Accounts receivable for $13.00 were determined uncollectible and were written off against the allowance account

Accounts receivab]
Prepaid expenses e, net
In vestments 52 | 0,000
Capital assets 100
Accu : ,000
A Mulated depreciat 31,750,009 210.000
Otal assets 1On 275 ?
Liabilities: SO
Ac les: 1,475,000
~COunts payable 2,305,000
Accrued Nabilities
Deferred revenue 105,000
Bonds payable Sony
aoa Hlabilities 600,000
et assets: 770,000
Nvested in capital a
| sset
Restricted » net of related debt $875,000
Unrestricted 215,000
Total net assets 445.000
The following inf , | $1,535,000
wing Information pertains to the year ended July 31, 2003:
1. Cash collected from student’s tuition totaled $3,000,000, $362,000
represented accounts receivable outstanding at July 31, 2002; $2,500,000
was for current-year tuition; and $138,000 was for tuition applicable to the
Semester beginning in August 2003.
2. Deferred revenue at July 31, 2002, was earned during the year ended July
31, 2003.
3. Accounts receivable for $13.00 were determined uncollectible and were
written off against the allowance account. At July 31, 2003, the allowance
account was estimated at $10,000.
4. During the year, an unrestricted appropriation of $60,000 was made by the
state. This state appropriation was to be paid to Rapapo sometime in
August 2003.
5. Equipment was purchased for the student computer labs in the amount of
$225,000 |
6. During the year, unrestricted cash gifts of $80,000 were received from
alumni. Rapapo’s board of trustees allocated $30,000 of these gifts to the
student’s loans.
7. Interest expense on the bonds payable was paid in the amount of $48,000.
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