Question
Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9: Item Amount Cash and cash equivalents $ 1,000,000
Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9:
Item | Amount | |||
Cash and cash equivalents | $ | 1,000,000 | ||
Receivables | 300,000 | |||
Capital assets | 8,500,000 | |||
Accumulated depreciation | 1,200,000 | |||
Accounts payable | 400,000 | |||
Long-term liabilities | 4,000,000 | |||
Additional information available is as follows:
All of the long-term debt was used to acquire capital assets. Cash of $475,000 is restricted for debt service.
54) Based on the preceding information, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for total net assets?
A) $2,425,000
B) $4,200,000
C) $2,900,000
D) $3,625,000
Answer: B
55) Based on the preceding information, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets invested in capital assets, net of related debt?
A) $4,200,000
B) $2,900,000
C) $2,825,000
D) $3,300,000
Answer: D
56) Based on the preceding information, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets, unrestricted?
A) $425,000
B) $900,000
C) $525,000
D) $825,000
Answer: A
Please explain how to get all the bolded answers. I already posted this on chegg and someone answered me giving me different answers.I need the bolded asnwers to be explained
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