ACC380_Week4_Assignment

ACC380_Week4_Assignment - Debits 1 Revenues-Property Taxes...

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Debits Credits 1 Revenues-Property Taxes 89,000 Net Assets 89,000 2 Deferred Revenues-Property Taxes 100,000 Revenues-Property Taxes 100,000 3 Public Safety Expense 250,000 Compensated Absences Payable 250,000 4 Public Safety expense 22,000 Net Pension obligation 22,000 5 Transfers In 1,100,000 Transfers Out 1,100,000
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Southern State University Statement of Net Assets As of June 30, 2012 Assets: Current Assets:  Cash and Cash Equivalents $154,000  Short-Term Investments 1,444,000  Accounts Receivable, Net 325,000  Inventories 333,000           Total Current Assets 2,256,000 Noncurrent Assets:  Restricted Cash and Cash Equivalents 92,000  Long-Term Investments 1,683,000  Endowment Investments 6,123,000  Capital Assets, Net of Depreciation 7,226,000           Total Noncurrent Assets 15,124,000                      Total Assets $17,380,000 Liabilities: Current Liabilities:  Accounts Payable 265,000  Deferred Revenue
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ACC380_Week4_Assignment - Debits 1 Revenues-Property Taxes...

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