Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please assist with the above! If a number is not plainly mentioned, please provide the calculation/explain how you got it! Thanks so much! Prepare a

image text in transcribedimage text in transcribedimage text in transcribed

Please assist with the above! If a number is not plainly mentioned, please provide the calculation/explain how you got it! Thanks so much!

Prepare a statement of activities for the year ended June 30, 2023. (Enter your answers in thousands. Amounts to be Prepare a statement of financial position for the year ended June 30, 2023. (Enter your answers in thousands.) The following transaction information (amounts in thousands) pertains to the year ended June 30, 2023 . 1. During the year, charges for tuition and fees were $244,380, scholarships were $16,200, and tuition walvers for scholastic achievement were $5,030. After payment was recelved, tuition refunds of $11,090 were given. Tulition waivers of $17,190 for students serving as teaching assistants for instruction were accrued. 2. The college recelved cash contributions without donor restrictions of $2,020, pledges to be collected in 2024 of $552, and cash contributions to the endowments of $326. It also collected $813 of Pledges Recelvable that were unrestricted. 3. Collections on Tultion and Fees Recelvable totaled $222,490. 4. Net deposits returned to students totaled $13. 5. Expenses were Incurred for: Related to the expenses incurred: prepald assets of $528 were used, $4,769 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,260 in net assets with donor restrictions. 6. The ending balance in Accounts Payable and Accrued Llabilities was $1,825. 7. Investment earnings recelved for the period were $3,860, of which $1,950 was donor restricted for scholarships. 8. Adjusting entries for the perlod were made to increase Allowance for Doubtful Accounts by $14, to record depreciation expense of $26,280 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in deferred revenue of $11, and to recognize an increase in fair value of investments of $4,610 ( $720 was related to Investments restricted for scholarships, $1,520 was related to the permanent endowment, and 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, 2023. a-2. Prepare closing entry for the year ended June 30, 2023. b. Prepare a statement of activities for the year ended June 30, 2023. c. Prepare a statement of financial position for the year ended June 30, 2023. Prepare a statement of activities for the year ended June 30, 2023. (Enter your answers in thousands. Amounts to be Prepare a statement of financial position for the year ended June 30, 2023. (Enter your answers in thousands.) The following transaction information (amounts in thousands) pertains to the year ended June 30, 2023 . 1. During the year, charges for tuition and fees were $244,380, scholarships were $16,200, and tuition walvers for scholastic achievement were $5,030. After payment was recelved, tuition refunds of $11,090 were given. Tulition waivers of $17,190 for students serving as teaching assistants for instruction were accrued. 2. The college recelved cash contributions without donor restrictions of $2,020, pledges to be collected in 2024 of $552, and cash contributions to the endowments of $326. It also collected $813 of Pledges Recelvable that were unrestricted. 3. Collections on Tultion and Fees Recelvable totaled $222,490. 4. Net deposits returned to students totaled $13. 5. Expenses were Incurred for: Related to the expenses incurred: prepald assets of $528 were used, $4,769 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,260 in net assets with donor restrictions. 6. The ending balance in Accounts Payable and Accrued Llabilities was $1,825. 7. Investment earnings recelved for the period were $3,860, of which $1,950 was donor restricted for scholarships. 8. Adjusting entries for the perlod were made to increase Allowance for Doubtful Accounts by $14, to record depreciation expense of $26,280 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in deferred revenue of $11, and to recognize an increase in fair value of investments of $4,610 ( $720 was related to Investments restricted for scholarships, $1,520 was related to the permanent endowment, and 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, 2023. a-2. Prepare closing entry for the year ended June 30, 2023. b. Prepare a statement of activities for the year ended June 30, 2023. c. Prepare a statement of financial position for the year ended June 30, 2023

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sawyer's Internal Auditing The Practice Of Modern Internal Auditing

Authors: Lawrence Sawyer, Mortimer Dittenhofer, James Scheiner

5th Edition

0894131788, 978-0894131783

More Books

Students also viewed these Accounting questions

Question

Does it highlight your accomplishments rather than your duties?

Answered: 1 week ago

Question

Does it clearly identify what you have done and accomplished?

Answered: 1 week ago

Question

Does it avoid using personal pronouns (such as I and me)?

Answered: 1 week ago