The following is the pre closing trial balance for Allen

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The following is the pre closing trial balance for Allen University as of June 30, 2017. Additional
information related to net assets and the statement of cash flows is also provided.Additional
InformationNet assets released from temporary restrictions totaled $426,850. The gain resulting
from sale of investments was unrestricted. Twenty percent of the unrealized gain is related to
permanently restricted net assets and 10 percent is related to temporarily restricted net assets,
with the remainder related to unrestricted net assets.Additional information is as follows:The
balance in cash and cash equivalents as of July 1, 2016, was $615,540.Tuition and Fees
Receivable increased by $10,230.Pledges Receivable decreased by $1,560.Allowance for
Doubtful Accounts was increased by $770 (the bad debt was netted against Tuition and
Fees).Accounts Payable decreased by $2,900.Accrued Liabilities decreased by
$1,120.Unearned Revenue increased by $6,200.Depreciation Expense was $30,070.Cash of
$100,000 was used to retire bonds.Investments were sold for $1,500,000 (at a gain of $70,000)
and others were purchased for $1,250,000.Unrestricted net assets were used to purchase
equipment at a cost of $33,000.Requireda. Prepare a statement of activities for the year ended
June 30, 2017.b. Prepare a statement of financial position for June 30, 2017.c. Prepare a
statement of cash flows for the year ended June 30, 2017.View Solution:
The following is the pre closing trial balance for Allen

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