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 Credits $ 518, 200 3,211,000 373,500 $ 75,820 223,660 79, 220 2,202,290 660,560 103,300 39,390 18,440 65,230 831,000 3,241, 390 1,384,300 447,200 447,200 1, 292, 140 327,300 311,840 330,400 325,680 52,030 30,400 13,400 155,300 70,700 391, 960 1,068,830 607,400 268, 360 226,300 249, 760 195,900 $9,919,700 $9,919,700 Additional Information Net assets released from donor restrictions totaled $447,200. 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 $776,960. Tuition and Fees Receivable increased by $11,900. Pledges Receivable decreased by $1,820. Allowance for Doubtful Accounts was increased by $890 (the bad debt was netted against Tuition and Fees). Accounts Payable decreased by $3,380. Accrued Liabilities decreased by $1,320. Unearned Revenue increased by $7,320. Depreciation Expense was $35,470. Cash of $124,000 was used to retire bonds. Investments were sold for $1,860,000 (at a gain of $70,700) and others were purchased for $1,550,000. Net assets without donor restrictions were used to purchase equipment at a cost of $41,000. ALLEN UNIVERSITY Statement of Financial Position June 30, 2020 Assets $ 518,000 Cash and Cash Equivalents Tuition and Fees Receivable (Net) Pledges Receivable (Net) Investments Property, Plant and Equipment (Net) Total Assets $ 518,000 Liabilities and Net Assets Liabilities: Accounts Payable Accrued Liabilities Deposits Held in Custody for Others Unearned Revenue Bonds Payable Total Liabilities 0 Net Assets: Net Assets-Released from RestrictionsWithout Donor Restrictions Net Assets-Released from RestrictionsWith Donor Restrictions Total Net Assets 0 Total Liabilities and Net Assets $ 0 Required a. Prepare a statement of activities for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.) Total $ 0 ALLEN UNIVERSITY Statement of Activities Year Ended June 30, 2020 Without Donor With Donor Restrictions Restrictions Revenues and Gains: Student Tuition and Fees (Net) Contributions Grants and Contracts Investment Income Auxiliary Enterprises Gain on Sale of Investments Unrealized Gain on Investments Other Revenue Net Assets Released from Restrictions 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Revenues and Gains Expenses and Losses: Educational and General Expenses: Instruction Expense Research Expense Academic Support Expense Student Services Expense Institutional Support Expense 0 0 0 0 0 0 0 0 0 0 0 0 Total Educational and General Expense Auxiliary Enterprises Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year 0 0 0 0 $ 0 $ 0 $ 0