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.
Definitions:
Retained Earnings
The portion of a company's profits not distributed as dividends to shareholders, but rather reinvested in the business or held as reserves.
Plant Expansion
The process of enlarging a company's physical facilities or increasing its production capacity.
Dividend Declarations
Official announcements by a company's board of directors to pay dividends to shareholders, specifying the dividend amount, record date, and payment date.
Retained Earnings
Profits that a company keeps or retains after paying out dividends to shareholders, used to reinvest in the business or pay down debt.