Western State University Had the Following Account Balances as of June

question 35

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

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Definitions:

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