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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
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 | $ | 516,600 | ||||
Investments | 3,200,000 | |||||
Tuition and Fees Receivable | 372,400 | |||||
Allowance for Doubtful Accounts | $ | 75,600 | ||||
Pledges Receivable | 223,000 | |||||
Allowance for Doubtful Pledges | 79,000 | |||||
Property, Plant, and Equipment | 2,196,160 | |||||
Accumulated Depreciation | 658,720 | |||||
Accounts Payable | 103,000 | |||||
Accrued Liabilities | 37,500 | |||||
Deposits Held in Custody for Others | 17,570 | |||||
Deferred Revenue | 62,150 | |||||
Bonds Payable | 792,000 | |||||
Net AssetsWithout Donor Restrictions | 3,353,110 | |||||
Net AssetsWith Donor Restrictions | 1,320,600 | |||||
Net Assets Released from RestrictionsWith Donor Restrictions | 426,850 | |||||
Net Assets Released from RestrictionsWithout Donor Restrictions | 426,850 | |||||
Tuition and Fees | 1,290,750 | |||||
Tuition and Fees Discount and Allowances | 327,000 | |||||
ContributionsWithout Donor Restrictions | 310,200 | |||||
ContributionsWith Donor Restrictions | 327,000 | |||||
Grants and ContractsWith Donor Restrictions | 324,000 | |||||
Investment IncomeWithout Donor Restrictions | 50,500 | |||||
Investment IncomeWith Donor Restrictions | 29,500 | |||||
Other Revenue | 13,250 | |||||
Auxiliary Enterprise Sales and Services | 153,560 | |||||
Gain on Sale of Investments | 70,000 | |||||
Unrealized Gain on Investments | 179,200 | |||||
Instruction Expense | 1,044,630 | |||||
Research Expense | 571,800 | |||||
Academic Support Expense | 240,560 | |||||
Student Services Expense | 193,000 | |||||
Institutional Support Expense | 203,360 | |||||
Auxiliary Enterprise Expenses | 158,700 | |||||
Total | $ | 9,674,060 | $ | 9,674,060 | ||
Additional Information Net assets released from donor restrictions totaled $426,850. 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 $615,540.
- Tuition and Fees Receivable increased by $10,230.
- Pledges Receivable decreased by $1,560.
- Allowance for Doubtful Accounts was increased by $770 (the bad debt increased Institutional Support Expense).
- Accounts Payable decreased by $2,900.
- Accrued Liabilities decreased by $1,120.
- Deferred Revenue increased by $6,200.
- Depreciation Expense was $30,070.
- Cash of $100,000 was used to retire bonds.
- Investments were sold for $1,500,000 (at a gain of $70,000) and others were purchased for $1,250,000.
- Net assets without donor restrictions were used to purchase equipment at a cost of $33,000.
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