The following balances come from the trial balance of Wilson State College as of the end...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following balances come from the trial balance of Wilson State College as of the end of the 2017 fiscal year. Cash and Cash Equivalents Investments Accounts Receivable Allowance for Uncollectible Receivables Due from State WILSON STATE COLLEGE Pre-closing Trial Balance June 30, 2017 (000s omitted) Inventories Cash and Cash Equivalents-Restricted Investments-Restricted Depreciable Capital Assets Accumulated Depreciation Nondepreciable Assets Accounts Payable Accrued Liabilities Unearned Revenue Compensated Absences-Current Portion Bonds Payable Compensated Absences Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service-Expendable Net Position-Restricted for Capital Projects-Expendable Net Position-Restricted for Endowment-Nonexpendable Net Position-Unrestricted Tuition and Fees Tuition and Fees Discount and Allowances Grants and Contracts Revenue Auxiliary Enterprise Sales Investment Income State Appropriations Capital Appropriations Institutional Support Expenses Academic Support Expenses Scholarships and Fellowships Expense Depreciation Expense Interest Expense Auxiliary Enterprise Expenses Totals $ Debits 3,278 29,387 1,957 79,626 869 6,716 71,883 184,620 89,481 7,565 26,268 58,940 7,664 5,580 378 12.197 Credits $ 137 28,850 2,306 2,039 13.789 1,538 92,116 37,662 158,715 1,157 49,272 39,959 36,559 30,095 18,196 14,595 1,745 44,894 12,785 $586,409 $586,409 Information on Cash and Cash Equivalents Activity Beginning Cash Balance Received Tuition and Fees (net) Received Grants and Contracts Received from Auxiliary Enterprises Payments to Employees Payments to Vendors Payments to Students for Scholarships and Fellowships Received State Appropriations Received Capital Appropriations Purchase of Capital Assets Interest Paid on Debt Interest Income $ 8,067 23,609 12.940 13,765 58,220 21,711 7,664 39,894 20,540 20,634 2,095 1,503 c. Prepare a statement of cash flows for the year ended June 30, 2017. 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. (Enter your answers in thousands. Negative amounts should be indicated by a minus sign.) Answer is complete but not entirely correct. WILSON STATE COLLEGE Statement of Cash Flows For the Year Ended June 30, 2017 (000s omitted) Cash Flows from Operating Activities: Cash Received for Tuition and Fees (Net) Grants and Contracts Cash Received from Auxiliary Enterprises Payments to Employees Payments to Vendors Payments for Scholarships and Fellowships Net Cash Used in Operating Activities Cash Flows from Noncapital Financing Activities State Appropriations Cash Flows from Capital and Related Financing Activities Capital Appropriations Purchases of Capital Assets Interest Paid on Capital Debt Net Cash Used in Capital and Related Financing Activities Cash Flows from Investing Activities Investment Income Net Increase in Cash Cash and Cash Equivalents, Beginning of the Year Cash and Cash Equivalents, End of the Year $ $ 23,609 12,940 13,765 (58,220) (21,711) (7,664) (37,281) 39,894 20,540 (20,634) (2,095) (2,189) 1,503 1,927 1,351 3,278 The following balances come from the trial balance of Wilson State College as of the end of the 2017 fiscal year. Cash and Cash Equivalents Investments Accounts Receivable Allowance for Uncollectible Receivables Due from State WILSON STATE COLLEGE Pre-closing Trial Balance June 30, 2017 (000s omitted) Inventories Cash and Cash Equivalents-Restricted Investments-Restricted Depreciable Capital Assets Accumulated Depreciation Nondepreciable Assets Accounts Payable Accrued Liabilities Unearned Revenue Compensated Absences-Current Portion Bonds Payable Compensated Absences Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service-Expendable Net Position-Restricted for Capital Projects-Expendable Net Position-Restricted for Endowment-Nonexpendable Net Position-Unrestricted Tuition and Fees Tuition and Fees Discount and Allowances Grants and Contracts Revenue Auxiliary Enterprise Sales Investment Income State Appropriations Capital Appropriations Institutional Support Expenses Academic Support Expenses Scholarships and Fellowships Expense Depreciation Expense Interest Expense Auxiliary Enterprise Expenses Totals $ Debits 3,278 29,387 1,957 79,626 869 6,716 71,883 184,620 89,481 7,565 26,268 58,940 7,664 5,580 378 12.197 Credits $ 137 28,850 2,306 2,039 13.789 1,538 92,116 37,662 158,715 1,157 49,272 39,959 36,559 30,095 18,196 14,595 1,745 44,894 12,785 $586,409 $586,409 Information on Cash and Cash Equivalents Activity Beginning Cash Balance Received Tuition and Fees (net) Received Grants and Contracts Received from Auxiliary Enterprises Payments to Employees Payments to Vendors Payments to Students for Scholarships and Fellowships Received State Appropriations Received Capital Appropriations Purchase of Capital Assets Interest Paid on Debt Interest Income $ 8,067 23,609 12.940 13,765 58,220 21,711 7,664 39,894 20,540 20,634 2,095 1,503 c. Prepare a statement of cash flows for the year ended June 30, 2017. 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. (Enter your answers in thousands. Negative amounts should be indicated by a minus sign.) Answer is complete but not entirely correct. WILSON STATE COLLEGE Statement of Cash Flows For the Year Ended June 30, 2017 (000s omitted) Cash Flows from Operating Activities: Cash Received for Tuition and Fees (Net) Grants and Contracts Cash Received from Auxiliary Enterprises Payments to Employees Payments to Vendors Payments for Scholarships and Fellowships Net Cash Used in Operating Activities Cash Flows from Noncapital Financing Activities State Appropriations Cash Flows from Capital and Related Financing Activities Capital Appropriations Purchases of Capital Assets Interest Paid on Capital Debt Net Cash Used in Capital and Related Financing Activities Cash Flows from Investing Activities Investment Income Net Increase in Cash Cash and Cash Equivalents, Beginning of the Year Cash and Cash Equivalents, End of the Year $ $ 23,609 12,940 13,765 (58,220) (21,711) (7,664) (37,281) 39,894 20,540 (20,634) (2,095) (2,189) 1,503 1,927 1,351 3,278
Expert Answer:
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Posted Date:
Students also viewed these accounting questions
-
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...
-
The following balances come from the trial balance of Wilson State College as of the end of the 2020 fiscal year. Required a. Prepare a statement of revenues, expenses, and changes in net position...
-
In figure, one end of a uniform beam weighing 20 x V3N is attached to a wall with a hinge. The other end is supported by a wire connected to the wall as shown. If the tension in the wire is a x 10N,...
-
What effect did the Industrial Revolution have on the gendering of jobs? (Explore the tensions between the need for cheap labor in the factories and the implications of so many women working in the...
-
Madison Manufacturing is considering a new machine that costs $350,000 and would reduce pre-tax manufacturing costs by $110,000 annually. Madison would use the 3-year MACRS method to depreciate the...
-
You paid \($500\) for supplies and purchased additional supplies on account for \($700\). Later you paid \($400\) of the accounts payable. What is the balance in your Supplies account? a. $1,200 b....
-
McDonalds Corp.s Happy Meal meal selection consists of an entre, a small order of French fries, a small drink, and a toy. In the early 1990s, McDonalds began to aim its Happy Meal marketing at...
-
3. (04.05 HC) f'(x)= cos(- +x), Let f(x) be defined such that f(1) = 2 and where 0 < x < 3. Part A: Find the tangent line approximation for f(1.1). (25 points) Part B: If f(1.1) has an actual value...
-
BookWeb, Inc., sells books and software over the Internet. A recent article in a trade journal has caught the attention of management because the company has experienced soaring inventory handling...
-
To begin, you'll need to create a PPE Leadsheet that shows all of the GL account balances for GL accounts that roll up into PPE on the Balance Sheet (use the template I've provided to begin)....
-
4. Consider the following educational production function Q = P0.50.5 where P is the average quality of one's peers (i.e., the other students in the same classroom) and A is one's own ability. Assume...
-
ABC Inc. has a debt/equity ratio of 1.2. The firm has a cost of equity of 12% and a cost of debt of 8%. What will be the cost of equity if the target debt/equity ratio increases to 2.0 and the cost...
-
You decide to invest in a portfolio consisting of 40 percent Stock A, 30 percent Stock B, and the remainder in Stock C. Based on the following information, what is the expected return of your...
-
Project A has the following cash flows: CFO = $2,000,000 CF1 = $700,000 CF2 = $700,000 CF3= $700,000 Evaluate this project's NPV if the required return for similar projects is 0.08. Using this...
-
Lab 2: Problem Solving Concepts Diploma in Programming and Computer Science 1. Answer to the following questions: N Question 1 An algorithm is a set of instructions designed to perform a specific...
-
why did the french decide to create colonies in North America? what was "dependency" In new France, and how did it affect the native Americans' lives? how did french missionaries change native...
-
Refer to the data in QS 10-1. Based on financial considerations alone, should Helix accept this order at the special price? Explain.
-
Utilizing the CAFR obtained for Exercise 117, in Chapter 1, review the governmental fund financial statements and related data and government-wide financial statements. Note particularly these items:...
-
Go to the Internet websites of any five of the charitable organizations listed in Illustration 138 and search for financial information and performance measures they may disclose on their websites....
-
You are the finance director of White Rock City. Your current auditor informs you that he is retiring and selling his auditing practice. When you seek his advice regarding the hiring of the...
-
On April 1, Caesar Salad Dressings creates a petty cash fund with an imprest balance of \(\$ 400\). During April, Elise Nelson, the fund custodian, signs the following petty cash tickets: On April...
-
Pendley Productions makes all sales on credit. Cash receipts arrive by mail. Larry Padgitt in the mailroom opens envelopes and separates the checks from the accompanying remittance advices. Padgitt...
-
Suppose that on June 1, Cool Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of \(\$ 300\). During June, Carol McColgin, fund custodian, signs the following petty...
Study smarter with the SolutionInn App