Final Project Review the financial information pertaining to Lee College in problem 11-8 in your text. FINANCIAL INFORMATION FOR LEE COLLEGE: 11–8.Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2015.

Final Project

Review the financial information pertaining to Lee College in problem 11-8 in your text.

FINANCIAL INFORMATION FOR LEE COLLEGE:

11–8.Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2015.

	Debits	Credits
Revenues—Unrestricted—Tuition and Fees	$11,000,000
Revenues—Unrestricted—Unrestricted Income on Endowment Investments	40,000
Revenues—Unrestricted—Sales and Services of Auxiliary Enterprises	5,500,000
Revenues—Unrestricted—Contributions	100,000
Reclassifications to Unrestricted Net Assets—Satisfaction of Program Restrictions	720,000
Reclassifications to Unrestricted Net Assets—Satisfaction of Plant Acquisition Restrictions	1,080,000
Net Assets—Unrestricted	110,000
Tuition Discount—Unrestricted—Student Aid		$375,000
Instruction Expense		7,000,000
Research Expense		4,500,000
Public Service Expense		1,200,000
Institutional Support Expense		1,600,000
Student Services Expense		150,000
Auxiliary Enterprise Expense		3,725,000
Revenues—Temporarily Restricted—Contributions	1,500,000
Revenues—Temporarily Restricted—Grants	970,000
Reclassifications From Temporarily Restricted Net Assets—Satisfaction of Program Restrictions		720,000
Reclassifications from Temporarily Restricted Net Assets—Satisfaction of Plant Acquisition Restrictions		1,080,000
Net Assets—Temporarily Restricted		670,000
Revenues—Permanently Restricted—Contributions	2,540,000
Gains on Long-Term Investments	750,000
Net Assets—Permanently Restricted		3,290,000

Prepare the following:

A Statement of Activities using the format presented in Illustration 10-2. Please see Illustration 10-2 below.

PERFORMING ARTS ORGANIZATION

Statement of Activities

For the Year Ended June 30, 2015

2.A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets.

3.A Statement of Changes in Net Assets.

You must:

1.Include both the completed financial statements and detailed analysis of the data provided.

2.Explain the process by which you completed the final statements and include any applicable supporting information computations and explanations.

3.Offer an in-depth analysis of the financial health of Lee College.