1. For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its students P1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, an amount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students, and P50,000 tuition remissions were allowed to faculty member's children attending the university. What amount should AU include in its unrestricted funds as revenues from tuition fees?
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- The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year.Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities.a. Charged students $1.2 million in tuition.b. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent.c. Received a cash donation of $700,000 that must be used to acquire laboratory equipment.d. Gave scholarships in the amount of…The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year. Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities. Charged students $1.2 million in tuition. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent. Received a cash donation of $700,000 that must be used to acquire laboratory equipment. Gave scholarships in the amount of $100,000 to…Create a transaction report for the following February transactions for the Access to Learning nonprofif organization: - On Feb 1, the nonprofit paid $20,000 in salaries. - On Feb 2, the nonprofit used $5,000 in cash to pay down its accounts payable by that amount. - On Feb5, the nonprofit received $5,000 in cash from a foundation, and that donation had previously been recorded in accounts receivable. - On Feb 10, the executive director talked to a foundation program officer who said that the foundation would be giving a $25000 grant to the nonprofit within the next 2 months. - On Feb 15, the nonprofit incurred another $1,000 in salaries payable. - On Feb 20, the nonprofit received $5,000 in cash from pledges. - On Feb 22, the nonprofit received a second payment of $10,000 from the $50,000 foundation grant. - On Feb 23, the nonprofit conducted the workshops that were paid for in Jan ($10,000), and payment had been recorded as deferred revenue. - On Feb 24, the nonprofit made a mortgage…
- A non-profit university assessed its students P2,000,000 in tuitions and fees for the semester. Compute for the net revenues from tuitions and fees given the following additional information: Scholarships granted to academic scholars 100,000 Scholarships granted to faculty members in post-graduate programs 60,000 Refunds of class cancellations and withdrawal of enrolment 40,000 Estimated uncollectible amounts 160,000 Scholarships granted to student assistants 240,000 Scholarships granted to dependents of faculty members 120,000A private not-for-profit university charges its students tuition of $1 million. However, financial aid grants total $220,000. In addition, the school receives a $100,000 grant restricted for faculty salaries. Of this amount, $30,000 is spent appropriately this year. On the statement of activities, the school reports three categories: (1) revenues and support, (2) net assets reclassified, and (3) expenses. Which of the following is not true?a. Unrestricted net assets should show an increase of $30,000 for net assets reclassified.b. In the unrestricted net assets, the revenues and support should total $1 million.c. Unrestricted net assets should recognize expenses of $30,000.d. Unrestricted net assets shows the $220,000 as a direct reduction to the tuition revenue balance.For the 2019 fall semester, Forest Public University assessed its students $6,000,000 (net of refunds), covering tuition and fees for educational and general purposes. However, only $5,700,000 was expected to be realized because tuition remissions of $80,000 were allowed to faculty members’ children attending Forest, and scholarships totaling $220,000 were granted to students. What amount should Forest include in educational and general current funds revenues from student tuition and fees?a. $5,920,000b. $6,000,000c. $5,780,000d. $5,700,000
- At the beginning of the fall semester beauty state university a public university, billed tuition and fees at a gross amount of $4,800,000. of this amount, the university awarded a scholarship of $250,000 and $50,000 was believed to be uncollectible. The University also offered a generous tuition discount for the dependents of its employees. An additional $300,000 of the gross amount was awarded as employer provided tuition discounts. 1. Record the journal entry for the billing described above. 2. Assume that the transactions described above were in the summer instead of the fall. The billing was on June 25, fiscal year end is June 30, and the semester does not begin until July 15. How would the journal entries differ? 3. How would the journal entries in #1 differ for a private, nonprofit university?December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…
- December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…December 31, 2020, the following transactions occurred.(INVOLVED COMPANY)1) A business donated rent-free office space to the organization that would normally rent for 35,000 a year.2) A fund drive raised 185,000 in cash and 100,000 in pledges that will be paid within one year. A state government grant of 150,000 was received for program operating cost related to public health education.3) Salaries and fringe benefits paid during the year amounted to 208,560. At year-end, an additional 16,000 of salaries and fringe benefits were accrued.4) A donor pledged 100,000 for construction of a new building payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be 94,260.5) Office equipment purchased for 12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of 9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are…