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looking for some help. thank you in advance!! Provide the definition of the following terms as outlined by GASB Concepts Statement No. 4, Elements of

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Provide the definition of the following terms as outlined by GASB Concepts Statement No. 4, Elements of Financial Statements: Assets Liabilities Net position Inflows of resources Outflows of resources The following information was available for the General Fund of the Chy of Thomasville see the Year Ended December 31, 2020, (a) Revenues for the year included property taxes in the amount of $6,890,000, lines and forferts in the amount of $190000, and miscellaneous in the amount of 400,000. These amounts are expected to be fully collectible Dl Expenditures from current appropriations included general government, $4.847,000, public safety, 51884,000, culture and recreation, 51.204,000 10 In adanion to (b) above, expenditures related to prior year appropriations (encumbered last year amourned to 540.000 public safety Encutxances scued thus your but not filed amounted to $50,000 (general goverment) td A transfer was made from the General Fund to a dett service fund in the amount of $500,000 A transfer was made from an enterprise fund to the General Fund in the amount of tel A sole of park land was made during the year, which was considered intreguent but not unusual and under the commit of management. The proceech mounted to $126,000, and the land had a back of $90,000 reported in the government wide Statement of Net Position the year before. m Beginning balances included Fund Balance in the amount of $379.000 Required: Prepare a statement of Revenues, Ependmures, and Changes in Fond Balences for the General Fund for the Cry Thomnevie for the your inded December 31, 2020 The Police Department of a givenchy received an appropriation in the amount of $10,000,000 for the fiscal year ended June 30.2020. During the month ended July 21, 2020, the forowing transactions occurred: (a) purchase orders were issued in the amount of $1,800,000,( purchase orders related to in above, were filled in the amount of $1.790,000, the related trace amount was $1795,000 invoices were paid in the amount of $1750,000) salones were accrued and paid in the mount of $975,000. The balance avorable for the police departments of July 30 2020 is The General Fund of the City of Lexington approved a tax levy for the calendar year 2020 in the amount of $2,600.000 During 2020, 52.250,000 was collected During 2021,595.000 W collected during the first 30 dayi $75,000 was collected during days 31-60, and 570.000 was collected during the days 61.90 The balance is expected to be uncollectible. During the post Budit you discovered that the City showed $2,600,000 in revenues. How much revenue should the City recognize in 2020 from the tax levyt The following information was available for the General Fund of the City of Thomasville for the Year Ended December 31 2020: (a) Revenues for the year included property taxes in the amount of $6,890,000 fines and forfeits in the amount of $890,000, and miscellaneous in the amount of $400,000 These amounts are expected to be fully collectible, (6) Expenditures from current appropriations included. general government. $4.847,000 public safety. $1884.000, culture and recreation, $1,204.000 (c) In addition to (b) above, expenditures related to prior year appropriations (encumbered last year) amounted to $40,000 (public safety). Encumbrances issued this year but not filled amounted to $60,000 (general government): (d) A transfer was made from the General Fund to a debt service fund in the amount of $500,000. A transfer was made from an enterprise fund to the General Fund in the amount of $450,000. (e) A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds amounted to $126,000, and the land had a basis of $90,000 reported in the government-wide Statement of Net Position the year before (1) Beginning balances included Fund Balance in the amount of $379.000 Required: Prepare a statement of Revenues. Expenditures, and Changes in Fund Balances for the General Fund for the City of Thomasville for the Year Ended December 31, 2020 The General Fund of the City of Lexington approved a tax levy for the calendar year 2020 in the amount of $2,600,000 During 2020, $2,250,000 was collected. During 2021. $95,000 was collected during the first 30 days. $75,000 was collected during days 31-60, and $70,000 was collected during the days 61-90. The balance is expected to be uncollectible During the post-audit , you discovered that the City showed $2,600,000 in revenues. How much revenue should the City recognize in 2020 from this tax levy? The Police Department of a given city received an appropriation in the amount of $10,000,000 for the fiscal year ended June 30, 2020. During the month ended July 31, 2020, the following transactions occurred: (a) purchase orders were issued in the amount of $1,800,000; (b) purchase orders, related to (a) above, were filled in the amount of $1790,000; the related invoice amount was $1,795,000 invoices were paid in the amount of $1,750,000. (c) salaries were accrued and paid in the amount of $975,000. The balance available for the police department as of July 31, 2020 is: Provide the definition of the following terms as outlined by GASB Concepts Statement No. 4 Elements of Financial Statements: Assets Liabilities Net position Inflows of resources Outflows of resources

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