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The following balances come from the trial balance of Wilson State College as of the end of the 2020 fiscal year. WILSON STATE COLLEGE Preclosing
The following balances come from the trial balance of Wilson State College as of the end of the 2020 fiscal year. WILSON STATE COLLEGE Preclosing Trial Balance June 30, 2020 (000s omitted) Credits Debits $ 3,143 28,176 1,877 | $ 131 76,137 830 6,412 68,627 187,360 29,310 90,907 2,343 2,076 14,041 1,568 93,916 38,399 161,817 1,183 50, 377 40,856 | 27,084 30,771 | 7,734 Cash and Cash Equivalents Investments Accounts Receivable Allowance for Uncollectible Receivables Due from State Inventories Cash and Cash Equivalents-Restricted Investments-Restricted Depreciable Capital Assets Accumulated Depreciation Nondepreciable Assets Accounts Payable Accrued Liabilities Unearned Revenue Compensated Absences-Current Portion Bonds Payable Compensated Absences Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service-Expendable Net Position-Restricted for Capital Projects-Expendable Net Position-Restricted for Endowment-Nonexpendable Net Position-Unrestricted Tuition and Fees Tuition and Fees Discount and Allowances Grants and Contracts Revenue Auxiliary Enterprise Sales Investment Income State Appropriations Capital Appropriations Institutional Support Expenses Academic Support Expenses Scholarships and Fellowships Expense Depreciation Expense Interest Expense Auxiliary Enterprise Expenses Totals Information on Cash and Cash Equivalents Activity Beginning Cash Balance (includes restricted cash) Received Tuition and Fees (net) Received Grants and Contracts Received from Auxiliary Enterprises yment to Employees Payments to Vendors Payments to Students for Scholarships and Fellowships Received State Appropriations Received Capital Appropriations Purchase of Capital Assets Interest Paid on Debt Interest Income 18,599 | 14,920 1,784 45,895 13,071 26,853 60,551 8,619 6,776 425 13,714 $588,141 $588,141 $ 7,560 24,390 13,367 14, 220 60, 143 22,430 7,917 41,212 21,219 21,313 2,163 1,553 Required a. Prepare a statement of revenues, expenses, and changes in net position for the year ended June 30, 2020. (Enter your answers in thousands. Any operating losses or non-operating expenses should be indicated by a minus sign.) WILSON STATE COLLEGE Statement of Revenues, Expenses, and Changes in Net position For the Year Ended June 30, 2020 (000s omitted) Revenues: Operating Revenues: Student Tuition and Fees (Net of Discount and Allowances) Total Operating Revenue Expenses: Operating Expenses: Total Operating Expenses Operating Loss Nonoperating Revenues (Expenses): Net Nonoperating Revenues Income Before Other Revenues, Expenses, Gains or Losses Increase in Net Position Net Position, Beginning of the Year Net Position, End of the Year
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