Following is the trial balance for Hampshire College, a privately funded college, as of the beginning of the year (in thousands):
$$\begin{array} { | l | r | r | }
\hline & { \text { Dr } } & { \text { Cr } } \
\hline \text { Cash } & \$ 1,400 & \
\hline \text { Receivables } & 250 & \
\hline \text { Restricted cash } & 500 & \
\hline \text { Investments } &4,000& \
\hline \text { Buildings and equipment, net } &15,500 & \
\hline \text { Accrued liabilities } & & 1,800 \
\hline \text { Long-term debt } & & 10,000 \
\hline \text { Net assets without donor restrictions } & &4,000\
\hline \text { Net assets with donor restrictions } &&\underline { 5,850 } \
\hline \text { Total } & \underline { \$ 21,650 } & \underline { \$ 21,650 } \
\hline
\end{array}$$ Events for the year are as follows (in thousands):
1) Tuition and fees are $9,000, of which $3,000 is waived for graduate teaching assistantships and $1,000 is covered by scholarships. $4,950 is collected in cash. All tuition and fees relate to the current year.
2) Operating expenses for salaries, utilities, faculty development, etc. are $10,000. Accrued liabilities increased $200. Depreciation on the buildings and equipment is $500, included in the $10,000 in operating expenses.
3) An unrestricted state appropriation of $2,000 is received in cash.
4) Cash donations and gifts are as follows:
Rest ricted to equipment replacement $ \$ 900 $
Rest ricted to faculty development $ \quad 500 $ 5) $700 of donor-restricted cash is spent to replace equipment. $150 of donor-restricted cash is spent for faculty development (not included in Item 2 above).
6) $275 is spent to service the long-term debt ($225 for interest, and $50 for principal; the interest is not included in Item 2 above).
7) Investment income, received in cash, is $1,500, of which $80 is donor-restricted to faculty development. Donor-restricted cash used for faculty development is $300, not included in item 2 above. Investments have a fair value of $3,900 at year-end. Unrealized gains and losses are unrestricted.
Required
a. Present Hampshire College's statement of activities for the year.
b. Present Hampshire College's statement of financial position as of the end of the year.

Question

Following is the trial balance for Hampshire College, a privately funded college, as of the beginning of the year (in thousands):
 $$\begin{array} { | l | r | r | } 
\hline & { \text { Dr } } & { \text { Cr } } \
\hline \text { Cash } & \$ 1,400 & \
\hline \text { Receivables } & 250 & \
\hline \text { Restricted cash } & 500 & \
\hline \text { Investments } &4,000& \
\hline \text { Buildings and equipment, net } &15,500 & \
\hline \text { Accrued liabilities } & & 1,800 \
\hline \text { Long-term debt } & & 10,000 \
\hline \text { Net assets without donor restrictions } & &4,000\
\hline \text { Net assets with donor restrictions } &&\underline { 5,850 } \
\hline \text { Total } & \underline { \$ 21,650 } & \underline { \$ 21,650 }  \
\hline
\end{array}$$ Events for the year are as follows (in thousands):
1) Tuition and fees are $9,000, of which $3,000 is waived for graduate teaching assistantships and $1,000 is covered by scholarships. $4,950 is collected in cash. All tuition and fees relate to the current year.
2) Operating expenses for salaries, utilities, faculty development, etc. are $10,000. Accrued liabilities increased $200. Depreciation on the buildings and equipment is $500, included in the $10,000 in operating expenses.
3) An unrestricted state appropriation of $2,000 is received in cash.
4) Cash donations and gifts are as follows:
 Rest ricted to equipment replacement $ \$ 900 $ 
Rest ricted to faculty development $ \quad 500 $ 5) $700 of donor-restricted cash is spent to replace equipment. $150 of donor-restricted cash is spent for faculty development (not included in Item 2 above).
6) $275 is spent to service the long-term debt ($225 for interest, and $50 for principal; the interest is not included in Item 2 above).
7) Investment income, received in cash, is $1,500, of which $80 is donor-restricted to faculty development. Donor-restricted cash used for faculty development is $300, not included in item 2 above. Investments have a fair value of $3,900 at year-end. Unrealized gains and losses are unrestricted.
Required
a. Present Hampshire College's statement of activities for the year.
b. Present Hampshire College's statement of financial position as of the end of the year.

Quizplus · Accepted Answer

The Answer of Following is the trial balance for Hampshire College, a privately funded college, as of the beginning of the year (in thousands):
 $$\begin{array} { | l | r | r | } 
\hline & { \text { Dr } } & { \text { Cr } } \
\hline \text { Cash } & \$ 1,400 & \
\hline \text { Receivables } & 250 & \
\hline \text { Restricted cash } & 500 & \
\hline \text { Investments } &4,000& \
\hline \text { Buildings and equipment, net } &15,500 & \
\hline \text { Accrued liabilities } & & 1,800 \
\hline \text { Long-term debt } & & 10,000 \
\hline \text { Net assets without donor restrictions } & &4,000\
\hline \text { Net assets with donor restrictions } &&\underline { 5,850 } \
\hline \text { Total } & \underline { \$ 21,650 } & \underline { \$ 21,650 }  \
\hline
\end{array}$$ Events for the year are as follows (in thousands):
1) Tuition and fees are $9,000, of which $3,000 is waived for graduate teaching assistantships and $1,000 is covered by scholarships. $4,950 is collected in cash. All tuition and fees relate to the current year.
2) Operating expenses for salaries, utilities, faculty development, etc. are $10,000. Accrued liabilities increased $200. Depreciation on the buildings and equipment is $500, included in the $10,000 in operating expenses.
3) An unrestricted state appropriation of $2,000 is received in cash.
4) Cash donations and gifts are as follows:
 Rest ricted to equipment replacement $ \$ 900 $ 
Rest ricted to faculty development $ \quad 500 $ 5) $700 of donor-restricted cash is spent to replace equipment. $150 of donor-restricted cash is spent for faculty development (not included in Item 2 above).
6) $275 is spent to service the long-term debt ($225 for interest, and $50 for principal; the interest is not included in Item 2 above).
7) Investment income, received in cash, is $1,500, of which $80 is donor-restricted to faculty development. Donor-restricted cash used for faculty development is $300, not included in item 2 above. Investments have a fair value of $3,900 at year-end. Unrealized gains and losses are unrestricted.
Required
a. Present Hampshire College's statement of activities for the year.
b. Present Hampshire College's statement of financial position as of the end of the year.

Following Is the Trial Balance for Hampshire College, a Privately