6. [The following information applies to the questions displayed below.] The following is the preclosing trial balance for Allen University as of June 30, 2020. Additional information related to net assets and the statement of cash flows is also provided. ALLEN UNIVERSITY Preclosing Trial Balance June 30, 2020 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 Unearned Revenue Bonds Payable Net Assets-Without Donor Restrictions Net Assets-With Donor Restrictions Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Tuition and Fees Tuition and Fees Discount and Allowances Contributions-Without Donor Restrictions Contributions-With Donor Restrictions 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 Total $ Debits 519,100 3,217,000 374,100 Credits $ 75,940 224,020 79,340 2,205,630 661,560 103,460 40,010 18,730 66,250 845,000 3,220,260 1,408,300 455,000 455,000 1,292,990 327,600 312,690 331,940 326,510 52,880 31,000 13,600 157,700 71,700 419,140 1,075,430 616,700 275,560 232,700 256,760 204,400 $9,984,000 $9,984,000 Additional Information Net assets released from donor restrictions totaled $455,000. The gain resulting from sale of investments was unrestricted. Twenty 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, 2019, was $796,620. Tuition and Fees Receivable increased by $12,670. Pledges Receivable decreased by $1,940. Allowance for Doubtful Accounts was increased by $940 (the bad debt was netted against Tuition and Fees). Accounts Payable decreased by $3,580. Accrued Liabilities decreased by $1,410. Unearned Revenue increased by $7,820. Depreciation Expense was $37,880. Cash of $138,000 was used to retire bonds. Investments were sold for $2,070,000 (at a gain of $71,700) and others were purchased for $1,725,000. Net assets without donor restrictions were used to purchase equipment at a cost of $45,600. b. Make a statement of financial position for June 30, 2020. ALLEN UNIVERSITY Statement of Financial Position June 30, 2020 Assets Cash and Cash Equivalents Tuition and Fees Receivable (Net) Contributions-With Donor Restrictions-Grants Investments Property, Plant and Equipment (Net) $ 519,100 Total Assets $ 519,100 Liabilities and Net Assets Liabilities: Accounts Payable Accrued Liabilities Deposits Held in Custody for Others Unearned Revenue Bonds Payable Total Liabilities Net Assets: Net Assets-Without Donor Restrictions Net Assets With Donor Restrictions 0 Total Net Assets 0 Total Liabilities and Net Assets $ 0