The fund balance sheet of Sundown State University, a public institution, is presented on the next page.

Question:

The fund of Sundown State University, a public institution, is presented on the next page. For purposes of external reporting, the university has opted to report as a special-purpose entity that engages in business type activities.
As best the data permit, recast the into one that conforms to generally accepted accounting principles.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...