non profit accounting

Project Description:

southern 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:




accounts receivable


$ 325,000




accounts payable


265,000




net assets—invested in capital assets, net of related debt


?




cash and cash equivalents


154,000




deferred revenue—current


220,000




endowment investments


6,123,000




general obligation bonds payable (related to capital acquisition)


1,250,000




inventories


333,000




short-term investments—unrestricted


1,444,000




net assets—restricted—nonexpendable


6,123,000




restricted cash and cash equivalents


92,000




capital assets, net of depreciation


7,226,000




revenue bonds payable (related to capital acquisition)


2,500,000




long-term investments


1,683,000




long-term liabilities—current portion (related to capital acquisition)


200,000




net assets—restricted—expendable


1,775,000




net assets—unrestricted


?

required:prepare, in good form, a statement of net assets for southern state university as of june 30, 2009.
9-6.western state university had the following account balances for the year ended and as of june 30, 2009. debits are not distinguished from credits, so assume all accounts have a “normal” balance.




student tuition and fee revenue


$ 9,345,000




scholarship tuition and fee contra revenue


1,220,000




scholarships and fellowships expense


988,000




state appropriation for operations


10,000,000




auxiliary enterprise revenue


9,321,000




salaries—faculty


8,312,000




capital appropriations


2,100,000




depreciation expense


3,276,000




salaries—exempt staff


5,432,000




capital grants and gifts


1,110,000




benefits


3,582,000




federal grants and contracts revenue


1,221,000




nonexempt wages


4,729,000




state and local grants and contracts revenue


898,000




gifts


1,345,000




additions to permanent endowments


900,000




investment income


873,000




other operating expenses


2,982,000




interest on capital-related debt


1,984,000




net assets, beginning of year


5,217,000
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