Question
95.Southern State University had the following account balances as of June 30, 2015. Debits are not distinguished from credits, so assume all accounts have a
95.Southern State University had the following account balances as of June 30, 2015. Debits are not distinguished from credits, so assume all accounts have a normal balance:
Accounts receivable | $ 354,000 |
Accounts payable | 265,000 |
Cash and cash equivalents | 120,000 |
Accrued interest payable | 225,000 |
Endowment investments | 6,126,000 |
General obligation bonds payable (related to capital acquisition) | 1,350,000 |
Inventories | 333,000 |
Short-term investmentsunrestricted | 1,444,000 |
Net positionrestrictednonexpendable | 6,126,000 |
Restricted cash and cash equivalents | 92,000 |
Capital assets, net of depreciation | 7,223,000 |
Revenue bonds payable (related to capital acquisition) | 2,200,000 |
Long-term investments | 1,683,000 |
Long-term liabilitiescurrent portion (related to capital acquisition) | 200,000 |
Net positionrestrictedexpendable | 1,900,000 |
Net investment in capital assets | ? |
Net positionsunrestricted | ? |
Required:
Prepare, in good form, a Statement of Net Position for Southern State University as of June 30, 2015.
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