Presented below are the closing entries for lee college a

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Reference no: EM13376147

Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2012.

Debits Credits
Revenues-Unrestricted-Tuition & Fees $11,200,000
Revenue-Unrestricted-Unrestricted Income on
Endowment investment 40,000
Revenue-Unrestricted-Sales & Service of
Auxiliary Enterprises 5,000,000
Revenues-Unrestricted-Contributions 100,000
Reclassifications to Unrestricted Net Assets-
Satisfaction of Program Restrictions 640,000
Reclassifications to Unrestricted Net Assets-
Satisfaction of Plant Acquisition Restrictions 1,160,000
Tuition Discount-Unrestricted-Student Aid 110,000
Instruction Expense 7,000,000
Research Expense 4,500,000
Public Service Expense 1,200,000
Institutional Support Expense 700,000
Student Service Expense 150,000
Auxiliary Enterprise Expense 3,500,000
Net Assets-Unrestricted-Undesignated 980,000
Revenues-Temporarily Restricted-Contributions 1,500,000
Revenues-Temporarily Restricted-Grants 950,000
Reclassification from Temporarily Restricted
Net Assets-Satisfaction of Program Restrictions 640,000
Reclassification from Temporarily Restricted Net
Assets-Satisfaction of Plant Acquisition Restrictions 1,160,000
Net Assets-Temporarily Restricted 650,000
Revenues-Permanently Restricted-Contributions 2,540,000
Gains on Long Term Investments 750,000
Net Assets-Permanently Restricted 3,290,000

Assume the January 1, 2012, net asset balances are as follows: $1,000,000 unrestricted net assets, $300,000 temporarily restricted net assets; and $1,700,000 permanently restricted net assets.

A. Prepare a Statement of Activities using the format presented in Illustration 10-1.

B. Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in Net assets.

Preparing the statements described in parts a and b. Explain the process by which you completed the final statements. Offer your opinion and analysis of the data in answer to the question: "What is the financial health of Lee College?"

Reference no: EM13376147

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