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 net assets invested in capital assets,net of related debt?

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 net assets invested in capital assets,net of related debt?

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 net assets invested in capital assets,net of related debt?

Riviera Township Reported the Following Data for Its Governmental Activities