Reference no: EM131804734

Question - Miami State College had the following account balances as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts have a "normal" balance (i.e. cash is a debit and accounts payable a credit)

Accounts payable 410,000

Accounts receivable (net) 400,000

Capital assets, net of depreciation 7,400,000

Cash and cash equivalents 120,000

Cash and cash equivalents - restricted (noncurrent) 245,000

Deferred revenue-current 340,000

General obligation bonds payable - current portion (related to capital acquisition) 390,000

General obligation bonds payable (related to capital acquisition) 2,500,000

Inventories 710,000

Investments - Endowment 4,400,000

Investments Long-term 1,500,000

Investments Short-term -unrestricted 900,000

Net assets-restricted-expendable 1,300,000

Net assets-restricted-nonexpendable 4,400,000

Revenue bonds payable (related to capital acquisition) 2,000,000

Net Assts - Unrestricted ????????

Required: Prepare, in good form, a Statement of Net Assets for Miami State College as of June 30, 2012.