A1

• Record the tuition and fees for the year.

• Record the refund of tuition and fees for the year.

• Record the tuition waivers accrued for the year.

• Record the receipt of without donor restrictions cash contributions, pledges and endowments. Do not Net Pledges receivable account.

• Record the receipt of tuition and fees.

• Record the refund of deposits.

• Record the expenses for the year.

• Record the release in the with donor restrictions net assets.

• Record the payment of liabilities.

• Record the receipt of income from investments.

• Record the adjusting entry for the period to increase allowance for doubtful accounts.

• Record the depreciation entry for the year.

• Record the increase in unearned revenue.

• Record the increase in the fair value of the investment.

A2

• Record the closure of the nominal accounts.

• Record the transfer to the net assets-with donor restrictions account.

• Record the transfer to the with donor restrictions account.

• Record the entry to reclassify the net assets accounts.

Prepare a statement of financial position for the year ended June 30, 2020. (Enter your answers in thousands.)

STEINER COLLEGE
Statement of Financial Position
June 30, 2020
Assets
Total Assets
Liabilities and Net Assets
Liabilities:
Total Liabilities
Net Assets:
Total Net assets
Total Liabilities and Net Assets

Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful accounts of $9) Pledges receivable (net of doubtful accounts of $287) Prepaid assets Property, plant, and equipment (net of accumulated depreciation of $104,320) Investments (at fair value, cost of $164,900) $740 7,671 237 5,880 1,369 281,411 159,100 $456,408 Total assets Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities Deposits held in custody for others Unearned revenue Bonds payable $ 21,180 708 907 99,000 121,795 Total 1iabilities Net Assets: $104,080 230,533 Without donor restrictions With donor restrictions Total net assets 334,613 $456,408 Total 1iabilities and net assets The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020 1. During the year, charges for tuition and fees were $244,580; scholarships were $16,370; and tuition waivers for scholastic achievement were $5,180. After payment was received, tuition refunds of $11,300 were given. Tuition waivers of $17,390 for students serving as teaching assistants for instruction were accrued. 2. The college received cash contributions without donor restrictions of $2,160, pledges to be collected in 2021 of $554, and cash contributions to the endowments of $341. It also collected $825 of Pledges Receivable that were unrestricted. 3. Collections on Tuition and Fees Receivable totaled $222,660 4. Net deposits returned to students totaled $16 5. Expenses were incurred for Instruction $ 86,180 23,380 37,800 28,570 Academic support Student services Institutional support Related to the expenses incurred: prepaid assets of $539 were used, $4,782 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,420 in net assets with donor restrictions 6. The ending balance in Accounts Payable and Accrued Liabilities was $1,995 7. Investment earnings received for the period were $4,040, of which $2,100 was donor restricted for scholarships 8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $16, to record depreciation expense of $26,470 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $14, and to recognize an increase in fair value of investments of $4,800 (S870 was related to investments restricted for scholarships, $1,680 was related to the permanent endowment, the remainder was related to net assets without donor restrictions). 9. Nominal accounts were closed Required a-1 Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020 a-2. Prepare closing entry for the year ended June 30, 2020 b. Prepare a statement of activities for the year ended June 30, 2020 c. Prepare a statement of financial position for the year ended June 30, 2020 Prepare a statement of activities for the year ended June 30, 2020. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) STEINER COLLEGE Statement of Activities Year ended June 30, 2020 Without Donor With Donor Restrictions Restrictions Total Revenues and Gains Total Revenues and Gains Expenses and Losses: Educational and General Expenses Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year Req C