On the statement of net position prepared at June 30, 20X5, what amount should be reported for
Question:
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position invested in capital assets net of related debt?
a. $8,839,000
b. $7,804,000
c. $7,150,000
d. $8,189,000
The Village of Hampton reported the following data for its governmental activities for the year ended June 30, 20X5:
Transcribed Image Text:
Item Cash & cash equivalents Receivables Capital assets Accumulated depreciation Accounts payable Long-term liabilities. Amount $ 1,880,000 459,000 14, 250,000 1,750,000 650,000 5,350,000 Additional data: All of the long-term debt was used to acquire capital assets. Cash of $654,000 is restricted for debt service.
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Related Book For
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
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