Solved

Northern State University Had the Following Account Balances for the Year

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 1,100,000 Auxiliary enterprise revenue 5,200,000 Capital grants and gifts 1,260,000 Depreciation expense 2,310,000 Employee Benefits 2,410,000 Federal grants and contracts revenue 1,350,000 Gifts 760,000 Interest on capital-related debt 1,200,000 Investment income 380,000 Net assets, beginning of year 22,400,000 Nonexempt wages 3,420,000 Other operating expenses 3,600,000 Salaries-exempt staff 4,100,000 Salaries-faculty 6,370,000 Scholarship tuition and fee contra revenue 900,000 Scholarships and fellowships expense 901,000 State and local grants and contracts revenue 710,000 State appropriation for operations 6,400,000 State appropriations for capital additions 1,340,000 Student tuition and fee revenue 8,500,000\begin{array} { | l | r | } \hline \text { Additions to permanent endowments } & 1,100,000 \\\hline \text { Auxiliary enterprise revenue } & 5,200,000 \\\hline \text { Capital grants and gifts } & 1,260,000 \\\hline \text { Depreciation expense } & 2,310,000 \\\hline \text { Employee Benefits } & 2,410,000 \\\hline \text { Federal grants and contracts revenue } & 1,350,000 \\\hline \text { Gifts } & 760,000 \\\hline \text { Interest on capital-related debt } & 1,200,000 \\\hline \text { Investment income } & 380,000 \\\hline \text { Net assets, beginning of year } & 22,400,000 \\\hline \text { Nonexempt wages } & 3,420,000 \\\hline \text { Other operating expenses } & 3,600,000 \\\hline \text { Salaries-exempt staff } & 4,100,000 \\\hline \text { Salaries-faculty } & 6,370,000 \\\hline \text { Scholarship tuition and fee contra revenue } & 900,000 \\\hline \text { Scholarships and fellowships expense } & 901,000 \\\hline \text { State and local grants and contracts revenue } & 710,000 \\\hline \text { State appropriation for operations } & 6,400,000 \\\hline \text { State appropriations for capital additions } & 1,340,000 \\\hline \text { Student tuition and fee revenue } & 8,500,000 \\\hline\end{array} 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.

Correct Answer:

verifed

Verified

None...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents