Question

Show all steps 7 Bookmarks Chapter 11, Problem 9QE ON Problem The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields 1. The Institute began the year with the following account balances: Beginning Balances July 1, 2016 Debits Credits Cash $250,000 Student Accounts Receivable 15,000 500,000 250,000 Investments-Endowment Restricted Cash Capital Assets Accumulated Depreciation Accounts Payable and Accrued Liabilities Deferred Revenues 1,000,000 $350,000 5,000 6,000 650,000 750,000 254,000 Net Investment in Capital Assets Restricted Net Position Unrestricted Net Position 2. The Institute received a state appropriation of $75,000 and unrestricted gifts of $10,000. 3. The deferred revenue appearing on the beginning of the year trial balance represents the portion of summer school tuition received in the previous academic year that relates to classes held in the current year. 4. Students were billed for tuition and fees of $500,000 and room and board of $190,000. A total of $350,000 was received on student accounts throughout the year. 5. The Institute received $110,000 of Pell Grants during the academic year. These amounts were immediately applied to student accounts for amounts due for tuition and fees. 6. Students are awarded academic scholarships of $150,000, which are applied to their accounts. Additionally, several other students are hired by the Institute to work in the Institute's dining hall (auxiliary enterprise). As part of their compensation for working, tuition in the amount of $25,000 is waived. 7. The $250,000 restricted cash balance at the beginning of the year was donated for a new training ship. During the year an additional $250,000 donation was received 8. The Institute signed a long-term note payable for $200,000. These funds, together with the

I am not sure what you are asking about more time taking. I can attach a copy of the excel spreadsheet with the T-accounts on them.

Will that help.

Answer 1

Hi,

I am attaching herewith the Journal Entries along with the T shaped profit and Loss and Balance Sheet.

You can easily track each and every transaction through these two.

Thanks

Profit and Loss Statement
Particulars	Amount	Particulars	Amount
Auxiliary Enterprise Expense	220000	Change in Fair Value of Investment	4000
Donation	250000	Donation Received	250000
Institutional Support	150000	Interest and Dividend	27000
Instruction Expense	375000	Reimbursement Type Grants	106500
Interest on Note	12000	Room and Board	190000
Research Expense	130000	Tuition Fee	498500
		Net Loss	61000
Total	1137000	Total	1137000

Balance Sheet
Capital and Liabilities	Amount	Assets	Amount
Campaigns	300000	Capital Asset	1000000
Investment in Capital Asset	650000	Training Ship	450000
State Appropriation	75000	Investment	604000
Accounts Payable	230000	Cash	342500
Accumulated Depreciation	515000	Need Based Scholarship Funds	27000
Deferred Revenue	7500	Pledges Receivable	200000
Interest on Note payable	12000	Restricted Cash	250000
Long Term Note	200000	Students Account Receivable	69000
Restricted Net Position	750000
Unrestricted Net Position	264000
Loss for Current Year	-61000
Total	2942500	Total	2942500

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