Question
I need help with attached file. Elizabeth College, a small private college, had the following transactions in fiscal year 2017. 1. Gross tuition and fees
I need help with attached file.
Elizabeth College, a small private college, had the following transactions in fiscal year 2017. |
1. | Gross tuition and fees revenue totaled $5,940,000. Tuition waivers and scholarships of $516,000 were granted. Of the tuition waivers granted $310,400 was for teaching assistantships, which is an instruction expense. |
2. | Students received tuition refunds of $118,670. |
3. | During the year the college received $1,925,000 cash in unrestricted private gifts, $583,700 cash in temporarily restricted grants, and $1,850,000 in securities for an endowment. |
4. | A pledge campaign generated $2,790,000 in pledges. Of the amount pledged, $658,200 was for the capital construction campaign, $810,000 was for endowments, and the remainder of the pledges had no purpose restrictions. The pledges will all be collected in 2018. |
5. | Auxiliary enterprises provided goods and services that generated $128,370 in cash. |
6. | Collections of tuition receivable totaled $5,250,000. |
7. | Unrestricted cash of $1,850,000 was invested. |
8. | The college purchased computer equipment at a cost of $27,580. |
9. | During the year the following expenses were paid: |
Instruction | $ | 3,608,540 | |
Academic support | 2,072,000 | ||
Student services | 104,980 | ||
Institutional support | 518,130 | ||
Auxiliary enterprises | 109,410 | ||
10. | Instruction provided $620,000 in services related to the temporarily restricted grant recorded in transaction 3. |
11. | At year-end, the allowance for uncollectible tuition and fees was increased by $10,600. The fair value of investments had increased $14,940; of this amount, $8,140 was allocated to permanently restricted net assets, the remainder was allocated to unrestricted net assets. Depreciation on plant and equipment was allocated $43,250 to instruction, $49,500 to auxiliary enterprises, and $17,550 to academic support. |
12. | All nominal accounts were closed. |
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