Description
WILSON STATE COLLEGE
Pre-closing Trial Balance
June 30, 2017 (000s omitted)
Debits
Credits
Cash and Cash Equivalents
$3,278
Investments
$29,387
Accounts Receivable
$1,957
Allowance for Uncollectible Receivables
$137
Due from State
$79,626
Inventories
$869
Cash and Cash Equivalents–Restricted
$6,716
Investments–Restricted
$71,883
Depreciable Capital Assets
$184,620
Accumulated Depreciation
$28,850
Nondepreciable Assets
$89,481
Accounts Payable
$2,306
Accrued Liabilities
$2,039
Unearned Revenue
$13,789
Compensated Absences -Current Portion
$1,538
Bonds Payable
$92,116
Compensated Absences
$37,662
Net Position–Net Investment in Capital Assets
$158,715
Net Position–Restricted for Debt Service–Expendable
$1,157
Net Position–Restricted for Capital Projects–Expendable
$49,272
Net Position – Restricted for Endowment–Nonexpendable
$39,959
Net Position–Unrestricted
$36,559
Tuition and Fees
$30,095
Tuition and Fees Discount and Allowances
$7,565
Grants and Contracts Revenue
$18,196
Auxiliary Enterprise Sales
$14,595
Investment Income
$1,745
State Appropriations
$44,894
Capital Appropriations
$12,785
Institutional Support Expenses
$26,268
Academic Support Expenses
$58,940
Scholarships and Fellowships Expense
$7,664
Depreciation Expense
$5,580
Interest Expense
$378
Auxiliary Enterprise Expenses
$12,197
Totals
$586,409
$586,406
Information on Cash and Cash Equivalents Activity
Beginning Cash Balance
$8,067
Received Tuition and Fees (net)
$23,609
Received Grants and Contracts
$12,940
Received from Auxiliary Enterprises
$13,765
Payments to Employees
$58,220
Payments to Vendors
$21,711
Payments to Students for Scholarships and Fellowships
$7,664
Received State Appropriations
39,894
Received Capital Appropriations
20,540
Purchase of Capital Assets
20,634
Interest Paid on Debt
2,095
Interest Income
1,503
Using this information
Prepare a statement of revenues, expenses, and changes in net position for the year ended June 30, 2017, in good form. See Illustrations 152 and 76; however, display expenses using functional classifications as shown in Illustration 156.
Prepare a statement of net position as of June 30, 2017, in good form. For the period, net position restricted for capital projects increased by $3,000, and net position restricted for debt service increased by $150; all bonded debt relates to capital assets. See Illustration 151.
Prepare a statement of cash flows for the year ended June 30, 2017. Information on changes in assets and liabilities is as follows: Accounts Receivable (net) increased by $2,551; Due from State decreased by $14,842; Inventories increased by $23; Accounts Payable and Accrued Liabilities increased by $1,962; and Unearned Revenue decreased by $1,763. See Illustration 153
