Northern State University Had the Following Account Balances for the Year
Question 85
Question 85
Essay
Northern State University had the following account balances for the year ended and as of June 30, 2009. Debits are not distinguished from credits, so assume all accounts have a "normal" balance. Additions to permanent endowments Auxiliary enterprise revenue Capital grants and gifts Depreciation expense Employee Benefits Federal grants and contracts revenue Gifts Interest on capital-related debt Investment income Net assets, beginning of year Nonexempt wages Other operating expenses Salaries-exempt staff Salaries-faculty Scholarship tuition and fee contra revenue Scholarships and fellowships expense State and local grants and contracts revenue State appropriation for operations State appropriations for capital additions Student tuition and fee revenue 1,100,0005,200,0001,260,0002,310,0002,410,0001,350,000760,0001,200,000380,00022,400,0003,420,0003,600,0004,100,0006,370,000900,000901,000710,0006,400,0001,340,0008,500,000 Required: Prepare, in good form, a Statement of Revenues, Expenses and Changes in Net Assets for Northern State University for the year ended June 30, 2009.
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