The post-closing trial balance of Shikellamy College had the following balances as of December 31, 2017: Accounts
Question:
- The post-closing trial balance of Shikellamy College had the following balances as of December 31, 2017:
- Prepare a statement of unrestricted revenues, expenses, and other changes in unrestricted net assets.
- Prepare a statement of changes in net assets for the year ending June 30, 2017, assuming the June 30, 2016, balances in net assets are as follows: $2,050,000 unrestricted; $830,000 temporarily restricted; and $4,000,000 permanently restricted.
Accounts payable | $30,000 |
Accounts receivable | 300,000 |
Accumulated depreciation | 130,000 |
Allowance for uncollectible accounts | 40,000 |
Buildings and equipment | 350,000 |
Cash | 80,400 |
Investments | 210,000 |
Land | 100,000 |
Mortgage payable | 220,000 |
Payroll taxes payable | 12,000 |
Permanently restricted net assets | 210,000 |
Temporarily restricted net assets | 12,500 |
Unrestricted net assets | 385,900 |
Required
Prepare a statement of financial position for Shikellamy College on December 31, 2017.
L11 Assignment 5: Freedom University
Freedom University had the following closing entries for the year ended June 30, 2017.
Reclassification to unrestricted net assets | ||
Satisfaction of program restrictions | $360,000 | |
Unrestricted revenues: tuition and fees | 3,915,000 | |
Contributions: unrestricted | 320,000 | |
Revenues: investment income unrestricted | 250,000 | |
Revenues: auxiliary enterprises unrestricted | 2,500,000 | |
Gains on investments: unrestricted | 50,000 | |
Unrestricted net assets | 1,045,000 | |
Instruction expense | 1,400,000 | |
Research expense | 800,000 | |
Public service expense | 600,000 | |
Auxiliary enterprise expense | 2,000,000 | |
Institutional support expense | 1,250,000 | |
Student services expense | 300,000 | |
Contributions: temporarily restricted | 430,000 | |
Reclassification from temporarily restricted net assets | 360,000 | |
Temporarily restricted net assets | 70,000 | |
Contributions: permanently restricted | 805,000 | |
Permanently restricted net assets | 805,000 |
Required
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina