Sherlock State College Problem 16–7
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Sherlock State College Problem 16–7
net assets restricted for capital projects increased by $3,000, and net assets restricted for debt service…
Description
Sherlock State College Problem 16–7
Sherlock State College Problem 16–7
ACCT 567 Financial Statements Public College A+
The following balances come from the trial balance of Sherlock State College as of the end of the 2011 fiscal year.
Required
- 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.
- 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.
- 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 contracts | 18,196 |
| Auxiliary enterprises | 14,595 |
| Total operating revenue | 55,321 |
| Expenses: | |
| Operating expenses: | ….. |