Question

Please help with Part B. Preparing a statement of activities of for the year ended June 30,2020

15-17. Private College Transactions. (L015-4 ) Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) $ 734 7,666 230 5,872 1,364 281,404 | 158,400 $455,670 Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful accounts of $12) Pledges receivable (net of doubtful accounts of $280) Prepaid assets Property, plant, and equipment (net of accumulated depreciation of $104,240) Investments (at fair value, cost of $162,000) 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 $ 21,130 700 900 99,000 121,730 $104,000 229.940 Total net assets 333.940 $455,670 Total liabilities and net assets The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. Page 649 1. During the year, charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11.200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued. 2. The college received cash contributions without donor restrictions of $2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted. 3. Collections on Tuition and Fees Receivable totaled $222,600. 4. Net deposits returned to students totaled $10. 5. Expenses were incurred for Instruction Academic support Student services Institutional support $86,100 23,300 37,700 28,500 Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of S7,320 in net assets with donor restrictions.

Answer 1

Answer :

STEINER COLLEGE

STATEMENT OF ACTIVITIES JUNE 30,2020

Particulars	Unrestricted	Temporarily Restricted	Permanently Restricted	Total
Revenues and gains :
Student tuition and fees (net)	$211,870			$211,870
Contributions	$2,080	$550	$335	$2,965
Investment income	$1,890	$2,070		$3,960
Unrealized gain on investments	$2,300	$790	$1,610	$4,700
Net asset released from restrictions	$7,320	- $7,320		$0
Total Revenues and Gains	$225,460	$-3,910	$1,945	$223,495
Expenses and losses :
Educational and general expenses
Instruction	$121,880			$121,880
Academic support	$31,220			$31,220
Student services	$37,700			$37,700
Institutional support	$28,500			$28,500
Total expenses and losses	$219,300			$219,300
Total change in net assets	$6,160	$-3,910	$1,945	$4,195
Net assets, beginning of the year	$104,000	$33,040	$196,900	$333,940
Net assets end of the year	$110,160	$29,130	$198,845	$338,135

Hence the net assets at the end of the year are $338,135

Working Note

1. Student tuition and fees (net) is gross tuition fees collection minus tuition and fees discount and allowances.

2. Total change in net assets is total revenues and gains minus total expenses and losses.

3. Net assets, end of the year is total change in net assets plus net assets beginning of the year