104.Northern State University had the following account balances for the year ended and as of June 30, 2015. Debits are not distinguished from credits, so assume all accounts have a “normal” balance.
Additions to permanent endowments
1,500,000
Auxiliary enterprise revenue
5,100,000
Capital grants and gifts
1,260,000
Depreciation expense
2,300,000
Employee Benefits
2,410,000
Federal grants and contracts revenue
1,350,000
Gifts
940,000
Interest on capital-related debt
800,000
Investment income
380,000
Net Position, beginning of year
19,600,000
Nonexempt wages
3,400,000
Other operating expenses
3,600,000
Salaries-exempt staff
4,100,000
Salaries-faculty
7,200,000
Scholarship tuition and fee contra revenue
Scholarships and fellowships expense
750,000
State and local grants and contracts revenue
950,000
State appropriation for operations
5,900,000
State appropriations for capital additions
1,340,000
7,800,000
Required: Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Position for Northern State University for the year ended June 30, 2015.
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