Question

Assets that the governing board of a public university, rather than a donor or outside agency, has determined are to be retained and invested for purposes other than loan or plant would be accounted for as
a. an endowment.
b. unrestricted net assets.
c. deposits held in custody for others.
d. restricted net assets.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Other

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Unearned Service Revenue has a balance of $4,000 before adjustment. Records show that $1,500 of that...

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in ...

Q: GEM Limited has a single product Flicks. The company normally produces and sells 80,000 units of Fli...

A: A Decision analysis is a problem which makes use of the relevant cost approach in order to decide be...

Q: What reporting options are available if predecessor auditors examined prior years’ financial stateme...

A: Click to see the answer

Q: On January 1st, Dayman Inc. conducts an IPO. The firm has 20,000 shares authorized and decides to is...

A: S. No Date Account Title and Explanation Post Ref. Debit ($) Credit ($) 1. January 1...

Q: On the last day of its fiscal year ending December 31, 2020, the Lynbrook Inc. completed four financ...

A: Bond: A bond is a debt instrument which give the issuer the amount of cash inflows at the time of is...

Q: Prepare entries to record the following events and transactions for Tropical Township for the year 2...

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in...

Q: Required information [The following information applies to the questions displayed below.] Steve Pra...

A:  Capital gain may be defined as the gain recognized by the tax payer upon the sale of capital assets...

Q: 1.Adams owns 80% of Williams and has a carrying value of the investment at January 1, 2020 of $600,0...

A: Journal entry is a process of recording business transactions in the books of accounts for the first...

Q: The following list of balances has been extracted from the books of Danny Ltd. £ Accounts payable 16...

A: Hello, since your question has multiple parts we will solve the first question for you. If you want ...

Q: A service car whose cash price was ₱ 540,000 was bought with a down payment of ₱ 162,000 and monthly...

A: Annuity is a payment made in a fixed interval into a deposit or annual payment made for discharge of...

Q: The Gizmo Company is planning to develop new household gadgets. Table shows the company’s demand for...

A: a.  

Q: (a)  Where the parent company does not hold 100 percent equity of the subsidiary company, what porti...

A: Intragroup transactions:- These transactions are recorded in the books of two companies that belong ...

Q: suggesting any four (4) factors to be considered in choosing a basis of accounting for the preparati...

A: Public sector entities are the type of business entities whose control and ownership is under the go...

Q: What are going-concern uncertainties? What is the auditors’ responsibility for evaluating goingconce...

A: Click to see the answer

Q: Hawaiian Specialty Foods purchased equipment for $30,000. Residual value at the end of an estimated ...

A: Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence, we...

Q: Study the following items related to transactions during the year to September 30,2020 for Thompson’...

A: Introduction: Cash and cash equivalent: Cash and cash equivalent can be defined as the current asset...

Q: On June 3, a company borrows $200,000 cash by giving its bank a 90-day, interest-bearing note. On th...

A: Statement of cash flow: It refers to a financial statement that shows all the cash payments and rece...

Q: a. On January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually f...

A: Journal entry is a process of recording business transactions in the books of accounts for the first...

Q: On its Form 10-K for the year ended December 31, 2016, Ameri Bank Corp. reported information related...

A: Basic earning per share is the amount of net income of a company that belongs to holder of 1 share i...

Q: International Printer Machines (IPM) builds three computer printer models: Alpha, Beta, and Gamma. I...

A: Calculate Weighted average unit contribution margin as explained below: Result:

Q: ABC Company produces cases of frozen food. During May, the company produced 1 500 casesof food and i...

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...

Q: Based on the following snippet of financial statements, evaluate financial performance for Corrigan ...

A: DuPont Analysis: In general, DuPont Analysis means the breakup of one ratio into many ratios. In thi...

Q: In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided ...

A: Inventory is defined as the current asset which is held by the business entity to earn revenue. The ...

Q: Red Company uses normal costing. During the year ended December 31, 2019, the following information ...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: On 1 July 2014 Padma Ltd acquires 25 per cent of the issued capital of Jamuna Ltd for a cash conside...

A: Journal entries are the reflection of each and every business transactions happening in an entity. J...

Q: RutgersFriends Corporation (RFC) started business on December 10, 2011 by issuing 30 shares of $100 ...

A: 1- The table below shows the formulas used for calculation of current, quick and cash ratio:  

Q: Cheyenne Corporation is preparing a bank reconciliation and has identified the following potential r...

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by...

Q: explain potential problems that aff ect the quality of fi nancial reports;

A: Financial Reporting Quality refers to characteristics of firm's financial statements.  High quality ...

Q: Please answer only Activity 3. Thank you?   (Cost accounting)

A: Result:

Q: E8-13 Identifying internal controls Consider each situation separately. Identify the missing interna...

A: Internal control is an important part of every organization. It helps in maintaining the efficiency ...

Q: On July 31, 2019, Sabio Public College showed the following amounts to be used for:Renewal and repla...

A: Renewal and replacement, Retirement of indebtedness,Purchase of physical properties  must all be inc...

Q: Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial ...

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the unanswere...

Q: Company XYZ it made sales of $230,000 during 2019 the fixed expenses were $90,000 and variable expen...

A: Gross margin = Sales - Cost of goods as sold Gross Margin % = Gross margin / Sales

Q: Selected accounts from Phipps Corporation’s trial balance are as follows. Prepare the assets section...

A: The balance sheet of an organization represents the accounting equation in which summation of liabil...

Q: What internal control functions are performed by a cashregister and point-of-sale system? How are th...

A: Click to see the answer

Q: At the end of the year, Cramer Private University’s balance sheet comprised $15,000,000 of assets an...

A: Net assets:  Net asssets is the value of an organization assets minus the value of its liabilities. ...

Q: List two (2) policies a company may adopt to lessen the risk of uncollectible accounts and improve i...

A: INTRODUCTION Bad debts or uncollectible debts are the amount of credit sales not received from the c...

Q: The Kennedy Company uses throttles in its assembly of lawn mowers. Information as to balances on han...

A: Inventory Valuation Method: Inventory valuation methods are used to determine the cost of goods sold...

Q: In conducting an incremental B/C analysis of this data:a. the DN alternative is not an optionb. the ...

A: Benefit cost (B/C) analysis indicates the ratio of benefit to its cost. It shows if the value of the...

Q: suggesting any four (4) factors to be considered in choosing a basis of accounting for the preparati...

A: General purpose financial report is the report which shows complete financial information of the com...

Q: A worker takes 13 hours to complete a work on daily wages and 8 hours on a scheme of þayment by resu...

A: Given is: The standard time to complete the job = 13 hours Day rate = P90 per hour

Q: On March 1, 2011, Fast Freight Company sold Rs. 400,000 of its 9 percent, 20-year bonds at 109.9. Th...

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise deb...

Q: What date should be used on the auditors’ report?

A: Click to see the answer

Q: What types of matters would result in the auditors’ report being modified for consistency?

A:  

Q: P. Gumede is the proprietor of PG Stores. He commenced trading on 01 March 2017. At the end of the s...

A: Income statement is a statement that helps in determining the income or the profit and loss of a fir...

Q: Finders Investigative Services is an investigative services firm that is owned and operated by Stacy...

A: 1.  

Q: The following events occurred as part of the operations of Kronke Private University for the year 20...

A: Click to see the answer

Q: International Printer Machines (IPM) builds three computer printer models: Alpha, Beta, and Gamma. I...

A: When there are multiple products, the contribution margin is calculated using the sales mix as done ...

Q: 1. Jose Garcia's life long dream is to own a fishing boat to use in his retirement. Jose has  recent...

A: In the above-given problem, we are asked to calculate the present value of the investment of $300,00...

Q: In the audit of notes payable, which balance-related audit objective is generally oneof the most imp...

A: Notes payable (NP): Notes payable is an obligation which arises on a debt agreement between a borrow...