Question: Presented below are comparative post-closing trial balances for a college. In addition, cash transactions for the year ended December 31, 2012, are summarized in the T-account.
Comparative activity statements have been prepared for the year ended December 31, 2012, assuming the college is:
(a) a private not-for-profit (Statement of Activities) and
( b ) a public college (Statement of Revenues, Expenses, and Changes in Fund Net Assets).
These are provided in the first tab of the Excel file template. Using the information above and the Excel template provided, prepare statements of cash flow assuming the college is:
( a ) a private not-for-profit and
( b ) a public college. Assume that all long-term debt is associated with the purchase of property, plant, and equipment.