Reference no: EM131789175
So I'm working on an assignment for my ACC 380 course and I'm not sure how to do a portion of the problem.
The question in the textbook states: "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 Investments--Unrestricted $1,444,000
Net Position--Restricted--Nonexpendable $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 Liabilities--Current Portion (Related to Capital Acquisition) $200,000
Net Position--Restricted--Expendable $1,900,000
Net Investment in Capital Assets $?
Net Positions--Unrestricted $?
Required: Prepare, in good form, a Statement of Net Position for Southern State University as of June 30, 2015."
I have completed almost the entire problem, however I am stuck on figuring out the Net Positions--Unrestricted part, then from there I can calculate the Total Net Assets.