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3: Following is the trial balance for Passaic Community College, a privately funded college, as of...

3: Following is the trial balance for Passaic Community College, a privately funded college, as of January 1, 2018 (in thousands):

Passaic Community

Dr

Cr

Cash

$900

Receivables

250

Investments

4,000

Buildings and equipment, net

15,500

Accrued liabilities

$800

Long-term debt

10,000

Unrestricted net assets

4,000

Temporarily restricted net assets

2,000

Permanently restricted net assets

_____

3,850

Total

$20,650

$20,650

Events for 2018 are as follows (in thousands):   

1. Tuition and fees are $7,000, of which $2,000 is waived for graduate teaching assistantships and $1,000 is covered by scholarships. $3,950 is collected in cash. All tuition and fees relate to 2018.

2. Operating expenses for salaries, utilities, research programs, etc. are $8,500, all paid in cash. Accrued liabilities of $650 were paid in cash. Depreciation on the buildings and equipment is $200.

3. An unrestricted state appropriation of $3,000 is received in cash.

4. Cash donations and gifts for equipment replacement are as follows:

           

Restricted to equipment replacement

$500

Restricted to research projects

300

5. $900 of donor-restricted cash is spent to replace equipment. $100 of donor-restricted cash is spent for research projects (included in Item 2 above).

6. $175 is spent to service the long-term debt ($100 for interest, and $75 for principal; the interest is not included in Item 2 above).

7. Investment income, received in cash, is $2,000, of which $300 is donor-restricted to research programs. Donor-restricted cash used for research programs is $250, included in Item 2 above. Investments have a fair value of $4,200 at year-end. Unrealized gains and losses are unrestricted.

Required:       

a. Prepare journal entries to record the transaction. Indicate whether each entry would affect unrestricted, temporarily restricted, or permanent restricted net assets.

b. Present Passaic Community College’s statement of activities for 2018.

c. Present Passaic Community College’s statement of financial position as of December 31, 2018.

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ekkarill92 answered 1 year ago
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