The preclosing trial balance of Excel Private College has the following balances: Debit CreditExpenses—Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,130,000Expenses—Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840,000Expenses—Academic Support . . . . . . . . . . . . . . . . . . . . . . 200,000Expenses—Student Services . . . . . . . . . . . . . . . . . . . . . . . .200,000Expenses—Institutional Support . . . . . . . . . . . . . . . . . . . 325,000Expenses—Operation and Maintenance of Plant . . . . 300,000Expenses—Student Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000Expenses—Auxiliary Enterprises Expenses . . . . . . . . . . . 575,000Reclassifications Out—Temporarily Restricted—Satisfaction of Program Restrictions . . . . . . . . . . . . . . . . 75,000Reclassifications Out—Temporarily Restricted—Satisfaction of Equipment Acquisition Restrictions . . 250,000Reclassifications Out—Temporarily Restricted—Expiration of Time Restrictions . . . . . . . . . . . . . . . . . . . . .50,000Tuition and Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000Contributions—Unrestricted . . . . . . . . . . . . . . . . . . . . . . . 365,000Government Appropriations, Grants, and Contracts . 700,000Other Investment Income—Unrestricted . . . . . . . . . . . . 150,000Sales and Services of Auxiliary Enterprises . . . . . . . . . . 300,000Reclassifications In—Unrestricted—Satisfaction ofProgram Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000Reclassifications In—Unrestricted—Satisfaction ofEquipment Acquisition Restrictions . . . . . . . . . . . . . . . . . 250,000Reclassifications In—Unrestricted—Expiration ofTime Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000Contributions—Temporarily Restricted . . . . . . . . . . . . . 100,000Endowment Income—Temporarily Restricted . . . . . . . 15,000Contributions—Permanently Restricted . . . . . . . . . . . . 500,000Net Realized Gains on Endowment—Temporarily Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000Unrestricted Net Assets, January 1, 2018. . . . . . . . . . . . 675,000Temporarily Restricted Net Assets, January 1, 2018. . 975,000Permanently Restricted Net Assets, January 1, 2018 . 2,500,0001. Prepare closing entries for the three net asset classifications.2. Prepare a statement of activities for the year ended December 31, 2018, using a column for each of the net asset classifications.
The preclosing
Debit Credit
Expenses—Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,130,000
Expenses—Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840,000
Expenses—Academic Support . . . . . . . . . . . . . . . . . . . . . . 200,000
Expenses—Student Services . . . . . . . . . . . . . . . . . . . . . . . .200,000
Expenses—Institutional Support . . . . . . . . . . . . . . . . . . . 325,000
Expenses—Operation and Maintenance of Plant . . . . 300,000
Expenses—Student Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000
Expenses—Auxiliary Enterprises Expenses . . . . . . . . . . . 575,000
Reclassifications Out—Temporarily Restricted—
Satisfaction of Program Restrictions . . . . . . . . . . . . . . . . 75,000
Reclassifications Out—Temporarily Restricted—
Satisfaction of Equipment Acquisition Restrictions . . 250,000
Reclassifications Out—Temporarily Restricted—
Expiration of Time Restrictions . . . . . . . . . . . . . . . . . . . . .50,000
Tuition and Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000
Contributions—Unrestricted . . . . . . . . . . . . . . . . . . . . . . . 365,000
Government Appropriations, Grants, and Contracts . 700,000
Other Investment Income—Unrestricted . . . . . . . . . . . . 150,000
Sales and Services of Auxiliary Enterprises . . . . . . . . . . 300,000
Reclassifications In—Unrestricted—Satisfaction of
Program Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000
Reclassifications In—Unrestricted—Satisfaction of
Equipment Acquisition Restrictions . . . . . . . . . . . . . . . . . 250,000
Reclassifications In—Unrestricted—Expiration of
Time Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Contributions—Temporarily Restricted . . . . . . . . . . . . . 100,000
Endowment Income—Temporarily Restricted . . . . . . . 15,000
Contributions—Permanently Restricted . . . . . . . . . . . . 500,000
Net Realized Gains on Endowment—
Temporarily Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000
Unrestricted Net Assets, January 1, 2018. . . . . . . . . . . . 675,000
Temporarily Restricted Net Assets, January 1, 2018. . 975,000
Permanently Restricted Net Assets, January 1, 2018 . 2,500,000
1. Prepare closing entries for the three net asset classifications.
2. Prepare a statement of activities for the year ended December 31, 2018, using a column for each of the net asset classifications.
Step by step
Solved in 5 steps with 7 images
