The following is the preclosing trial balance for Allen University as of June 30, 2023. Additional information related to net assets and the statement of cash flows is also provided. ALLEN UNIVERSITY Preclosing Trial Balance June 30, 2023 Debits Credits Cash and Cash Equivalents Investments Tuition and Fees Receivable Allowance for Doubtful Accounts Pledges Receivable Allowance for Doubtful Pledges Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities Deposits Held in Custody for Others Deferred Revenue Bonds Payable Net Assets-Without Donor Restrictions Net Assets-With Donor Restrictions $ 520,720 3,227,000 375,100 $ 76,140 224,620 79,540 2,211,210 663,240 103,740 41,430 19,410 68,660 875,000 3,154,190 1,459,300 Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Tuition and Fees 471,300 471,300 1,294,540 Tuition and Fees Discount and Allowances Contributions-Without Donor Restrictions Contributions-With Donor Restrictions 328,000 314,520 364,820 Grants and Contracts-With Donor Restrictions 328,070 Investment Income-Without Donor Restrictions 54,290 Investment Income-With Donor Restrictions Other Revenue Auxiliary Enterprise Sales and Services Gain on Sale of Investments Unrealized Gain on Investments Instruction Expense Research Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expenses Total 32,000 13,800 160,100 72,700 596,610 1,126,630 667,600 301,160 267,400 284,360 238,300 $10,243,400 $10,243,400 Additional Information Net assets released from donor restrictions totaled $471,300. The gain resulting from sale of investments was unrestricted. Thirty percent of the unrealized gain is related to net assets restricted for programs, with the remainder related to net assets without donor restrictions. Additional information is as follows: The balance in cash and cash equivalents as of July 1, 2022, was $940,900. Tuition and Fees Receivable increased by $14,120. Pledges Receivable decreased by $2,170. Allowance for Doubtful Accounts was increased by $1,030 (the bad debt increased Institutional Support Expense). Accounts Payable decreased by $3,940. Accrued Liabilities decreased by $1,580. Deferred Revenue increased by $8,760. Depreciation Expense was $42,410. Cash of $168,000 was used to retire bonds. Investments were sold for $2,520,000 (at a gain of $72,700) and others were purchased for $2,100,000. Net assets without donor restrictions were used to purchase equipment at a cost of $55,600. Answer is not complete. ALLEN UNIVERSITY Statement of Cash Flows For The Year Ended June 30, 2023 Cash Flows from Operating Activities: Increase in Net Assets Adjustments to Reconcile Increase in Net Assets to Net Cash Used by Operating Activities: Increase in Tuition and Fees Receivable (net) Decrease in Pledges Receivable Decrease in Accounts Payable Decrease in Accrued Liabilities Increase in Unearned Revenue Depreciation Gain on Sale of Investments (13,090) 2,170 (3,940) (1,580) 8,760 42,410 (72,700) Unrealized Gain on Investments Net Cash Used by Operating Activities (37,970) Cash Flows from Investing Activities: Purchase of Equipment (55,600) Purchases of Investments (2,100,000) Proceeds from Sale of Investments 2,520,000 Net Cash Provided by Investing Activities Cash Flows from Financing Activities: Repayment of Bonds Net Cash Used for Financing Activities Net Decrease in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of the Year Cash and Cash Equivalents, End of the Year 364,400 (168,000) (168,000) 158,430 940,900 $ 1,099,330