The following balances come from the trial balance of Wilson State College as of the end of
Question:
The following balances come from the trial balance of Wilson State College as of the end of the 2023 fiscal year.
Required
a. Prepare a statement of revenues, expenses, and changes in net position for the year ended June 30, 2023, in good form.
b. Prepare a statement of net position as of June 30, 2023, in good form. For the period, net position restricted for capital projects increased by $3,000, and net position restricted for debt service increased by $150; all bonded debt relates to capital assets.
c. Prepare a statement of cash flows for the year ended June 30, 2023. Information on changes in assets and liabilities is as follows: Accounts Receivable (net) increased by $2,551; Due from State decreased by $14,842; Inventories increased by $23; Accounts Payable and Accrued Liabilities increased by $1,962; and Unearned Revenue decreased by $1,763.
Step by Step Answer:
Accounting For Governmental And Nonprofit Entities
ISBN: 9781260118858
19th Edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Daniel Neely