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Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. $ 712 7,649 215 5,855 1,344 281,388 156, 400 $ 453,563 STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful accounts of $9) Pledges receivable (net of doubtful accounts of $257) Prepaid assets Property, plant, and equipment (net of accumulated depreciation of $103,960) Investments (at fair value, cost of $162,100) Total assets Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities Deposits held in custody for others Unearned revenue Bonds payable Total liabilities Net Assets: Without donor restrictions With donor restrictions Total net assets Total liabilities and net assets $ 20,890 680 879 93,000 115,449 $ 103, 710 234,404 338, 114 $ 453,563 The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. 1. During the year, charges for tuition and fees were $244,200; scholarships were $16,040; and tuition waivers for scholastic achievement were $4,880. After payment was received, tuition refunds of $10,940 were given. Tuition waivers of $17,010 for students serving as teaching assistants for instruction were accrued. 2. The college received cash contributions without donor restrictions of $1,810, pledges to be collected in 2021 of $560, and cash contributions to the endowments of $313. It also collected $801 of Pledges Receivable that were unrestricted. 3. Collections on Tuition and Fees Receivable totaled $222,290. 4. Net deposits returned to students totaled $16. 5. Expenses were incurred for: Instruction Academic support Student services Institutional support $ 85, 850 22,990 37,460 30,170 Related to the expenses incurred: prepaid assets of $512 were used, $4,758 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,110 in net assets with donor restrictions. 6. The ending balance in Accounts Payable and Accrued Liabilities was $1,625. 7. Investment earnings received for the period were $3,700, of which $1,770 was donor restricted for scholarships. 8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $12, to record depreciation expense of $26,080 (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 $4,420 ($510 was related to investments restricted for scholarships, $1,320 was related to the permanent endowment, the remainder was related to net assets without donor restrictions). 9. Nominal accounts were closed. Required a-1. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020. Complete this question by entering your answers in the tabs below. Reg A1 Req AZ ReqB Regc Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands.) No General Journal Debit Credit Transaction 1(a) A Tuition and Fees Receivable Tuition and Fees Discount and Allowances Tuition and Fees-Without Donor Restrictions 223.280 20.920 244,200 1(b) Tuition and Fees-Without Donor Restrictions 10.940 Cash 10.940 1(c) 17010 Instruction Expense Accounts Payable and Accrued Liabilities 17,010 D 02 2.924 560 1.810 Cash Pledges Receivable Contributions-Without Donor Restrictions Contributions-With Donor Restrictions-Time Contributions-With Donor RestrictionsEndowment Pledges Receivable 560 313 B01 E 03 222.290 Cash Tuition and Fees Receivable 222 290 00 00 00 00 F 04 16 Deposits Held in Custody for Others Cash 16 5(a) Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Prepaid Assets Accounts Payable and Accrued Liabilities Cash 85,850 22,990 37.460 30.170 512 4.758 171.200 H H 5(b) Net Assets-Released from Restrictions-With Donor Restrictions 7,110 Net Assets-Released from Restrictions-Without Donor Restrictions 7,110 1 06 Accounts Payable and Accrued Liabilities Cash J 07 Cash 3.700 Investment Income-With Donor RestrictionsScholarships 1,770 Investment Income-Without Donor Restrictions 1.930 K 12 Contributions-Without Donor Restrictions Allowance for Doubtful accounts 12 L B[b) Instruction Expense Academic Support Expense Accumulated Depreciation 26.080 M 8(c) Cash 10 Unearned Revenue 10 000000000 N B[d) Investments 4.420 Unrealized Gain on Investments-Without Donor Restrictions 2.590 Unrealized Gain on InvestmentsWith Donor Restrictions-Scholarships 510 Unrealized Gain on Investments-With Donor Restrictions-Endowment 1,320 REAL Req A2 > Required a-1. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Reg C Prepare closing entry for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands.) No Transaction General Journal Debit Credit A 9(a) Tuition and FeesWithout Donor Restrictions ContributionsWithout Donor Restrictions Investment Income-Without Donor Restrictions Unrealized Gain on InvestmentsWithout Donor Restrictions x Tuition and Fees Discount and Allowances Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense B 9(b) ContributionsWith Donor RestrictionsEndowment x Investment Income-With Donor RestrictionsScholarships Unrealized Gain on InvestmentsWith Donor RestrictionsScholarships Net AssetsWith Donor Restrictions 9(c) ContributionsWith Donor RestrictionsTime 313 Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment olo 1,320 Net Assets-With Donor Restrictions 1,633 D 9(d) Net Assets-With Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions Net Assets-Without Donor Restrictions Net Assets-With Donor Restrictions Required a-1. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 ReqB Reqc Prepare a statement of activities for the year ended June 30, 2020. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) STEINER COLLEGE Statement of Activities Year ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues and Gains: $ 0 0 0 0 0 0 0 0 0 Total Revenues and Gains Expenses and Losses: Educational and General Expenses: 0 0 0 0 0 0 0 0 0 0 0 Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year 0 0 0 $ 0 $ Required a-1. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Reqc Prepare a statement of financial position for the year ended June 30, 2020. (Enter your answers in thousands.) STEINER COLLEGE Statement of Financial Position June 30, 2020 Assets Total Assets $ 0 Liabilities and Net Assets Liabilities: Total Liabilities 0 Net Assets: Total Net assets 0 Total Liabilities and Net Assets $ 0 Required a-1. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Reg C Prepare closing entry for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands.) No Transaction General Journal Debit Credit A 9(a) Tuition and FeesWithout Donor Restrictions ContributionsWithout Donor Restrictions Investment Income-Without Donor Restrictions Unrealized Gain on InvestmentsWithout Donor Restrictions x Tuition and Fees Discount and Allowances Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense B 9(b) ContributionsWith Donor RestrictionsEndowment x Investment Income-With Donor RestrictionsScholarships Unrealized Gain on InvestmentsWith Donor RestrictionsScholarships Net AssetsWith Donor Restrictions 9(c) ContributionsWith Donor RestrictionsTime 313 Unrealized Gain on InvestmentsWith Donor RestrictionsEndowment olo 1,320 Net Assets-With Donor Restrictions 1,633 D 9(d) Net Assets-With Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions Net Assets-Without Donor Restrictions Net Assets-With Donor Restrictions Required a-1. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 ReqB Reqc Prepare a statement of activities for the year ended June 30, 2020. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) STEINER COLLEGE Statement of Activities Year ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues and Gains: $ 0 0 0 0 0 0 0 0 0 Total Revenues and Gains Expenses and Losses: Educational and General Expenses: 0 0 0 0 0 0 0 0 0 0 0 Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year 0 0 0 $ 0 $ Required a-1. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. a-2. Prepare closing entry for the year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Reqc Prepare a statement of financial position for the year ended June 30, 2020. (Enter your answers in thousands.) STEINER COLLEGE Statement of Financial Position June 30, 2020 Assets Total Assets $ 0 Liabilities and Net Assets Liabilities: Total Liabilities 0 Net Assets: Total Net assets 0 Total Liabilities and Net Assets $ 0

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