The following is the preclosing trial balance for Allen University as of June 30, 2020. Additional information related to net assets and the statement of cash flows is also provided.

ALLEN UNIVERSITY
Preclosing Trial Balance
June 30, 2020
	Debits		Credits
Cash and Cash Equivalents	$	519,100
Investments		3,217,000
Tuition and Fees Receivable		374,100
Allowance for Doubtful Accounts				$	75,940
Pledges Receivable		224,020
Allowance for Doubtful Pledges					79,340
Property, Plant, and Equipment		2,205,630
Accumulated Depreciation					661,560
Accounts Payable					103,460
Accrued Liabilities					40,010
Deposits Held in Custody for Others					18,730
Unearned Revenue					66,250
Bonds Payable					845,000
Net AssetsWithout Donor Restrictions					3,220,260
Net AssetsWith Donor Restrictions					1,408,300
Net Assets Released from RestrictionsWith Donor Restrictions		455,000
Net Assets Released from RestrictionsWithout Donor Restrictions					455,000
Tuition and Fees					1,292,990
Tuition and Fees Discount and Allowances		327,600
ContributionsWithout Donor Restrictions					312,690
ContributionsWith Donor Restrictions					331,940
Grants and ContractsWith Donor Restrictions					326,510
Investment IncomeWithout Donor Restrictions					52,880
Investment IncomeWith Donor Restrictions					31,000
Other Revenue					13,600
Auxiliary Enterprise Sales and Services					157,700
Gain on Sale of Investments					71,700
Unrealized Gain on Investments					419,140
Instruction Expense		1,075,430
Research Expense		616,700
Academic Support Expense		275,560
Student Services Expense		232,700
Institutional Support Expense		256,760
Auxiliary Enterprise Expenses		204,400
Total	$	9,984,000		$	9,984,000

Additional Information

Net assets released from donor restrictions totaled $455,000. The gain resulting from sale of investments was unrestricted. Twenty 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, 2019, was $796,620.
• Tuition and Fees Receivable increased by $12,670.
• Pledges Receivable decreased by $1,940.
• Allowance for Doubtful Accounts was increased by $940 (the bad debt was netted against Tuition and Fees).
• Accounts Payable decreased by $3,580.
• Accrued Liabilities decreased by $1,410.
• Unearned Revenue increased by $7,820.
• Depreciation Expense was $37,880.
• Cash of $138,000 was used to retire bonds.
• Investments were sold for $2,070,000 (at a gain of $71,700) and others were purchased for $1,725,000.
• Net assets without donor restrictions were used to purchase equipment at a cost of $45,600.

1. Make a statement of financial position for June 30, 2020.

ALLEN UNIVERSITY
Statement of Financial Position
June 30, 2020
Assets
Cash and Cash Equivalents	$519,100
Tuition and Fees Receivable (Net)
ContributionsWith Donor RestrictionsGrants
Investments
Property, Plant and Equipment (Net)
Total Assets	$519,100
Liabilities and Net Assets
Liabilities:
Accounts Payable
Accrued Liabilities
Deposits Held in Custody for Others
Unearned Revenue
Bonds Payable
Total Liabilities	0
Net Assets:
Net AssetsWithout Donor Restrictions
Net AssetsWith Donor Restrictions
Total Net Assets	0
Total Liabilities and Net Assets	$0