Answered Essay: PROBLEM 19-3 Various Funds-University L02 L03 A partial statement of financial position of Century University is shown

PROBLEM 19-3 Various Funds-University L02 L03 A partial statement of financial position of Century University is shown below: entury University Partial Statement of Financial Position June 30, 2011 Assets Current Funds Unrestricted Cash Accounts Receivable (less allowance for doubtful accounts, $9,000)341,000 State Appropriations Receivable Total Unrestricted $210,000 75,000 626,000 Restricted Cash Investments Total Restricted Total Current 7,000 60,000 67,000 $693,000 Liabilities and Fund Balances Current Funds Unrestricted Accounts Payable Deferred Revenues Fund Balance Total Unrestricted $ 45,000 66,000 515,000 626,000 Restricted Fund Balance Total Restricted Total Current 67,000 67,000 $693,000

I need part B and C completed, please!

PROBLEM 19-3 Various Funds-University L02 L03 A partial statement of financial position of Century University is shown below: entury University Partial Statement of Financial Position June 30, 2011 Assets Current Funds Unrestricted Cash Accounts Receivable (less allowance for doubtful accounts, $9,000)341,000 State Appropriations Receivable Total Unrestricted $210,000 75,000 626,000 Restricted Cash Investments Total Restricted Total Current 7,000 60,000 67,000 $693,000 Liabilities and Fund Balances Current Funds Unrestricted Accounts Payable Deferred Revenues Fund Balance Total Unrestricted $ 45,000 66,000 515,000 626,000 Restricted Fund Balance Total Restricted Total Current 67,000 67,000 $693,000

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Answer:

B

Prepare a statement of activities for the year ended June 30, 2012.

      CENTURY UNIVERSITY
Statement of Activities
For the Year Ended June 30, 2012
Current Funds Endowment Fund
Unrestricted Restricted
Revenue and additions:
Unrestricted current fund revenues $         1,981,000.00
Private gifts – restricted $      50,000.00 $        50,000.00
Endowment income – restricted $        7,000.00
Realized gains on investments – restricted $        5,000.00
Investment income – restricted $         1,981,000.00 $        1,900.00 $        50,000.00
Total revenue & additions $      63,900.00 $                    –
Expenditures:  
Educational & general $         1,780,000.00 $      13,000.00 $                    –
Total expenditures $         1,780,000.00 $      13,000.00
Net increase for the year $            201,000.00 $      50,900.00 $        50,000.00
Fund balance at beginning of year $            515,000.00 $      67,000.00 $                    –
Fund balances at end of year $            716,000.00 $    117,900.00 $        50,000.00

____________________________________________________________________

c

Prepare a statement of activities for the current funds for the year ended June 30, 2012 Include more details about the revenues and expenses.

CENTURY UNIVERSITY
Statement of Activities
For the Year Ended June 30, 2012
Current Funds
Unrestricted Restricted Total
Revenue and additions:
Tuition and fees $         1,900,000.00 $   1,900,000.00
State appropriations $              50,000.00 $        50,000.00
Private gifts and grants $              25,000.00 $      13,000.00 $        38,000.00
Interest on deferred tuition $                6,000.00 $      13,000.00 $        19,000.00
Total current revenue $         1,981,000.00 $   1,981,000.00
Expenditures: $     13,000.00 $        13,000.00
Educational and general $         1,780,000.00 $      13,000.00 $   1,793,000.00
Total expenditures $         1,780,000.00 $   1,780,000.00
Excess of restricted receipts over transfers to revenue $      50,900.00 $        50,900.00
Net increase in fund balance $            201,000.00 $      50,900.00 $      251,900.00
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