Western State University Had the Following Account Balances as of June
Question 86
Question 86
Essay
Western State University had the following account balances as of June 30, 2009. 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 Accounts receivable (net) Capital assets, net of depreciation Cash and cash equivalents Cash and cash equivalents - restricted (noncurrent) Deferred revenue-current General obligation bonds payable - current portion (related to capital acquisition) General obligation bonds payable (related to capital acquisition) Inventories Investments - Endowment Investments Long-term Investments Short-term -unrestricted Net assets-restricted-expendable Net assets-restricted-nonexpendable Revenue bonds payable (related to capital acquisition) Net Assts - Unrestricted 420,000400,0007,000,000115,000245,000325,000390,0002,500,000710,0004,400,0001,500,000900,0001,300,0004,400,0002,000,000????????? Required: Prepare, in good form, a Statement of Net Assets for Western State University as of June 30, 2009.
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