The following is the preclosing trial balance for Allen University as of June 30, 2023. Additional information related to net assets and the statement of cash flows is also provided.

Additional Information

Net assets released from donor restrictions totaled $426,850. The gain resulting from sale of investments was unrestricted. Thirty percent of the unrealized gain is related to net assets restricted for programs, with the remainder related to net assets without donor restrictions. Additional information is as follows:

The balance in cash and cash equivalents as of July 1, 2022, 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 increased Institutional Support Expense).

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. 

Net assets without donor restrictions were used to purchase equipment at a cost of $33,000. 

Required

a. Prepare a statement of activities for the year ended June 30, 2023.

b. Prepare a statement of financial position for June 30, 2023.

c. Prepare a statement of cash flows for the year ended June 30, 2023. 

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Cash and Cash Equivalents Investments Tuition and Fees Receivable Allowance for Doubtful Accounts Pledges Receivable Allowance for Doubtful Pledges Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities Deposits Held in Custody for Others Deferred Revenue ALLEN UNIVERSITY Preclosing Trial Balance June 30, 2023 Bonds Payable Net Assets-Without Donor Restrictions Net Assets-With Donor Restrictions Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Tuition and Fees Debits $ 516,600 3,200,000 372,400 223,000 2,196,160 426,850 Credits $ 75,600 79,000 658,720 103,000 37,500 17,570 62,150 792,000 3,353,110 1,320,600 426,850 1,290,750