Southern State University had the following account balances as of June 30, 2012. Debits are not…

 
   

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Southern State University had the following account balances as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts have a “normal” balance:Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 325,000Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265,000Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,000Deferred revenue—current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000Endowment investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,123,000General obligation bonds payable (related to capital acquisition) . . . . . 1,250,000Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333,000Short-term investments—unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . 1,444,000Net assets—restricted—nonexpendable . . . . . . . . . . . . . . . . . . . . . . . . . 6,123,000Restricted cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,000Capital assets, net of depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,226,000Revenue bonds payable (related to capital acquisition) . . . . . . . . . . . . 2,200,000Long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,683,000Long-term liabilities—current portion (related to capital acquisition) . 200,000Net assets—restricted—expendable . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,775,000Net assets—invested in capital assets, net of related debt . . . . . . . . . . . ?Net assets—unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Required:Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012.View Solution:
Southern State University had the following account balances as