Prepare a statement of changes in net assets


Response to the following problem:

Western State University had the following account balances for the year ended and as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts have a "normal" balance.

Student tuition and fee revenue

$ 9,045,000

Scholarship tuition and fee contra revenue

920,000

Scholarships and fellowships expense

988,000

State appropriation for operations

10,000,000

Auxiliary enterprise revenue

9,321,000

Salaries-faculty

8,312,000

Capital appropriations

2,100,000

Depreciation expense

3,276,000

Salaries-exempt staff

5,432,000

Capital grants and gifts

1,110,000

Benefits

3,582,000

Federal grants and contracts revenue

1,221,000

Nonexempt wages

4,729,000

State and local grants and contracts revenue

898,000

Gifts

1,345,000

Additions to permanent endowments

900,000

Investment income

873,000

Other operating expenses

2,982,000

Interest on capital-related debt

1,984,000

Net assets, beginning of year

4,680,000

Required:

Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Assets for Western State University for the year ended June 30, 2012.

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Financial Accounting: Prepare a statement of changes in net assets
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