Question
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.
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