Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2012

11-8 Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2012.

Debits Credits
Revenues-Unrestricted-Tuition & Fees $11,200,000
Revenue-Unrestricted-Unrestricted Income on Endowment investment 40,000
Revenue-Unrestricted-Sales & Service of Auxiliary Enterprises 5,000,000
Revenues-Unrestricted-Contributions 100,000
Reclassifications to Unrestricted Net Assets-Satisfaction of Program Restrictions 640,000
Reclassifications to Unrestricted Net Assets-Satisfaction of Plant Acquisition Restrictions 1,160,000
Tuition Discount-Unrestricted-Student Aid 110,000
Instruction Expense 7,000,000
Research Expense 4,500,000
Public Service Expense 1,200,000
Institutional Support Expense 700,000
Student Service Expense 150,000
Auxiliary Enterprise Expense 3,500,000
Net Assets-Unrestricted-Undesignated 980,000
Revenues-Temporarily Restricted-Contributions 1,500,000
Revenues-Temporarily Restricted-Grants 950,000
Reclassification from Temporarily Restricted
Net Assets-Satisfaction of Program Restrictions 640,000
Reclassification from Temporarily Restricted NetAssets-Satisfaction of Plant Acquisition Restrictions 1,160,000
Net Assets-Temporarily Restricted 650,000
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, 2012, net asset balances are as follows: $1,000,000 unrestricted net assets, $300,000 temporarily restricted net assets; and $1,700,000 permanently restricted net assets.

A. Prepare a Statement of Activities using the format presented in Illustration 10-1.
B. Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in Net assets.

Click here for the solution: Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2012

(Comprehensive Accounting Cycle Problem) The following trial balance was prepared for Gifts, Etc., Inc., on December 31, 2010, after the closing entries were posted

Problem 5-26 Comprehensive Accounting Cycle Problem (Uses Percent of Revenue Allowance Method)

The following trial balance was prepared for Gifts, Etc., Inc., on December 31, 2010, after the closing entries were posted.

AND SO ON

Required
a. Organize the transaction data in accounts under an accounting equation.
b. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for 2011.

Check:
Net Income: $236,710
Total Assets: 1,142,950

Click here for the solution: (Comprehensive Accounting Cycle Problem) The following trial balance was prepared for Gifts, Etc., Inc., on December 31, 2010, after the closing entries were posted