Prepare the statement of cash flows
Prepare the statement of cash flows
· Increase in net assets $1,000,000
· Increase in cash 855,000
· Increase in Investment Income Receivable 8,000
· Increase in student receivables 32,000
· Decrease in supplies inventory 5,000
· Increase in accounts payable 100,000
· Decrease in deferred tuition revenue 20,000
Included in the change in net assets were the following items:
· Cash gifts for scholarships $100,000
· Cash gifts for equipment acquisition 10,000
· Cash gifts for permanent endowment 500,000
· Gift of land 300,000
· Reclassifications of temporarily restricted amounts 80,000
· Donated services of retired professor teaching
2 online classes per term valued at 25,000
The controller provided analyses of the following accounts:
Property, Plant, and Equipment 1/1/21 $5,000,000
- Disposals of equipment (110,000)
- (Sold for $93,000)
- Gift of land 300,000
- Construction costs paid to XYZ Construction
for new building (used proceeds of a $400,000
unsecured L.T. Note and other cash on hand) 500,000
- Depreciation expense (175,000)
Property, Plant, and Equipment 12/31/21 $5,515,000
Investments 1/1/21 $1,000,000
Purchases 125,000
Sale of investments (sold for $110,000) (150,000)
Unrealized gain to adjust to FMV 100,000
Investments 12/31/21 $1,075,000
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