Question
Problem 15-22 Financial Statements - Public College . The following balances come from the trial balance of Wilson State College as of the end of
Problem 15-22 Financial Statements - Public College. The following balances come from the trial balance of Wilson State College as of the end of the 2017 fiscal year.
Using the below information
Prepare a statement of revenues, expenses, and changes in net position for the year ended June 30, 2017, in good form. See Illustrations 15-2 and 7-6; however, display expenses using functional classifications as shown in Illustration 15-6.
Prepare a statement of net position as of June 30, 2017, in good form. For the period, net position restricted for capital projects increased by $3,000, and net position restricted for debt service increased by $150; all bonded debt relates to capital assets. See Illustration 15-1.
Prepare a statement of cash flows for the year ended June 30, 2017. Information on changes in assets and liabilities is as follows: Accounts Receivable (net) increased by $2,551; Due from State decreased by $14,842; Inventories increased by $23; Accounts Payable and Accrued Liabilities increased by $1,962; and Unearned Revenue decreased by $1,763. See Illustration 15-3
WILSON STATE COLLEGE Pre-closing Trial Balance June 30, 2017 (000s omitted) | ||
Debits | Credits | |
Cash and Cash Equivalents | $3,278 | |
Investments | $29,387 | |
Accounts Receivable | $1,957 | |
Allowance for Uncollectible Receivables | $137 | |
Due from State | $79,626 | |
Inventories | $869 | |
Cash and Cash Equivalents--Restricted | $6,716 | |
Investments--Restricted | $71,883 | |
Depreciable Capital Assets | $184,620 | |
Accumulated Depreciation | $28,850 | |
Nondepreciable Assets | $89,481 | |
Accounts Payable | $2,306 | |
Accrued Liabilities | $2,039 | |
Unearned Revenue | $13,789 | |
Compensated Absences -Current Portion | $1,538 | |
Bonds Payable | $92,116 | |
Compensated Absences | $37,662 | |
Net Position--Net Investment in Capital Assets | $158,715 | |
Net Position--Restricted for Debt Service--Expendable | $1,157 | |
Net Position--Restricted for Capital Projects--Expendable | $49,272 | |
Net Position Restricted for Endowment--Nonexpendable | $39,959 | |
Net Position--Unrestricted | $36,559 | |
Tuition and Fees | $30,095 | |
Tuition and Fees Discount and Allowances | $7,565 | |
Grants and Contracts Revenue | $18,196 | |
Auxiliary Enterprise Sales | $14,595 | |
Investment Income | $1,745 | |
State Appropriations | $44,894 | |
Capital Appropriations | $12,785 | |
Institutional Support Expenses | $26,268 | |
Academic Support Expenses | $58,940 | |
Scholarships and Fellowships Expense | $7,664 | |
Depreciation Expense | $5,580 | |
Interest Expense | $378 | |
Auxiliary Enterprise Expenses | $12,197 | |
Totals | $586,409 | $586,406 |
Information on Cash and Cash Equivalents Activity | ||
Beginning Cash Balance | $8,067 | |
Received Tuition and Fees (net) | $23,609 | |
Received Grants and Contracts | $12,940 | |
Received from Auxiliary Enterprises | $13,765 | |
Payments to Employees | $58,220 | |
Payments to Vendors | $21,711 | |
Payments to Students for Scholarships and Fellowships | $7,664 | |
Received State Appropriations | 39,894 | |
Received Capital Appropriations | 20,540 | |
Purchase of Capital Assets | 20,634 | |
Interest Paid on Debt | 2,095 | |
Interest Income | 1,503 |
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