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Western State University Had the Following Account Balances as of June

Question 86

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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 420,000 Accounts receivable (net) 400,000 Capital assets, net of depreciation 7,000,000 Cash and cash equivalents 115,000 Cash and cash equivalents - restricted (noncurrent) 245,000 Deferred revenue-current 325,000 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 ?????????\begin{array} { | l | r | } \hline \text { Accounts payable } & 420,000 \\\hline \text { Accounts receivable (net) } & 400,000 \\\hline \text { Capital assets, net of depreciation } & 7,000,000 \\\hline \text { Cash and cash equivalents } & 115,000 \\\hline \text { Cash and cash equivalents - restricted (noncurrent) } & 245,000 \\\hline \text { Deferred revenue-current } & 325,000 \\\hline \text { General obligation bonds payable - current portion (related to } & \\\hline \text { capital acquisition) } & 390,000 \\\hline \text { General obligation bonds payable (related to capital acquisition) } & 2,500,000 \\\hline \text { Inventories } & 710,000 \\\hline \text { Investments - Endowment } & 4,400,000 \\\hline \text { Investments Long-term } & 1,500,000 \\\hline \text { Investments Short-term -unrestricted } & 900,000 \\\hline \text { Net assets-restricted-expendable } & 1,300,000 \\\hline \text { Net assets-restricted-nonexpendable } & 4,400,000 \\\hline \text { Revenue bonds payable (related to capital acquisition) } & 2,000,000 \\\hline \text { Net Assts - Unrestricted } & ? ? ? ? ? ? ? ? ? \\\hline\end{array} Required: Prepare, in good form, a Statement of Net Assets for Western State University as of June 30, 2009.

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