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.