ACCT 567 Public College Financial Statements Problem 16–7

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ACCT 567 Public College Financial Statements Problem 16–7
The following balances come from the trial balance of Sherlock State College as…

Description

ACCT 567 Public College Financial Statements Problem 16–7

ACCT 567 Public College Financial Statements Problem 16–7

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Financial Statements Public CollegeSherlock State College Problem 16–7

The following balances come from the trial balance of Sherlock State College as of the end of the 2011 fiscal year.

Required

  1. Prepare a statement of revenues, expenses, and changes in net assets for the year ended June 30, 2011, in good form. See Illustration 16–2; however, display expenses using functional classifications as shown in Illustration 16–6.
  2. Prepare a statement of net assets as of June 30, 2011, in good form. For the period, net assets restricted for capital projects increased by $3,000, and net assets restricted for debt service increased by $150; all bonded debt relates to capital assets. See Illustration 16–1.
  3. Prepare a statement of cash flows for the year ended June 30, 2011. Information on changes in assets and liabilities is as follows: Accounts Receivable (net) increased by $2,574; Due from State decreased by $14,842; Accounts Payable and Accrued Liabilities increased by $1,962; and Deferred Revenue decreased by $1,763. See Illustration 16–3.

16-7. a.  Preview:                              SHERLOCK STATE COLLEGE

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS

FOR THE YEAR ENDED JUNE 30, 2011

(DOLLARS IN THOUSANDS)

Revenues:
  Operating revenues: 
     Student tuition and fees (net of discounts & allowances)$ 22,530
     Grants and contracts18,196
     Auxiliary enterprises    14,595
                Total operating revenue    55,321
Expenses:
   Operating expenses:…..