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,unrestricted?

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,unrestricted?

Quizplus · Accepted Answer

The correct amount for net assets, unrestricted, is $425,000. This is determined by analyzing the financial information provided, such as total assets, liabilities, and any restrictions on assets. Subtracting any restricted assets and liabilities from the total assets gives the amount of unrestricted net assets.

Riviera Township Reported the Following Data for Its Governmental Activities