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 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

answer: b. false

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