operating transfer-out$ (4,600)Unassigned fund balance$ 13,000Cash and investments$ 15,000Current liabilities$ 1,400

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