The following is the pre-closing trial balance for Horton University as of June 30, 2011. Additional information related to net assets and the Statement of Cash Flows is also provided.
Additional information
Net assets released from temporary restrictions totaled $26,850. There were no restrictions on the investment income earned. Twenty percent of the unrealized gain is related to permanently restricted net assets and 10 percent is related to temporarily restricted net assets, with the remainder related to unrestricted net assets.
The differences between the beginning and ending balances were as follows:
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 and 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 and others were purchased for $1,250,000.

Required
a. Prepare a statement of activities for the year ended June 30, 2011.
b. Prepare a Statement of Financial Position for June 30, 2011.
c. Prepare a statement of cash flows for the year ended June 30, 2011.

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HORTON UNIVERSITY Pre-Closing Trial Balance June 30, 2011 Debits Credits Cash and Cash Equivalents $1,516,600 Investments 3,200,000 Tuition and Fees Receivable 372,400 Allowance for Doubtful Accounts $ 75,600 Pledges Receivable Allowance for Doubtful Pledges 223,000 79,000 1,996,160 Property, Plant, and Equipment Accumulated Depreciation 658,720 Accounts Payable 103,000 Accrued Liabilities 37,500 Deposits Held in Custody for Others 17,570 Bonds Payable 792,000 Deferred Revenue 62,150 Liabilities Under Split-Interest Agreements 40,510 Net Assets-Unrestricted 4,051,410 Net Assets-Temporarily Restricted 200,600 Net Assets-Permanently Restricted 980,000 Net Assets Released from Restrictions-Temporarily Restricted 26,850 Net Assets Released from Restrictions-Unrestricted 26,850 Tuition and Fees 290,750 Tuition and Fees Discounts and Allowances 98,000 Contributions-Unrestricted 310,200 Contributions-Temporarily Restricted 77,000 Grants and Contracts-Unrestricted 324,000 Grants and Contracts-Temporarily Restricted 121,800 Investment Income-Unrestricted 11,500 Other Revenue 13,250 Auxiliary Enterprise Sales and Services 53,560 Unrealized Gain on Investments 280,400 Instruction Expense 629,750 Research Expense 269,600 Academic Support Expense 100,400 Student Services Expense 46,500 Institutional Support Expense 68,910 Auxiliary Enterprise Expenses 58,700 Loss on Sale of Equipment 500 Total $8,580,520 $8,580,520 HORTON UNIVERSITY Pre-Closing Trial Balance June 30, 2011 Debits Credits Cash and Cash Equivalents $1,516,600 Investments 3,200,000 Tuition and Fees Receivable 372,400 Allowance for Doubtful Accounts $ 75,600 Pledges Receivable Allowance for Doubtful Pledges 223,000 79,000 1,996,160 Property, Plant, and Equipment Accumulated Depreciation 658,720 Accounts Payable 103,000 Accrued Liabilities 37,500 Deposits Held in Custody for Others 17,570 Bonds Payable 792,000 Deferred Revenue 62,150 Liabilities Under Split-Interest Agreements 40,510 Net Assets-Unrestricted 4,051,410 Net Assets-Temporarily Restricted 200,600 Net Assets-Permanently Restricted 980,000 Net Assets Released from Restrictions-Temporarily Restricted 26,850 Net Assets Released from Restrictions-Unrestricted 26,850 Tuition and Fees 290,750 Tuition and Fees Discounts and Allowances 98,000 Contributions-Unrestricted 310,200 Contributions-Temporarily Restricted 77,000 Grants and Contracts-Unrestricted 324,000 Grants and Contracts-Temporarily Restricted 121,800 Investment Income-Unrestricted 11,500 Other Revenue 13,250 Auxiliary Enterprise Sales and Services 53,560 Unrealized Gain on Investments 280,400 Instruction Expense 629,750 Research Expense 269,600 Academic Support Expense 100,400 Student Services Expense 46,500 Institutional Support Expense 68,910 Auxiliary Enterprise Expenses 58,700 Loss on Sale of Equipment 500 Total $8,580,520 $8,580,520