accounting for colleges and universities

Project Description:

15-6 financial statements - private university












the following is the pre-closing trial balance for allen university as of june 30, 2014. additional information related to net assets and the statement of cash flows is also provided.



additional information:

net assets released from temporary restrictions totaled $426,850. the gain resulting from the sale of investments was unrestricted. twenty percent of the unrealized gain is related to permanantely restricted net assets and 10 percent is related to temporarily restricted net assets, with the remainder related to unrestricted net assets.

additional informatio is as follows:

the balance in cash and cash equivalents as of july 30, 2012, was $615,540.

tuition and fees receivable increased by $10,230.

pledges receivable decreased by $1,560.

allowance for doubtful accounts was increased by $770 (the bad debt was netted against tuition fees).

accounts payable decreased by $2,900.

accrued liabilities decreased by $1,120.

deferred revenue increased by $6,200.

depreciation expense was $30,070.

cash of $100,000 was used to retire bonds.

investments were sold for $1,500,000 (at a gain of $70,000) and others were purchased for $1,250,000.

unrestricted net assets were used to purchase equipment at a cost if $33,000.



a. prepare a statement of activities for the year ended june 30, 2014

b. prepare a statement of financial position for june 30, 2014



trial balance below:

cash: $516,600 (dr)

investments: $3,200,000 (dr)

tuition and fees receivable: $372,400 (dr)

allowance for doubtful accounts: $75,600 (cr)

pledges receivable: $223,000 (dr)

allowance for doubtful pledges: $79,000 (cr)

property plant & equipment: $2,196,160 (dr)

accumulated depreciation: $658,720 (cr)

accounts payable: $103,000 (cr)

accrued liabilities: $37,500 (cr)

deposits held in custody for others: $17,570 (cr)

deferred revenue: $62,150 (cr)

bonds payable: $792,000 (cr)

net assets-unrestricted: $3,353,110 (cr)

net assets-temporarily restricted: $340,600 (cr)

net assets-permanently restricted: $980,000 (cr)

net assets released from restrictions-temporarily restricted: $426,850 (dr)

net assets released from restrictions-unrestricted: $426,850 (cr)

tuition and fees: $1,290,750

tuition and fees discount and allowances: $327,000 (dr)

contributions-unrestricted: $310,200 (cr)

contributions-temporarily restricted: $177,000 (cr)

contributions-unrestricted: $150,000 (cr)

grants and contracts-temporarily restricted: $324,000 (cr)

investment income-unrestricted: $50,500 (cr)

investment income-temporarily restricted: $29,500 (cr)

other revenue: $13,250 (cr)

auxiliary enterprise sales and services: $153,560 (cr)

gain on sale of investments: $70,000 (cr)

unrealized gain on investments: $179,200 (cr)

instruction expense: $1,044,630 (dr)

research expense: $571,800 (dr)

academic support expense: $240,560 (dr)

student services expense: $193,000 (dr)

institutional support expens: $203,360 (dr)

auxiliary enterprise expenses: $158,700 (dr)

total: $9,674,060
additional information :
net assets released from temporary restrictions totaled $426,850. the gain resulting from sale of investments was unrestricted .twenty percent of unrealized gain is related to permanently restricted net assets and 10% is related to temporarily restricted net assets ,with the remainder related to unrestricted net assets .
additional information as follows :
the balance in cash and cash equivalents as of july 1,2013 was $615,540.
tutition and fees receivable increased by $10,230
pledges receivable decreased by $1,560
allowance for doubtful accounts was increased by $770 ( the bad debt was netted against tuition and fees)
account payable decreased $2,900
accrued liabilities decreased by $1,120
deferred revenue increased 6,200
depreciation expense was $30,070
cash of $100,000 was used to retire bonds
investments were sold for $1,500,000 (at a gain of $70,000) and others were purchased for $1,250,000
unrestricted net assets were used to purchase equipment at a cost of 33,000
required :
prepasre statements of activities ,financial position and cash flows for the year ended june 30,2014
Skills Required:
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Price Type: Negotiable

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