Steiner College s statement of financial position for the

year ended #6834

Steiner College's statement of financial position for the year ended June 30, 2016, is presented
here. Steiner is a private college.The 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 $222,6004. Net
deposits returned to students totaled $10.5. Expenses were incurred
for:Instruction.......................... $86,100Academic support.................. 23,300Student
services.................... 37,700Institutional support............... 28,500Related 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.Requireda. Prepare journal entries in good form to record the
foregoing transactions for the year ended June 30, 2017.b. Prepare a statement of activities for
the year ended June 30, 2017.c. Prepare a statement of financial position for the year ended
June 30, 2017.View Solution:
Steiner College s statement of financial position for the year ended

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