@ 150% 7). Required: [15 pts.) Elizabeth College, a private college, has the fol
ID: 2591330 • Letter: #
Question
@ 150% 7). Required: [15 pts.) Elizabeth College, a private college, has the following pre-closing trial balance for revenue and expenses. Debits Credits Student tuition and fees (net) Contributions Unrestricted Contributions - Temporarily Restricted Contributions - Permanently Restricted Auxiliary enterprise sales and services Unrealized gain on investments - Unrestricted Unrealized gain on investments- Permanently Restricted Net Assets Released from Restrictions-Temporarily Restricted Net Assets Released from Restrictions -Unrestricted Instruction expense Academic support expenses Student services expenses Institutional support expenses Auxiliary enterprises expenses 5,429,630 1,891,000 1,201,200 1,000,000 94,370 8,500 3,040 450,000 450,000 4,350,790 1,999.450 . 87.980 501,130 133,410 Prepare a statement of activities, in goodfo m--tie ear ended June 30, 2008 Assume beginning net asset amounts of $7,518,000 unrestricted net assets, S200,000 temporarily ir restricted net assets and $5,000,000 permanently restricted net assets.Explanation / Answer
Statement showing Statement of activities for the year ended june30, 2008:
Elizabeth College
Statement of Activities
Year Ended June 30, 2008
Temporarily
Permanently
Unrestricted
Restricted
Restricted
Total
Revenues and Gains:
Student Tuition and Fees (net)*
5,429,630
5,429,630
Contributions
1,891,000
1,201,200
1,000,000
4,092,200
Auxiliary Enterprise Sales and Services
94,370
94,370
Unrealized Gain on Investments
8,500
3,040
11,540
Net Assets Released from Restrictions
450,000
(450,000)
Total Revenues and Gains
7,873,500
751,200
1,003,040
9,627,740
Expenses and Loses:
Educational and General Expenses:
Instruction
4,350,790
4,350,790
Academic Support
1,999,450
1,999,450
Student Services
87,980
87,980
Institutional Support
501,130
501,130
Total Educational and General Expenses
6,939,350
6,939,350
Auxiliary Enterprises
133,410
133,410
Total Expenses and Losses
7,072,760
7,072,760
Total Change in Net Assets (7,873,500- 7,072,760)
800,740
751,200
1,003,040
2,554,980
Net Assets, Beginning of the Year
7,518,000
200,000
5,000,000
12,718,000
Net Assets, End of the Year
8,318,740
951,200
6,003,040
15,272,980
Elizabeth College
Statement of Activities
Year Ended June 30, 2008
Temporarily
Permanently
Unrestricted
Restricted
Restricted
Total
Revenues and Gains:
Student Tuition and Fees (net)*
5,429,630
5,429,630
Contributions
1,891,000
1,201,200
1,000,000
4,092,200
Auxiliary Enterprise Sales and Services
94,370
94,370
Unrealized Gain on Investments
8,500
3,040
11,540
Net Assets Released from Restrictions
450,000
(450,000)
Total Revenues and Gains
7,873,500
751,200
1,003,040
9,627,740
Expenses and Loses:
Educational and General Expenses:
Instruction
4,350,790
4,350,790
Academic Support
1,999,450
1,999,450
Student Services
87,980
87,980
Institutional Support
501,130
501,130
Total Educational and General Expenses
6,939,350
6,939,350
Auxiliary Enterprises
133,410
133,410
Total Expenses and Losses
7,072,760
7,072,760
Total Change in Net Assets (7,873,500- 7,072,760)
800,740
751,200
1,003,040
2,554,980
Net Assets, Beginning of the Year
7,518,000
200,000
5,000,000
12,718,000
Net Assets, End of the Year
8,318,740
951,200
6,003,040
15,272,980
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