6.5
need help w/ the two incorrect numbers
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 Credits Debits $ 516,600 3,200,000 372,400 $ 75,600 223,00 79, eee 2,196,160 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 658,720 103,ese 37,5ee 17,57 62,150 792,00e 3,353, 110 1,320,600 426,850 426,85e 1,299,75e 327,000 310,200 327,00 324,000 50, 500 29,500 13,250 153,560 70,000 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 13,25e 153,560 78,888 179, 280 1,844,630 571,800 240,560 193,000 203, 360 158,789 $9,674,060 $9,674,068 Additional Information Net assets released from donor restrictions totaled $426,850. 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, 2019, was $615,540. Tuition and Fees Receivable increased by $10,230. Pledges Receivable decreased by $1,560. Allowance for Doubtful Accounts was increased by $770 (the bad debt was netted against Tuition and Fees). Accounts Payable decreased by $2,900. Accrued Liabilities decreased by $1,120. Unearned Revenue increased by $6,200. Depreciation Expense was $30,070. Cash of $100,000 was used to retire bonds Investments were sold for $1,500,000 (at a gain of $70,000) and others were purchased for $1,250,000. Net assets without donor restrictions were used to purchase equipment at a cost of $33,000. With Donor Restrictions Total $ ALLEN UNIVERSITY Statement of Activities Year Ended June 30, 2020 Without Donor Restrictions Revenues and Gains: Student Tuition and Fees (Net) 963,750 Contributions 310,200 Grants and Contracts Investment Income 50,500 Auxiliary Enterprises 153,560 Gain on Sale of Investments 70,000 Unrealized Gain on Investments 125,440 Other Revenue 13,250 Net Assets Released from Restrictions 426,850 $ 177,000 324,000 29,500 963,750 487,200 324,000 80,000 153,560 70,000 143,360 13,250 0 17,920 % (426,850) 2,113,550 121,570 2,235,120 Total Revenues and Gains Expenses and Losses: Educational and General Expenses: Instruction Expense Research Expense 1,044,630 571,800 1,044,630 571,800
