Financial StatementsPrivate University. The following is the pre-closing trial balance for Horton University as of June 30,

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Financial Statements€”Private University. 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.

HORTON UNIVERSITY Pre-Closing Trial Balance June 30, 2011 Debits Credits Cash and Cash Equivalents $1,516,600 Investment

Additional information
Net assets released from temporary restrictions totaled $26,850. There were no re-strictions 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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Accounting for Governmental and Nonprofit Entities

ISBN: ?978-0073379609

15th Edition

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

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