Western State University had the following account balances for the year ended and as of June 30,
Question:
Student tuition and fee revenue . . . . . . . . . . . . . . . . . . . . . . . . $ 9,045,000
Scholarship tuition and fee contra revenue . . . . . . . . . . . . . . . 920,000
Scholarships and fellowships expense . . . . . . . . . . . . . . . . . . . 988,000
State appropriation for operations . . . . . . . . . . . . . . . . . . . . . . 10,000,000
Auxiliary enterprise revenue . . . . . . . . . . . . . . . . . . . . . . . . . . 9,321,000
Salaries—faculty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,312,000
Capital appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100,000
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,276,000
Salaries—exempt staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,432,000
Capital grants and gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,110,000
Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,582,000
Federal grants and contracts revenue . . . . . . . . . . . . . . . . . . . . 1,221,000
Nonexempt wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,729,000
State and local grants and contracts revenue . . . . . . . . . . . . . . 898,000
Gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,345,000
Additions to permanent endowments . . . . . . . . . . . . . . . . . . . 900,000
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 873,000
Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,982,000
Interest on capital-related debt . . . . . . . . . . . . . . . . . . . . . . . . 1,984,000
Net assets, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . 4,680,000
Required:
Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Assets for Western State University for the year ended June 30, 2012.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
Question Posted: