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 Credits $ Debits 520,530 3,226,000 375,000 76,120 224,560 79,520 2,210,650 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 Unearned Revenue Bonds Payable Net Assets Without Donor Restrictions Net Assets With Donor Restrictions Net Assets Released from RestrictionsWith Donor Restrictions Net Assets Released from Restrictions Without Donor Restrictions Tuition and Fees Tuition and Fees Discount and Allowances Contributions Without Donor Restrictions Contributions With Donor Restrictions Grants and Contracts With Donor Restrictions Investment Income Without Donor Restrictions Investment Income-With Donor Restrictions 663,070 103,710 41,140 19,270 68,160 869,000 3,164,050 1,449,700 468,300 468,300 1,294,380 328,000 314,260 364,460 327,920 54,000 31,800 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 158,90 72,200 594,830 1,125,530 666,500 299,160 265,300 283,360 235,600 $10,228,490 $10,228,490 Additional Information Net assets released from donor restrictions totaled $468,300. 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, 2019, was $938,640. Tuition and Fees Receivable increased by $14,020. Pledges Receivable decreased by $2,150. Allowance for Doubtful Accounts was increased by $1,020 (the bad debt was netted against Tuition and Fees). Accounts Payable decreased by $3,900. Accrued Liabilities decreased by $1,560. . Unearned Revenue increased by $8,650. Depreciation Expense was $41,880. Cash of $164,000 was used to retire bonds. Investments were sold for $2,460,000 (at a gain of $72,200) and others were purchased for $2,050,000. Net assets without donor restrictions were used to purchase equipment at a cost of $54,300. Required a. Prepare a statement of activities for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.) ALLEN UNIVERSITY Statement of Activities Year Ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues and Gains: Student Tuition and Fees (Net) Total Revenues and Gains Total Revenues and Gains Expenses and Losses: Educational and General Expenses: 99 Total Educational and General Expense 0 0 0 0 OO Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year 0 $
