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Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9: Item Amount Cash and cash equivalents $1,000,000 Receivables Capital assets 300,000 8,500,000 Accumulated depreciation 1,200,000 Accounts payable Long-term liabilities 400,000 4,000,000 Additional information available is as follows: -All of the long-term debt was used to acquire capital assets. Cash of $475,000 is restricted for debt service. Based on the preceding information, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for total net assets? A) $2,425,000 B) $4,200,000 C) $2,900,000 D) $3,625,000

Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9: Item Amount Cash and cash equivalents $1,000,000 Receivables Capital assets 300,000 8,500,000 Accumulated depreciation 1,200,000 Accounts payable Long-term liabilities 400,000 4,000,000 Additional information available is as follows: -All of the long-term debt was used to acquire capital assets. Cash of $475,000 is restricted for debt service. Based on the preceding information, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for total net assets? A) $2,425,000 B) $4,200,000 C) $2,900,000 D) $3,625,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9: Item Amount Cash and cash equivalents $1,000,000 Receivables Capital assets 300,000 8,500,000 Accumulated depreciation 1,200,000 Accounts payable Long-term liabilities 400,000 4,000,000 Additional information available is as follows: -All of the long-term debt was used to acquire capital assets. Cash of $475,000 is restricted for debt service. Based on the preceding information, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for total net assets? A) $2,425,000 B) $4,200,000 C) $2,900,000 D) $3,625,000
Transcribed Image Text:Riviera Township reported the following data for its governmental activities for the year ended June 30, 20X9: Item Amount Cash and cash equivalents $1,000,000 Receivables Capital assets 300,000 8,500,000 Accumulated depreciation 1,200,000 Accounts payable Long-term liabilities 400,000 4,000,000 Additional information available is as follows: -All of the long-term debt was used to acquire capital assets. Cash of $475,000 is restricted for debt service. Based on the preceding information, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for total net assets? A) $2,425,000 B) $4,200,000 C) $2,900,000 D) $3,625,000
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