Financial Statements€”Public College. The following balances come from the trial balance of Sherlock State College as of the end of the 2011 fiscal year.

Required
a. Prepare a statement of revenues, expenses, and changes in net assets for the year ended June 30, 2011, in good form. See Illustration 16€”2: however, display expenses using functional classifications as shown in Illustration 16€”6.
b. Prepare a statement of net assets as of June 30, 2011, in good form. For the period, net assets restricted for capital projects increased by $3,000, and net assets restricted for debt service increased by $150; all bonded debt relates to capital assets. See Illustration 16€”1.
c. Prepare a statement of cash flows for the year ended June 30, 2011. Information on changes in assets and liabilities is as follows: Accounts Receivable (net) increased by $2,574; Due from State decreased by $14.842; Accounts Payable and Accrued Liabilities increased by $1,962; and Deferred Revenue decreased by $1,763. See Illustration16€”3.

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SHERLOCK STATE COLLEGE Pre-Closing Trial Balance June 30, 2011 (000s omitted) Debits Credits $ 3,278 Cash and Cash Equivalents Investments 29,387 Accounts Receivable 1,957 Allowance for Uncollectible Receivables 137 Due from State 79,626 26,716 2,383 149,714 Cash and Cash Equivalents Restricted Investments-Restricted Depreciable Capital Assets Accumulated Depreciation Nondepreciable Assets Other Noncurrent Assets 28,850 55,481 26 Accounts Payable 2,306 Accrued Liabilities 2,039 Deferred Revenue 13,789 Bonds Payable Current Portion Bonds Payable Net Assets-Invested in Capital Assets, Net of Related Debt Net Assets-Restricted for Debt Service Expendable Net Assets Restricted for Capital Projects Expendable Net Assets Unrestricted 1,538 92,116 82,692 1,157 49,272 70,954 30,095 Tuition and Fees Tuition and Fees Discounts and Allowances 7,565 Grants and Contracts Revenue 18,196 Auxiliary Enterprise Sales 14,595 Investment Income 1,745 44,894 12,785 State Appropriations Capital Appropriations Institutional Support Expenses Academic Support Expenses Scholarships and Fellowships Expense 26,268 58,940 7,664 Depreciation Expense Interest Expense Auxliary Enterprise Expenses 5,580 378 12,197 Totals $467,160 $467,160 Information on Cash and Cash Equivalents Activity Beginning Cash Balance Received Tuition and Fees (net) $ 28,067 23,609 Received Grants and Contracts 12,940 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 13,765 58,220 21,711 7,664 39,894 20,540 20,634 2,095 Interest Paid on Debt Interest Income 1,503