Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9: 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.
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?

Question

Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9:  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.
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?

Quizplus · Accepted Answer

The Answer of Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9:  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.
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?

Riviera Township Reported the Following Data for Its Governmental Activities