Question

Perry County University had the following account balances as of June 30, 2018. 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 310,000
Accounts receivable (net) 430,000
Capital assets, net of depreciation 6,200,000
Cash and cash equivalents 75,000
Cash and cash equivalents – restricted (noncurrent) 100,000
Deferred revenue-current 95,000
General obligation bonds payable - current portion (related to capital acquisition)390,000
General obligation bonds payable (related to capital acquisition) 1,700,000
Inventories 620,000
Investments - Endowment 3,000,000
Investments Long-term 1,700,000
Investments Short-term - unrestricted 800,000
Net position-restricted - expendable 1,200,000
Net position - restricted - nonexpendable 3,000,000
Revenue bonds payable (related to capital acquisition)2,000,000
Net position - Unrestricted ????????
Required
Prepare, in good form, a Statement of Net Position for Perry County State University as of June 30, 2018.

Answer 1

Answer and Explanation:

The Preparation a Statement of Net Position for Perry County State University as of June 30, 2018 is shown below:-

Perry County University

Statement of Net position

For the year June 30, 2018

Particulars Amount

Assets

Current assets

Cash and Cash equivalents

Short-term investment $75,000

Account receivable $430,000

Net inventories $630,000

Total current assets $1,925,000

Non current assets

Restricted Cash and cash equivalents $100,000

Long term investments $1,700,000

Endowment investment $3,000,000

Capital assets $6,200,000

Total non current assets $11,000,000

Total assets $12,925,000

Liabilities

Current liabilities

Accounts payable $310,000

Deferred revenue $95,000

General obligation bonds payable-

Current position $390,000