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 $ 734 7,666 230 5,872 1,364 281,404 158,400 $455,670 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 $ 21,130 700 900 99,000 121,730 $104,000 229,940 333,940 $455, 670 Total liabilities and net assets 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. 3. 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. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands.) No Transaction General Journal Debit Credit A 1(a) Tuition and Fees Receivable 223,100 21,400 Tuition and Fees Discount and Allowances Tuition and FeesWithout Donor Restrictions 244,500 B 1(b) Tuition and FeesWithout Donor Restrictions 11,200 Cash 11,200 C 1(c) 17,300 Instruction Expense Accounts Payable and Accrued Liabilities 17,300 D 02 Cash 3,235 550 2,080 Pledges Receivable ContributionsWithout Donor Restrictions ContributionsWith Donor RestrictionsTime ContributionsWith Donor RestrictionsEndowment Pledges Receivable 550 335 820 E 03 Cash 222,600 Tuition and Fees Receivable 222,600 F 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 86,100 23,300 37,700 28,500 534 4,776 170,290 Cash H 5(b) Net AssetsReleased from RestrictionsWith Donor Restrictions 7,320 Net Assets-Released from RestrictionsWithout Donor Restrictions 7,320 1 06 Accounts Payable and Accrued Liabilities 19,195 X Cash 19,195 X J 07 Cash 3,960 Investment IncomeWith Donor RestrictionsScholarships 2,070 Investment Income-Without Donor Restrictions 1,890 K 8(a) Tuition and Fees-Without Donor Restrictions 20 Allowance for Doubtful accounts 20 L 8(b) 18,480 Instruction Expense Academic Support Expense Accumulated Depreciation 7,920 26,400 M 8(c) Tuition and FeesWithout Donor Restrictions 10 Unearned Revenue 10 N 8(d) Investments 4,700 Unrealized Gain on InvestmentsWithout Donor Restrictions 2,300 Unrealized Gain on InvestmentsWith Donor RestrictionsScholarships 790 Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment 1,610 STEINER COLLEGE Statement of Activities Year ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues and Gains: 0 0 0 0 O 0 Total Revenues and Gains 0 0 0 Expenses and Losses: Educational and General Expenses: 0 0 0 0 0 Total Expenses and Losses 0 0 0 Without Donor Restrictions With Donor Restrictions Total Revenues and Gains: $ 0 0 0 0 0 0 Total Revenues and Gains 0 0 0 Expenses and Losses: Educational and General Expenses: 0 0 0 0 0 0 0 o 0 0 O Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year 0 $ 0 $ O $ 0 Prepare a statement of financial position for the year ended June 30, 2020. (Enter your answers in thousands.) STEINER COLLEGE Statement of Financial Position June 30, 2020 Assets Total Assets $ 0 Liabilities and Net Assets Liabilities: Liabilities and Net Assets Liabilities: Total Liabilities 0 Net Assets: Total Net assets 0 Total Liabilities and Net Assets $ 0 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 $ 734 7,666 230 5,872 1,364 281,404 158,400 $455,670 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 $ 21,130 700 900 99,000 121,730 $104,000 229,940 333,940 $455, 670 Total liabilities and net assets 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. 3. 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. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands.) No Transaction General Journal Debit Credit A 1(a) Tuition and Fees Receivable 223,100 21,400 Tuition and Fees Discount and Allowances Tuition and FeesWithout Donor Restrictions 244,500 B 1(b) Tuition and FeesWithout Donor Restrictions 11,200 Cash 11,200 C 1(c) 17,300 Instruction Expense Accounts Payable and Accrued Liabilities 17,300 D 02 Cash 3,235 550 2,080 Pledges Receivable ContributionsWithout Donor Restrictions ContributionsWith Donor RestrictionsTime ContributionsWith Donor RestrictionsEndowment Pledges Receivable 550 335 820 E 03 Cash 222,600 Tuition and Fees Receivable 222,600 F 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 86,100 23,300 37,700 28,500 534 4,776 170,290 Cash H 5(b) Net AssetsReleased from RestrictionsWith Donor Restrictions 7,320 Net Assets-Released from RestrictionsWithout Donor Restrictions 7,320 1 06 Accounts Payable and Accrued Liabilities 19,195 X Cash 19,195 X J 07 Cash 3,960 Investment IncomeWith Donor RestrictionsScholarships 2,070 Investment Income-Without Donor Restrictions 1,890 K 8(a) Tuition and Fees-Without Donor Restrictions 20 Allowance for Doubtful accounts 20 L 8(b) 18,480 Instruction Expense Academic Support Expense Accumulated Depreciation 7,920 26,400 M 8(c) Tuition and FeesWithout Donor Restrictions 10 Unearned Revenue 10 N 8(d) Investments 4,700 Unrealized Gain on InvestmentsWithout Donor Restrictions 2,300 Unrealized Gain on InvestmentsWith Donor RestrictionsScholarships 790 Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment 1,610 STEINER COLLEGE Statement of Activities Year ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues and Gains: 0 0 0 0 O 0 Total Revenues and Gains 0 0 0 Expenses and Losses: Educational and General Expenses: 0 0 0 0 0 Total Expenses and Losses 0 0 0 Without Donor Restrictions With Donor Restrictions Total Revenues and Gains: $ 0 0 0 0 0 0 Total Revenues and Gains 0 0 0 Expenses and Losses: Educational and General Expenses: 0 0 0 0 0 0 0 o 0 0 O Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year 0 $ 0 $ O $ 0 Prepare a statement of financial position for the year ended June 30, 2020. (Enter your answers in thousands.) STEINER COLLEGE Statement of Financial Position June 30, 2020 Assets Total Assets $ 0 Liabilities and Net Assets Liabilities: Liabilities and Net Assets Liabilities: Total Liabilities 0 Net Assets: Total Net assets 0 Total Liabilities and Net Assets $ 0