Steiner College’s statement of financial position for the year ended June 30, 2022, is presented here. Steiner is a private college.

STEINER COLLEGE
Statement of Financial Position
June 30, 2022
(amounts in thousands)
Assets
Cash and cash equivalents				$	720
Short-term investments					7,655
Tuition and fees receivable (net of doubtful accounts of $11)					221
Pledges receivable (net of doubtful accounts of $266)					5,861
Prepaid assets					1,351
Property, plant, and equipment (net of accumulated depreciation of $104,070)					281,393
Investments (at fair value, cost of $161,500)					157,100
Total assets				$	454,301
Liabilities and Net Assets
Liabilities:
Accounts payable and accrued liabilities				$	20,970
Deposits held in custody for others					685
Deferred revenue					886
Bonds payable					98,000
Total liabilities					120,541
Net Assets:
Without donor restrictions	$	103,820
With donor restrictions		229,940
Total net assets					333,760
Total liabilities and net assets				$	454,301

The following transaction information (amounts in thousands) pertains to the year ended June 30, 2023.

1. During the year, charges for tuition and fees were $244,290, scholarships were $16,130, and tuition waivers for scholastic achievement were $4,960. After payment was received, tuition refunds of $11,020 were given. Tuition waivers of $17,110 for students serving as teaching assistants for instruction were accrued.
2. The college received cash contributions without donor restrictions of $1,940, pledges to be collected in 2024 of $554, and cash contributions to the endowments of $318. It also collected $806 of Pledges Receivable that were unrestricted.
3. Collections on Tuition and Fees Receivable totaled $222,400.
4. Net deposits returned to students totaled $14.
5. Expenses were incurred for:

Instruction	$	85,940
Academic support		23,070
Student services		37,530
Institutional support		29,310

Related to the expenses incurred: prepaid assets of $519 were used, $4,761 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,200 in net assets with donor restrictions.

6. The ending balance in Accounts Payable and Accrued Liabilities was $1,705.
7. Investment earnings received for the period were $3,800, of which $1,850 was donor restricted for scholarships.
8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $14, to record depreciation expense of $26,210 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in deferred revenue of $17, and to recognize an increase in fair value of investments of $4,510 ($620 was related to investments restricted for scholarships, $1,420 was related to the permanent endowment, and the remainder was related to net assets without donor restrictions).
9. Nominal accounts were closed.

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

STEINER COLLEGE
Statement of Activities
Year ended June 30, 2023
	Without Donor Restrictions	With Donor Restrictions	Total
Revenues and Gains:
			$0
			0
			0
			0
			0
			0
Total Revenues and Gains	0	0	0
Expenses and Losses:
Educational and General Expense:
			0
			0
			0
			0
			0
Total Expenses and Losses	0	0	0
Total Change in Net Assets	0	0	0
Net Assets, Beginning of the Year			0
Net Assets, End of the Year	$0	$0	$0

Answer rating: 100% (QA)

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