picking a state and looking into use the 2019 Comprehensive Annual Financial Reports of that state to answer questions and do calculations Assume you are a recent graduate of an College Accounting program and have been hired for a budgeting/accounting position in the Director of Administration office for the State where you were born. You are excited about this position for a variety of reasons. First, significant responsibility is associated with this position, and you will be a key individual in both the administration office and the mayor’s staff. Your specific responsibilities include working on the development of the State’s budget and financial statements, along with providing financial information to other members of the mayor’s office. Like many states in the United States, the State where you were born has some financial challenges involving both sources of revenues and expenditures associated with state operations, including costs related to public safety (police and firefighters) and the education system. It is your first week on the job and to orient you to your new position, your supervisor has given you the following assignment. In approaching this assignment, you want to do an excellent case analysis to make a favorable first impression. REQUIREMENTS Please use the 2019 Comprehensive Annual Financial Reports (CAFRs) of the state to answer the following case questions. Part I Preliminary Analysis of the State CAFR (1) Find the total assets, total liabilities, net assets, unrestricted net assets, total revenues, total expenses, and change in net assets of the state for 2019. Explain the trends. Part II : Additional Analysis of the CAFR (2) An article by Chancy, Mead and Schermann (2002) summarizes six government-wide ratios to measure fiscal distress and related financial risk factors of municipalities. One ratio provides an overall measure of financial position for the government. Two ratios provide measures of financial performance. A fourth ratio provides a measure of liquidity. Two final ratios provide measures of solvency. These ratios in comparison to the ratios measured for similar governments, combined with other useful information, provide a starting point for evaluating the overall financial condition of a governmental entity. The definitions and measurements of these ratios and factors are listed in the following table. Calculate the risk ratios for state, and answer a. What conclusions concerning the city’s financial position can be drawn from these ratios? b. What conclusions concerning the city’s liquidity can be drawn from these ratios? c. What conclusions concerning the city’s financial performance can be drawn from these ratios? d. What conclusions concerning the city’s solvency can be drawn from these ratios? Submissions: Hard copy in word format. Answers should be written in complete, grammatically correct sentences. The reports should be completed using a word processor with the following format specifications suggested: Font: Times New Roman, 11point font. Margins: one-inch all around. Line spacing: double-spaced. Paragraph: left alignment, first line half-inch indentation. Footer: Your group, Page number, assignment identification.