# Question

Analysis of the accounts of Jonimatt State College for the fiscal year ended June 30, 20X7, provided the following information:

Required


1. Earnings of the endowments included the following:
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . \$ 100,000
Restricted for:
Scholarships and fellowships . . . . . . . . . . . . . . . . 45,000
Plant expansion . . . . . . . . . . . . . . . . . . . . . . . . 75,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \$ 220,000

2. Contributions received during fiscal year 20X7 were for these purposes:
a. Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . \$2,950,000
b. Scholarships and fellowships . . . . . . . . . . . . . . . . . . . 320,000
c. Specific academic programs . . . . . . . . . . . . . . . . . . . 1,800,000
d. Endowment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300,000
e. Plant expansion . . . . . . . . . . . . . . . . . . . . . . . . . 850,000
f. Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
g. Life income trust . . . . . . . . . . . . . . . . . . . . . . . . . 160,000
3. Restricted investment income was earned for:
a. Scholarships and fellowships . . . . . . . . . . . . . . . . . . \$195,000
b. Specific academic programs . . . . . . . . . . . . . . . . . . 250,000
c. Plant expansion . . . . . . . . . . . . . . . . . . . . . . . . . 78,000
d. Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
4. Restricted federal grants and contracts of \$2,230,000 received during the year were restricted for specific operating purposes. State appropriations of \$340,000 restricted to specific academic programs and \$500,000 restricted to expansion of the business building also were received (and are included in the account balances provided.)
5. Proceeds of equipment sales during the year, \$27,000, are unrestricted. The cost of the assets sold was \$140,000, and the related accumulated depreciation was \$104,000.
6. Depreciation of plant facilities for the fiscal year was \$800,000.
7. The university issued \$4,000,000 of bonds at par to finance construction of a new chemistry building, but construction had not begun at June 30, 20X7.
8. \$300,000 of long-term debt and \$340,000 of interest matured and were paid in fiscal year 20X7.
9. Total net position at the beginning of the year was \$27,000,000.

Required
Prepare a Statement of Revenues, Expenses, and Changes in Net Position for Jonimatt State College for the fiscal year ended June 30,20X7.

Sales1
Views59