1 7Ke| Vit | WE QU X Illy D Q & IS C Th C Th L Th C Th L Th| | Pre * [S. C Th L IN C IN C IN L W C W b Re| Ch + X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... Week 7: Homework i Saved Help Save & Exit Submit Check my work 4 The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2019, follows. 10 SOUTH STATE UNIVERSITY points Statement of Net Position June 30, 2019 Assets Cash $ 296, 090 eBook Accounts receivable (net of doubtful accounts of $8,000) 198, 000 Investments 134,000 Print Capital assets $938, 000 Accumulated depreciation 148, 000 790, 000 References Total assets 1, 418, 000 Liabilities Accounts payable 61, 090 Accrued liabilities 24,000 Unearned revenue 17,006 Bonds payable 408, 000 Total liabilities 510,000 Net Position Net investment in capital assets 382, 000 Restricted 94, 000 Unrestricted 432,000 Total net position $ 908, 000 The following information pertains to the year ended June 30, 2020: Mc Graw tternaLbrowser=08tlaunchUrl:https%253A%252F,., Ah {3 {3 I is '5\" a: "h Week 7: Homework 0 saved Help Saves Exit Submit Check my work 4 The following information pertains to the year ended June 30, 2020: 1. South billed tuition and fees totaling $817,000 and provided $136,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. 10 3. Notication was received from the federal government that up to $28,000 in funds could be received in the current year for costs 00mm incurred in developing student performance measures. 4. During the year, the University received an unrestricted appropriation of $1,680,000 from the state. 5. Equipment for the student computer labs was purchased for cash in the amount of $297,000. 6. During the year, $454,000 in cash contributions was received from alumni. Of the amount contributed, $220,000 is to be used for construction of a new library. Print 7. Interest expense on the bonds payable in the amount of $28,000 was paid. 8. Student tuition refunds of $66,000 were made. Cash collections of tuition and fees totaled $852,000, $71000 of which applied to the semester beginning in August 2020. Investment income of $6,000 was earned and collected during the year. 9. General expenses of $2,161,000 related to the administration and operation of academic programs, and research expenses of $18,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2020, the accounts payable balance was $37,000. 10. Accrued liabilities at June 30, 2019, were paid. 11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $44,000. The Allowance for Doubtful Accounts was adjusted to $10,000. Accrued interest on investments was $600. The fair value ofinvestments at yeareend was $152,000. Of the income earned on investments, $2,800 was restricted. 12. Nominal accounts were closed and net position amounts were reclassified as necessary. eBook Refere nces Required a-l'. Preparejournal entries to record the foregoing transactions for the year ended June 30, 2020. (If no entry is required for a transactionfevent, select "No Journal Entry Required" in the rst account eld.) ' axiom, IIDlDiii guil' Aswbo _ - - - 1 7Ke| Vit | WE QU X Ill D Q & Co C Th C Th Ly Th C Th by Th | b Pre & IS. C Th L IN C IN C IN L W C W b RE * Ch + X CA https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F. A Week 7: Homework i Saved Help Save & Exit Submit Check my work 4 Journal entry worksheet Hill 78 F OLDB W 12:15 AM Mostly clear 4/18/2022 1