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…

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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

  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:…..