Carlisle State College had the following account balances for the year ended and as of June 30, 2018. Debits are not distinguished from credits, so assume all accounts have a "normal" balance. Additions to permanent endowments 400,000
Auxiliary enterprise revenue 4,200,000
Capital grants and gifts 300,000
Depreciation expense 1,400,000
Employee Benefits 1,975,000
Federal grants and contracts revenue 2,000,000
Gifts 700,000
Interest on capital-related debt 450,000
Investment income 220,000
Net position, beginning of year 11,450,000
Nonexempt wages 1,500,000
Other operating expenses 900,000
Salaries-exempt staff 2,300,000
Salaries-faculty 6,500,000
Scholarship tuition and fee contra revenue 300,000
Scholarships and fellowships expense 315,000
State and local grants and contracts revenue900,000
State appropriation for operations 4,970,000
State appropriations for capital additions 250,000
Student tuition and fee revenue 8,450,000
Required
Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Position for Carlisle State College for the year ended June 30, 2017.

Statement of Revenues, Expenses, and Changes in Net Position

Particulars                                                             Amount $

Operating revenue

Auxiliary enterprise revenue                               4,200,000

Student tuition and fee revenue                         8,450,000

Scholarship tuition and fee contra revenue       300,000

State and local grants and contracts revenue   900,000

Total Operating revenue                                    13,850,000

Operating Expenses

Depreciation expense                                         1,400,000

Employee Benefits                                                 1,975,000

Nonexempt wages                                                 1,500,000

Other operating expenses                                     900,000

Salaries-exempt staff                                            2,300,000

Salaries-faculty                                                      6,500,000

Scholarships and fellowships ex                             315,000

Total Operating Expenses                                  14,890,000

Operating Profit                                                   (1,040,000)

Non-Operating Revenue / (Expenses)

State appropriation for operation                         4,970,000

State appropriations for capital additions               250,000

Gifts                                                                            700,000

Interest on capital-related debt                               (450,000)

Federal grants and contracts revenue                 2,000,000

Investment income                                                    220,000

Additions to permanent endowments                     400,000

Capital grants and gifts                                             300,000

Total non-operating income/expenses               (8,390,000)

Net Position                                                            7,350,000

(Total non-operating income - Operating Profit)  

Net position, beginning of year                           11,450,000

Net Position at the end of the year                     18,800,000

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