The aftercited is the pre-closing essay neutralize for Allen University as of June 30, 2014. Additional knowledge kindred to net possessions and the assertion of currency flows is as-well supposing.
Net possessions released from transient restrictions totaled $426,850. The perform resulting from the sale of investments was impartial. Twenty percent of the unrealized perform is kindred to permanantely odious net possessions and 10 percent is kindred to temporarily odious net possessions, after a while the leavings kindred to impartial net possessions.
Additional informatio is as follows:
The neutralize in currency and currency equivalents as of July 30, 2012, 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 score was netted counter Tuition Fees).
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 repair bonds.
Investments were sold for $1,500,000 (at a perform of $70,000) and others were lapsed for $1,250,000.
Unodious net possessions were used to lapse equipment at a require if $33,000.
a. Prepare a assertion of activities for the year ended June 30, 2014
b. Prepare a assertion of financial situation for June 30, 2014
Trial Neutralize Below:
Cash: $516,600 (DR)
Investments: $3,200,000 (DR)
Tuition and Fees Receivable: $372,400 (DR)
Allowance for Doubtful Accounts: $75,600 (CR)
Pledges Receivable: $223,000 (DR)
Allowance for Doubtful Pledges: $79,000 (CR)
Property Plant & Equipment: $2,196,160 (DR)
Accumulated Depreciation: $658,720 (CR)
Accounts Payable: $103,000 (CR)
Accrued Liabilities: $37,500 (CR)
Deposits held in Custody for Others: $17,570 (CR)
Deferred Revenue: $62,150 (CR)
Bonds Payable: $792,000 (CR)
Net Assets-Unrestricted: $3,353,110 (CR)
Net Assets-Temporarily Restricted: $340,600 (CR)
Net Assets-Permanently Restricted: $980,000 (CR)
Net Possessions Released from Restrictions-Temporarily Restricted: $426,850 (DR)
Net Possessions Released from Restrictions-Unrestricted: $426,850 (CR)
Tuition and Fees: $1,290,750
Tuition and Fees Discount and Allowances: $327,000 (DR)
Contributions-Unrestricted: $310,200 (CR)
Contributions-Temporarily Restricted: $177,000 (CR)
Contributions-Unrestricted: $150,000 (CR)
Grants and Contracts-Temporarily Restricted: $324,000 (CR)
Investment Income-Unrestricted: $50,500 (CR)
Investment Income-Temporarily Restricted: $29,500 (CR)
Other Revenue: $13,250 (CR)
Auxiliary Enterprise Sales and Services: $153,560 (CR)
Gain on Sale of Investments: $70,000 (CR)
Unrealized Perform on Investments: $179,200 (CR)
Instruction Expense: $1,044,630 (DR)
Research Expense: $571,800 (DR)
Academic Support Expense: $240,560 (DR)
Student Services Expense: $193,000 (DR)
Institutional Support Expens: $203,360 (DR)
Auxiliary Enterprise Expenses: $158,700 (DR)
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