Northern State University Had the Following Account Balances for the Year

question 80

Essay

Northern State University had the following account balances for the year ended and as of June 30, 2009. Debits are not distinguished from credits, so assume all accounts have a "normal" balance.
$\begin{array} { | l | r | } \hline \text { Additions to permanent endowments } & 1,100,000 \\\hline \text { Auxiliary enterprise revenue } & 5,200,000 \\\hline \text { Capital grants and gifts } & 1,260,000 \\\hline \text { Depreciation expense } & 2,310,000 \\\hline \text { Employee Benefits } & 2,410,000 \\\hline \text { Federal grants and contracts revenue } & 1,350,000 \\\hline \text { Gifts } & 760,000 \\\hline \text { Interest on capital-related debt } & 1,200,000 \\\hline \text { Investment income } & 380,000 \\\hline \text { Net assets, beginning of year } & 22,400,000 \\\hline \text { Nonexempt wages } & 3,420,000 \\\hline \text { Other operating expenses } & 3,600,000 \\\hline \text { Salaries-exempt staff } & 4,100,000 \\\hline \text { Salaries-faculty } & 6,370,000 \\\hline \text { Scholarship tuition and fee contra revenue } & 900,000 \\\hline \text { Scholarships and fellowships expense } & 901,000 \\\hline \text { State and local grants and contracts revenue } & 710,000 \\\hline \text { State appropriation for operations } & 6,400,000 \\\hline \text { State appropriations for capital additions } & 1,340,000 \\\hline \text { Student tuition and fee revenue } & 8,500,000 \\\hline\end{array}$ Required: Prepare, in good form, a Statement of Revenues, Expenses and Changes in Net Assets for Northern State University for the year ended June 30, 2009.

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Definitions:

Frontal

Anatomical term that refers to the plane that divides the body into anterior and posterior portions. Also called coronal.

Sagittal

An anatomical term that refers to the plane that divides the body into left and right portions.

Sagittal

Referring to a plane or section that divides the body into right and left portions.

Transverse

Anatomical term that refers to the plane that divides the body into superior and inferior portions.