In: Accounting
Carlisle State College had the following account balances for the year ended and as of June 30, 2018. Debits are not distinguished from credits, so assume all accounts have a “normal” balance.
Additions to permanent endowments | 400,000 |
Auxiliary enterprise revenue | 4,200,000 |
Capital grants and gifts | 300,000 |
Depreciation expense | 1,400,000 |
Employee Benefits | 1,975,000 |
Federal grants and contracts revenue | 2,000,000 |
Gifts | 700,000 |
Interest on capital-related debt | 450,000 |
Investment income | 220,000 |
Net position, beginning of year | 11,450,000 |
Nonexempt wages | 1,500,000 |
Other operating expenses | 900,000 |
Salaries-exempt staff | 2,300,000 |
Salaries-faculty | 6,500,000 |
Scholarship tuition and fee contra revenue | 300,000 |
Scholarships and fellowships expense | 315,000 |
State and local grants and contracts revenue | 900,000 |
State appropriation for operations | 4,970,000 |
State appropriations for capital additions | 250,000 |
Student tuition and fee revenue | 8,450,000 |
Required
Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Position for Carlisle State College for the year ended June 30, 2017.
PLEASE DO IN EXCELL AND START WITH OPERATING REVENUES.