The following is the preclosing trial balance for Allen University as of June 30, 2023. Additional...

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The following is the preclosing trial balance for Allen University as of June 30, 2023. Additional information related to net assets and the statement of cash flows is also provided. ALLEN UNIVERSITY Preclosing Trial Balance June 30, 2023 Debits Credits Cash and Cash Equivalents Investments Tuition and Fees Receivable Allowance for Doubtful Accounts Pledges Receivable Allowance for Doubtful Pledges Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities Deposits Held in Custody for Others: Deferred Revenue Bonds Payable $ 517,910 3,209,000 373,300 $ 75,780 223,540 79,180 2,201,170 660,220 103,240 38,940 18,230 64,490 821,000 Net Assets-Without Donor Restrictions 3,281,840 Net Assets-With Donor Restrictions 1,368,000 Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Tuition and Fees 442,000 442,000 1,291,920 Tuition and Fees Discount and Allowances Contributions-Without Donor Restrictions. Contributions-With Donor Restrictions 327,300 Grants and Contracts-With Donor Restrictions Investment Income-Without Donor Restrictions Investment Income-With Donor Restrictions Other Revenue Auxiliary Enterprise Sales and Services) Gain on Sale of Investments. Unrealized Gain on Investments Instruction Expense Research Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expenses 1,064,830 603,600 264,660 223,600 244,360 192,800 311,480 329,300 325,310 51,580 30,200 13,400 155,300 70,700 355,960 Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expensest Total 264,660 223,600 244,360 192,800 $9,888,070 $9,888,070 Additional Information Net assets released from donor restrictions totaled $442,000. The gain resulting from sale of investments was unrestricted. Thirty percent of the unrealized gain is related to net assets restricted for programs, with the remainder related to net assets without donor restrictions. Additional information is as follows: The balance in cash and cash equivalents as of July 1, 2022, was $761,250. Tuition and Fees Receivable increased by $11,420. Pledges Receivable decreased by $1,750. Allowance for Doubtful Accounts was increased by $860 (the bad debt increased Institutional Support Expense). Accounts Payable decreased by $3,260. Accrued Liabilities decreased by $1,270. Deferred Revenue increased by $7,040. Depreciation Expense was $34,120. Cash of $121,000 was used to retire bonds. Investments were sold for $1,815,000 (at a gain of $70,700) and others were purchased for $1,512,500. Net assets without donor restrictions were used to purchase equipment at a cost of $40,000 Required c. Prepare a statement of cash flows for the year ended June 30, 2023. (List of cash outflows should be indicated by a minus sign.) Answer is not complete. ALLEN UNIVERSITY ALLEN UNIVERSITY Statement of Cash Flows For The Year Ended June 30, 2023 Cash Flows from Operating Activities: Increase in Net Assets Adjustments to Reconcile Increase in Net Assets to Net Cash Used by Operating Activities: Increase in Tuition and Fees Receivable (net) Decrease in Pledges Receivable Decrease in Accounts Payable Decrease in Accrued Liabilities Increase in Uneamed Revenue Depreciation Gain on Sale of Investments Unrealized Gain on investments Net Cash Used by Operating Activities Cash Flows from Investing Activities Purchase of Equipment Purchases of Investments Proceeds from Sale of Investments Net Cash Provided by Investing Activities Cash Flows from Financing Activities: Repayment of Bonds Net Cash Used for Financing Activities Net Decrease in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of the Year Cash and Cash Equivalents, End of the Year 00000000 000 6 0 0 0 The following is the preclosing trial balance for Allen University as of June 30, 2023. Additional information related to net assets and the statement of cash flows is also provided. ALLEN UNIVERSITY Preclosing Trial Balance June 30, 2023 Debits Credits Cash and Cash Equivalents Investments Tuition and Fees Receivable Allowance for Doubtful Accounts Pledges Receivable Allowance for Doubtful Pledges Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities Deposits Held in Custody for Others: Deferred Revenue Bonds Payable $ 517,910 3,209,000 373,300 $ 75,780 223,540 79,180 2,201,170 660,220 103,240 38,940 18,230 64,490 821,000 Net Assets-Without Donor Restrictions 3,281,840 Net Assets-With Donor Restrictions 1,368,000 Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Tuition and Fees 442,000 442,000 1,291,920 Tuition and Fees Discount and Allowances Contributions-Without Donor Restrictions. Contributions-With Donor Restrictions 327,300 Grants and Contracts-With Donor Restrictions Investment Income-Without Donor Restrictions Investment Income-With Donor Restrictions Other Revenue Auxiliary Enterprise Sales and Services) Gain on Sale of Investments. Unrealized Gain on Investments Instruction Expense Research Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expenses 1,064,830 603,600 264,660 223,600 244,360 192,800 311,480 329,300 325,310 51,580 30,200 13,400 155,300 70,700 355,960 Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expensest Total 264,660 223,600 244,360 192,800 $9,888,070 $9,888,070 Additional Information Net assets released from donor restrictions totaled $442,000. The gain resulting from sale of investments was unrestricted. Thirty percent of the unrealized gain is related to net assets restricted for programs, with the remainder related to net assets without donor restrictions. Additional information is as follows: The balance in cash and cash equivalents as of July 1, 2022, was $761,250. Tuition and Fees Receivable increased by $11,420. Pledges Receivable decreased by $1,750. Allowance for Doubtful Accounts was increased by $860 (the bad debt increased Institutional Support Expense). Accounts Payable decreased by $3,260. Accrued Liabilities decreased by $1,270. Deferred Revenue increased by $7,040. Depreciation Expense was $34,120. Cash of $121,000 was used to retire bonds. Investments were sold for $1,815,000 (at a gain of $70,700) and others were purchased for $1,512,500. Net assets without donor restrictions were used to purchase equipment at a cost of $40,000 Required c. Prepare a statement of cash flows for the year ended June 30, 2023. (List of cash outflows should be indicated by a minus sign.) Answer is not complete. ALLEN UNIVERSITY ALLEN UNIVERSITY Statement of Cash Flows For The Year Ended June 30, 2023 Cash Flows from Operating Activities: Increase in Net Assets Adjustments to Reconcile Increase in Net Assets to Net Cash Used by Operating Activities: Increase in Tuition and Fees Receivable (net) Decrease in Pledges Receivable Decrease in Accounts Payable Decrease in Accrued Liabilities Increase in Uneamed Revenue Depreciation Gain on Sale of Investments Unrealized Gain on investments Net Cash Used by Operating Activities Cash Flows from Investing Activities Purchase of Equipment Purchases of Investments Proceeds from Sale of Investments Net Cash Provided by Investing Activities Cash Flows from Financing Activities: Repayment of Bonds Net Cash Used for Financing Activities Net Decrease in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of the Year Cash and Cash Equivalents, End of the Year 00000000 000 6 0 0 0