Accounting Assignment | College Homework Help

  1. Eastern State University, a public university, had the following account balances as of June 30, 2017. 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 535,000
Accounts receivable (net) 435,000
Capital assets, net of depreciation 7,410,000
Cash and cash equivalents 215,000
Cash and cash equivalents – restricted (noncurrent) 240,000
Deferred revenue-current 325,000
General obligation bonds payable – current portion (related to capital acquisition) 390,000
General obligation bonds payable (related to capital acquisition) 2,500,000
Inventories 700,000
Investments – Endowment 4,200,000
Investments Long-term 1,500,000
Investments Short-term -unrestricted 900,000
Net Position-restricted-expendable 1,300,000
Net Position-restricted-nonexpendable 4,440,000
Revenue bonds payable (related to capital acquisition) 2,900,000
Net Position ?

Required: Prepare, in good form, a Statement of Net Position for Eastern State University as of June 30, 2017.

Eastern State University
Statement of Net Position
30-Jun-17
ASSETS
Current Assets:
Cash and cash equivalents
Total current assets
Non-current assets:
Restricted Cash and Cash Equivalents
Total non-current assets
Total assets
LIABILITIES
Current Liabilities:
Accounts payable
Total current liabilities
Non-current liabilities:
Total non-current liabilities
Total liabilities
NET POSITION:
Restricted:
Unrestricted
Total net position
Total liabilities and net position

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