Reference no: EM132458347
Project - Review the financial information pertaining to Lee College in problem.
FINANCIAL INFORMATION FOR LEE COLLEGE: Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2015.
|
Debits
|
Credits
|
|
Revenues-Unrestricted-Tuition and Fees
|
$11,000,000
|
|
|
Revenues-Unrestricted-Unrestricted Income on Endowment Investments
|
40,000
|
|
|
Revenues-Unrestricted-Sales and Services of Auxiliary Enterprises
|
5,500,000
|
|
|
Revenues-Unrestricted-Contributions
|
100,000
|
|
|
Reclassifications to Unrestricted Net Assets-Satisfaction of Program Restrictions
|
720,000
|
|
|
Reclassifications to Unrestricted Net Assets-Satisfaction of Plant Acquisition Restrictions
|
1,080,000
|
|
|
Net Assets-Unrestricted
|
110,000
|
|
|
Tuition Discount-Unrestricted-Student Aid
|
|
$375,000
|
|
Instruction Expense
|
|
7,000,000
|
|
Research Expense
|
|
4,500,000
|
|
Public Service Expense
|
|
1,200,000
|
|
Institutional Support Expense
|
|
1,600,000
|
|
Student Services Expense
|
|
150,000
|
|
Auxiliary Enterprise Expense
|
|
3,725,000
|
|
Revenues-Temporarily Restricted-Contributions
|
1,500,000
|
|
|
Revenues-Temporarily Restricted-Grants
|
970,000
|
|
|
Reclassifications From Temporarily Restricted Net Assets-Satisfaction of Program Restrictions
|
|
720,000
|
|
Reclassifications from Temporarily Restricted Net Assets-Satisfaction of Plant Acquisition Restrictions
|
|
1,080,000
|
|
Net Assets-Temporarily Restricted
|
|
670,000
|
|
Revenues-Permanently Restricted-Contributions
|
2,540,000
|
|
|
Gains on Long-Term Investments
|
750,000
|
|
|
Net Assets-Permanently Restricted
|
|
3,290,000
|
Required - Prepare the following:
1. A Statement of Activities.
2. A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets.
3. A Statement of Changes in Net Assets.
You must:
1. Include both the completed financial statements and detailed analysis of the data provided.
2. Explain the process by which you completed the final statements and include any applicable supporting information computations and explanations.
3. Offer an in-depth analysis of the financial health of Lee College.
|
What the play is trying to say?
: What the play is trying to say? Why does it tell the story like this?What the producer intended (sound, scene)?How it relates to you?
|
|
Why is ge so interested in reverse innovation
: What are the similarities and differences between GE's traditional innovation and reverse innovation?Why is GE so interested in reverse innovation
|
|
What amount should it report as the cumulative effect
: If Kingbird's tax rate is 27%, what amount should it report as the cumulative effect changing the estimated bad rate
|
|
Discuss the different measures of central tendency
: Discuss the different measures of central tendency, the measures of central tendency are the mean, median, and the mode.
|
|
Prepare a statement of unrestricted revenues
: Prepare the following: A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets. A Statement of Activities
|
|
Describe medieval society
: What was the social hierarchy of the feudal system? How did the reemergence of cities challenge traditional feudal social structures?
|
|
Explain the advent of islam
: Explain the advent of Islam. How was Muhammad successful in creating the Umma? What led Christians and Muslims to go to war
|
|
Elimination of barriers to trade-communication
: According to a US Foreign Policy Expert, Globalization is Define as "an elimination of barriers to trade, communication, and cultural exchange.
|
|
What was import substitution industrialization
: What was Import Substitution Industrialization and what were its successes and failures? What was the Debt Crisis; what caused it
|