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ACC 460 Week 5 Frank...

CH. 15 PROBLEM: PRIVATE COLLEGE TRANSACTIONS

 COMPLETE QUESTION 15-17 PART B

 USE EXCEL FORMAT

 
15-17Private College Transactions.Steiner College's statement of financial position for the year ended June 30, 2016, is presented here. Steiner is a private college.

Page 640The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017.

  1. During the year charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued.
  2. The college received unrestricted cash contributions of $2,080, pledges to be collected in 2018 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted.
  3. Collections on Tuition and Fees Receivable totaled $222,600
  4. Net deposits returned to students totaled $10.
  5. Expenses were incurred for:
    Instruction$86,100
    Academic support23,300
    Student services37,700
    Institutional support28,500

    Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in temporarily restricted net assets.

  6. The ending balance in Accounts Payable and Accrued Liabilities was $1,935.
  7. Investment earnings received for the period were $3,960, of which $2,070 was temporarily restricted.
  8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to temporarily restricted net assets, $1,610 was related to permanently restricted net assets, the remainder was related to unrestricted net assets).
  9. Nominal accounts were closed.

Required

  1. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2017.
  2. Prepare a statement of activities for the year ended June 30, 2017.

 

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xxxxxxx xxxxx PRIVATE COLLEGE xxxxxxxxxxxx xxx PAGE xx xxxxxxxxxxx �1� PRIVATE COLLEGE xxxxxxxxxxxx xxxxxxxx xxx PAGE \* xxxxxxxxxxx �9�

xxxxxxx xxxxxxx Transactions

xxxxxxx’s xxxxx

Institutional Affiliation

xxx

xxxxxxx xxxxxxxxx xxxxxxxxx xx financial position for the year xxxxx June xxx xxxxx xx presented here. Steiner xx a xxxxxxx college.

xxxxxxx xxxxxxxx for Steiner College xxx the xxxx ended xxxx xxx xxxxx

During the xxxx xxxxxxx for tuition xxx fees were $244,500; xxxxxxxxxxxx xxxx xxxxxxxx xxx tuition waivers for scholastic xxxxxxxxxxx xxxx xxxxxxx After payment xxx xxxxxxxxx tuition refunds xx xxxxxxx xxxx xxxxxx Tuition xxxxxxx of xxxxxxx for students serving as xxxxxxxx xxxxxxxxxx for xxxxxxxxxxx were xxxxxxxxx

xxxxxxxxx

xxxxxx

Credits

Tuition Receivable

xxxxxxxx

Tuition Discounts and xxxxxxxxxx

$38,700

xxxxxxx xxx xxxx – Unrestricted

$283,200

Tuition and xxxx – xxxxxxxxxxxx

xxxxxxx

xxxxxxx xxxxxxxxxx

xxxxxxx

The college xxxxxxxx unrestricted xxxx xxxxxxxxxxxxx xx xxxxxxx pledges to xx xxxxxxxxx xx 2018 of $550, and cash contributions to the endowments of xxxxx xx xxxx xxxxxxxxx xxxx of xxxxxxx xxxxxxxxxx that were unrestricted.

xxxxxx

Debits

xxxxxxx

xxxx

$3,785

Contributions – xxxxxxxxxxxx

xxxxxx

xxxxxxxxxxxxx – Temporarily Restricted

xxxx

Collections on xxxxxxx and xxxx Receivable xxxxxxx $222,600

xxx

xxxxxx

Credits

xxxx

$222,600

xxxxxxx and xxxx Receivable

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