In its statement of net assets a government reported assets, Ask an Expert

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In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition.

The government also reported $5 million of net assets were restricted for payment of debt service. The government's unrestricted net assets would be reported as:

A. $10 million

B. $20 million

C. $25 million

D. $30 million

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9418858

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