ACC 380
anglle1
acc_380_week_5_write_up.docx11–8.Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2014.
|
|
Debits |
Credits |
|
Revenues—Unrestricted—Tuition and Fees |
$11,000,000 |
|
|
Revenues—Unrestricted—Unrestricted Income on Endowment Investments |
40,000 |
|
|
Revenues—Unrestricted—Sales and Services of Auxiliary Enterprises |
5,500,000 |
|
|
Revenues—Unrestricted—Contributions |
100,000 |
|
|
Reclassifications to Unrestricted Net Assets—Satisfaction of Program Restrictions |
720,000 |
|
|
Reclassifications to Unrestricted Net Assets—Satisfaction of Plant Acquisition Restrictions |
1,080,000 |
|
|
Net Assets—Unrestricted |
110,000 |
|
|
Tuition Discount—Unrestricted—Student Aid |
|
$ 375,000 |
|
Instruction Expense |
|
7,000,000 |
|
Research Expense |
|
4,500,000 |
|
Public Service Expense |
|
1,200,000 |
|
Institutional Support Expense |
|
1,600,000 |
|
Student Services Expense |
|
150,000 |
|
Auxiliary Enterprise Expense |
|
3,725,000 |
|
Revenues—Temporarily Restricted—Contributions |
1,500,000 |
|
|
Revenues—Temporarily Restricted—Grants |
970,000 |
|
|
Reclassifications From Temporarily Restricted Net Assets—Satisfaction of Program Restrictions |
|
720,000 |
|
Reclassifications from Temporarily Restricted Net Assets—Satisfaction of Plant Acquisition Restrictions |
|
1,080,000 |
|
Net Assets—Temporarily Restricted |
|
750,000 |
|
Revenues—Permanently Restricted—Contributions |
2,540,000 |
|
|
Gains on Long-Term Investments |
750,000 |
|
|
Net Assets—Permanently Restricted |
|
3,290,000 |
Assume the January 1, 2015, net asset balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,760,000 permanently restricted net assets.
a.Prepare a Statement of Activities using the format presented in Illustration 10–2.
b.Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in Net Assets.
PERFORMING ARTS ORGANIZATION
Statement of Activities
For the Year Ended June 30, 2015
