Reference no: EM13141359
Southern State University had the following account balances as of June 30,2012. Debits are not distinguished from credits, so assume all accounts have a "normal" balance:
Accounts Receivable - $325,000
Accounts Payable - $265,000
Cash & Cash Equivalents - $154,000
Deferred Revenue-current - $220,000
Endowment Investments - $6,123,000
General obligation bons payable (related to capital acquisition) - $1,250,000
Inventories - $333,000
Short-term investments-unrestricted - $1,444,000
Net assets-restricted-nonexpendable - $6,123,000
Restricted Cash & Cash equivalents - $92,000
Capital assets, net of depreciation - $7,226,000
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 assets-restricted-expendable - $1,775,000
Net assets-invested in capital assets, net of related debt - ?
Net assets-unrestricted - ?
Required:
Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30,2012.
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