Question - Miami State College had the following account balances as of June 30, 2012. 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 410,000
Accounts receivable (net) 400,000
Capital assets, net of depreciation 7,400,000
Cash and cash equivalents 120,000
Cash and cash equivalents - restricted (noncurrent) 245,000
Deferred revenue-current 340,000
General obligation bonds payable - current portion (related to capital acquisition) 390,000
General obligation bonds payable (related to capital acquisition) 2,500,000
Inventories 710,000
Investments - Endowment 4,400,000
Investments Long-term 1,500,000
Investments Short-term -unrestricted 900,000
Net assets-restricted-expendable 1,300,000
Net assets-restricted-nonexpendable 4,400,000
Revenue bonds payable (related to capital acquisition) 2,000,000
Net Assts - Unrestricted ????????
Required: Prepare, in good form, a Statement of Net Assets for Miami State College as of June 30, 2012.