Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Review the financial information pertaining to Southern State University in problem 9-5 in your text. Prepare, in good form, a Statement of Net Assets for

Review the financial information pertaining to Southern State University in problem 9-5 in your text. Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012.

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Effective Use Of Teams For IT Audits

Authors: Martin Krist

1st Edition

0849398282, 978-0849398285

More Books

Students also viewed these Accounting questions

Question

9. Describe the characteristics of power.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago