Question
The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2019, follows. SOUTH
The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2019, follows.
SOUTH STATE UNIVERSITY | ||||||||
Statement of Net Position | ||||||||
June 30, 2019 | ||||||||
Assets | ||||||||
Cash | $ | 290,000 | ||||||
Accounts receivable (net of doubtful accounts of $15,000) | 368,000 | |||||||
Investments | 248,000 | |||||||
Capital assets | $ | 1,736,000 | ||||||
Accumulated depreciation | 271,000 | 1,465,000 | ||||||
Total assets | 2,371,000 | |||||||
Liabilities | ||||||||
Accounts payable | 104,000 | |||||||
Accrued liabilities | 42,000 | |||||||
Unearned revenue | 30,000 | |||||||
Bonds payable | 720,000 | |||||||
Total liabilities | 896,000 | |||||||
Net Position | ||||||||
Net investment in capital assets | 745,000 | |||||||
Restricted | 183,000 | |||||||
Unrestricted | 547,000 | |||||||
Total net position | $ | 1,475,000 | ||||||
The following information pertains to the year ended June 30, 2020:
South billed tuition and fees totaling $1,329,000 and provided $222,000 in scholarship waivers.
Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020.
Notification was received from the federal government that up to $45,000 in funds could be received in the current year for costs incurred in developing student performance measures.
During the year, the University received an unrestricted appropriation of $2,700,000 from the state.
Equipment for the student computer labs was purchased for cash in the amount of $474,000.
During the year, $723,000 in cash contributions was received from alumni. Of the amount contributed, $250,000 is to be used for construction of a new library.
Interest expense on the bonds payable in the amount of $45,000 was paid.
Student tuition refunds of $105,000 were made. Cash collections of tuition and fees totaled $1,356,000, $126,000 of which applied to the semester beginning in August 2020. Investment income of $9,000 was earned and collected during the year.
General expenses of $3,243,000 related to the administration and operation of academic programs, and research expenses of $27,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2020, the accounts payable balance was $57,000.
Accrued liabilities at June 30, 2019, were paid.
At year-end, adjusting entries were made. Depreciation on capital assets totaled $69,000. The Allowance for Doubtful Accounts was adjusted to $19,000. Accrued interest on investments was $900. The fair value of investments at year-end was $267,000. Of the income earned on investments, $4,900 was restricted.
Nominal accounts were closed and net position amounts were reclassified as necessary.
Prepare a statement of net position for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.)
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