Test Bank for Essentials of Accounting for Governmental_8

Tham khảo tài liệu 'test bank for essentials of accounting for governmental_8', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Accounting for Special-Purpose Entities Including Public Colleges and Universities 287 ILLUSTRATION 9-4 Statement of Net Assets NORTHERN STATE UNIVERSITY Statement of Net Assets June 30 2012 Assets Current assets Cash and cash equivalents 1 446 000 Short-term investments 13 716 000 Accounts receivable net 1 350 000 Interest receivable unrestricted 30 000 Inventories 1 355 000 Deposits with bond trustee 2 300 000 Total current assets 20 197 000 Noncurrent assets Restricted cash and cash equivalents 87 000 Endowment investments 12 500 000 Interest receivable restricted 200 000 Capital assets net 61 083 000 Total noncurrent assets 73 870 000 Total assets Liabilities Current liabilities 94 067 000 Accounts payable and accrued liabilities 1 481 000 Deferred revenues 850 000 Long-term liabilities current portion 1 475 000 Total current liabilities 3 806 000 Noncurrent liabilities Revenue bonds payable 23 525 000 Compensated absences payable 3 612 000 Total noncurrent liabilities 27 137 000 Total liabilities 30 943 000 Net Assets Invested in capital assets net of related debt Restricted for 36 083 000 Nonexpendable Scholarships and fellowships 9 700 000 Research Expendable 2 800 000 Scholarships and fellowships 6 860 000 Research 5 439 000 Capital projects 800 000 Debt service 2 300 000 Unrestricted 858 000 Total net assets 63 124 000 288 Chapter 9 statements for Northern State University. These statements incorporate the beginning trial balance and journal entries shown above and follow the illustrative statements in GASB Statement 35. Illustration 9-4 reports the Statement ofNet Assets for Northern State University. Northern State does not have a discretely presented component unit if it did then a column would be prepared for this and the other two statements for the component unit. As mentioned earlier many public universities have related foundations that hold resources some of which are nonexpendable endowments and some of which are expendable for restricted and .