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 $12) Pledges receivable (net of doubtful accounts of $280) Prepaid assets Property, plant, and equipment (net of accumulated depreciation of $104,240) Investments (at fair value, cost of $162,000) Total assets Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities Deposits held in custody for others Unearned revenue Bonds payable Total liabilities Net Assets: Without donor restrictions With donor restrictions Total net assets Total liabilities and net assets $ 734 7,666 230 5,872 1,364 281, 404 158, 400 $455, 670 $ 21,130 700 900 99,000 121,730 $104,000 229,940 333, 940 $455, 670 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 $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued. 2. The college received cash contributions without donor restrictions of $2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted. 13. Collections on Tuition and Fees Receivable totaled $222,600. 4. Net deposits returned to students totaled $10. 5. Expenses were incurred for: Instruction Academic support Student services Institutional support $ 86, 100 23,300 37,700 28,500 Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in net assets with donor restrictions. 6. The ending balance in Accounts Payable and Accrued Liabilities was $1,935. 7. Investment earnings received for the period were $3,960, of which $2,070 was donor restricted for scholarships. 8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to investments restricted for scholarships, $1,610 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. Credit No A Transaction 1(a) General Journal Tuition and Fees Receivable Tuition and Fees Discount and Allowances Tuition and FeesWithout Donor Restrictions Debit 223,100 21,400 244,500 | B 1(b) 11,200 Tuition and FeesWithout Donor Restrictions Cash 11,200 C 1c) 17,300 Instruction Expense Accounts Payable and Accrued Liabilities 0 0 17,300 D 02 3,235 550 Cash Pledges Receivable ContributionsWithout Donor Restrictions ContributionsWith Donor RestrictionsTime ContributionsWith Donor RestrictionsEndowment Pledges Receivable 0 0 0 0 0 2,080 550 335 820 03 222,600 Cash Tuition and Fees Receivable 0 0 222,600 - 04 10 Deposits Held in Custody for Others Cash 10 G 5(a) Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Prepaid Assets Accounts Payable and Accrued Liabilities Cash 86,100 23,300 37,700 28,500 534 4,776 170,290 5(b) 7,320 Net AssetsReleased from RestrictionsWith Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions 7,320 19,195 X Accounts Payable and Accrued Liabilities Cash 19,195 07 3,960 Cash Investment Income-With Donor Restrictions-Scholarships Investment Income-Without Donor Restrictions 2,070 1,890 8(a) ContributionsWithout Donor Restrictions 20 Allowance for Doubtful accounts 20 8(b) Instruction Expense Academic Support Expense Accumulated Depreciation 18,480 7,920 26,400 M 8(c) 10 Tuition and Fees Discount and Allowances Unearned Revenue 10 8(d) 4,700 Investments Unrealized Gain on InvestmentsWithout Donor Restrictions Unrealized Gain on InvestmentsWith Donor RestrictionsScholarships Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment 2,300 790 1,610 Credit No A Transaction 9(a) General Journal Tuition and FeesWithout Donor Restrictions ContributionsWithout Donor Restrictions Investment Income-Without Donor Restrictions Debit 189,560 13,280 1,890 2,300 Unrealized Gain on Investments-Without Donor Restrictions Tuition and Fees Discount and Allowances Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense OOX 38,700 84,920 X 31,220 37,700 28,500 B 9(b) ContributionsWith Donor RestrictionsEndowment Investment IncomeWith Donor RestrictionsScholarships 530 % 2,070 Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment 790 Net AssetsWith Donor Restrictions 3,390 9(c) Contributions-With Donor RestrictionsTime 335 1,610 Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment Net AssetsWith Donor Restrictions 1,945 9(d) Net AssetsWith Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions Net Assets-Without Donor Restrictions 7,320 7,320 7,320 7,320 Net AssetsWith Donor Restrictions STEINER COLLEGE Statement of Activities Year ended June 30, 2020 Without Donor Restrictions With Donor 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 $ 0 % 0 % 0 STEINER COLLEGE Statement of Financial Position June 30, 2020 Assets Total Assets $ 0 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 $12) Pledges receivable (net of doubtful accounts of $280) Prepaid assets Property, plant, and equipment (net of accumulated depreciation of $104,240) Investments (at fair value, cost of $162,000) Total assets Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities Deposits held in custody for others Unearned revenue Bonds payable Total liabilities Net Assets: Without donor restrictions With donor restrictions Total net assets Total liabilities and net assets $ 734 7,666 230 5,872 1,364 281, 404 158, 400 $455, 670 $ 21,130 700 900 99,000 121,730 $104,000 229,940 333, 940 $455, 670 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 $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued. 2. The college received cash contributions without donor restrictions of $2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted. 13. Collections on Tuition and Fees Receivable totaled $222,600. 4. Net deposits returned to students totaled $10. 5. Expenses were incurred for: Instruction Academic support Student services Institutional support $ 86, 100 23,300 37,700 28,500 Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in net assets with donor restrictions. 6. The ending balance in Accounts Payable and Accrued Liabilities was $1,935. 7. Investment earnings received for the period were $3,960, of which $2,070 was donor restricted for scholarships. 8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to investments restricted for scholarships, $1,610 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. Credit No A Transaction 1(a) General Journal Tuition and Fees Receivable Tuition and Fees Discount and Allowances Tuition and FeesWithout Donor Restrictions Debit 223,100 21,400 244,500 | B 1(b) 11,200 Tuition and FeesWithout Donor Restrictions Cash 11,200 C 1c) 17,300 Instruction Expense Accounts Payable and Accrued Liabilities 0 0 17,300 D 02 3,235 550 Cash Pledges Receivable ContributionsWithout Donor Restrictions ContributionsWith Donor RestrictionsTime ContributionsWith Donor RestrictionsEndowment Pledges Receivable 0 0 0 0 0 2,080 550 335 820 03 222,600 Cash Tuition and Fees Receivable 0 0 222,600 - 04 10 Deposits Held in Custody for Others Cash 10 G 5(a) Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Prepaid Assets Accounts Payable and Accrued Liabilities Cash 86,100 23,300 37,700 28,500 534 4,776 170,290 5(b) 7,320 Net AssetsReleased from RestrictionsWith Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions 7,320 19,195 X Accounts Payable and Accrued Liabilities Cash 19,195 07 3,960 Cash Investment Income-With Donor Restrictions-Scholarships Investment Income-Without Donor Restrictions 2,070 1,890 8(a) ContributionsWithout Donor Restrictions 20 Allowance for Doubtful accounts 20 8(b) Instruction Expense Academic Support Expense Accumulated Depreciation 18,480 7,920 26,400 M 8(c) 10 Tuition and Fees Discount and Allowances Unearned Revenue 10 8(d) 4,700 Investments Unrealized Gain on InvestmentsWithout Donor Restrictions Unrealized Gain on InvestmentsWith Donor RestrictionsScholarships Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment 2,300 790 1,610 Credit No A Transaction 9(a) General Journal Tuition and FeesWithout Donor Restrictions ContributionsWithout Donor Restrictions Investment Income-Without Donor Restrictions Debit 189,560 13,280 1,890 2,300 Unrealized Gain on Investments-Without Donor Restrictions Tuition and Fees Discount and Allowances Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense OOX 38,700 84,920 X 31,220 37,700 28,500 B 9(b) ContributionsWith Donor RestrictionsEndowment Investment IncomeWith Donor RestrictionsScholarships 530 % 2,070 Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment 790 Net AssetsWith Donor Restrictions 3,390 9(c) Contributions-With Donor RestrictionsTime 335 1,610 Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment Net AssetsWith Donor Restrictions 1,945 9(d) Net AssetsWith Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions Net Assets-Without Donor Restrictions 7,320 7,320 7,320 7,320 Net AssetsWith Donor Restrictions STEINER COLLEGE Statement of Activities Year ended June 30, 2020 Without Donor Restrictions With Donor 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 $ 0 % 0 % 0 STEINER COLLEGE Statement of Financial Position June 30, 2020 Assets Total Assets $ 0 Liabilities and Net Assets Liabilities: Total Liabilities Net Assets: Total Net assets Total Liabilities and Net Assets