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- Below is the complete set of Financial Statements of Take-Home University (THU), a PublicUniversity of Ghana, issued on 1st May 2020.Statement of Financial Performance for the Year Ended 31 December, 2018Revenue NotesGOG grant 1,540,000,000Internally Generated Funds 2 14,427,492,000Donations and other income 9,278,258,00025,245,750,000ExpenditureCompensation for employees 3 8,385,270,000Goods and services 4 2,238,083,000Social benefit 1,720,000Interest 1,720,000Capital expenditure (CAPEX) 5 25,542,515,000Other expenses 6 79,100,00036,248,408,000Net Operating Result – Deficit (11,002,658,000)Statement of Financial Position as at 31 December 2018NotesCurrent AssetsCash and cash equivalent 294,233,000Receivable (468,050 -10,000) 458,050,000Inventory 155,254,000907,537,000Liabilities and FundPayable 7 696,325,00020% Loan 8,600,000704,925,000Accumulated fund 8 202,612,000907,537,0004Cash Flow Statement for the Year ended 31st December 2018Cash InflowsGOG grant 1,540,000,000Internally…The following Trial Balance relates to Banco Community College, a public tertiary educational institution in Guyana, as at December 31, 2019. DR CR Fees Income 4,575,622 Permanent Post 5,312,430 Allowance 856,670 Independent consultancy fees 655,600 Legal Cost 25,059 CARICOM Grant 1,540,000 Consultancy Cost 565,500 Non-Permanent Post 1,253,600 Seminars cost 500,000 Sponsorship (granted/received) 8,100 9,066,828 Receivables 468,050 Payables 182,840 20% loan 8,600 Books and Research Allowance 150,765 Plant and Machinery 3,000,000 250,000 Motor Vehicle 2,505,000 352,000 Building 12,300,000 756,000 Software 995,500 150,000 Other Incomes 211,430 Project Work Supervisory Allowance 48,500 Cash and Bank 294,233 Training and Workshop cost 104,000 Bad debt provision (student fees) 4,940 Work in Progress 8,251,735 Other Expenses 71,000 Withholding Tax 90,500 Accumulated Fund 11,205,270…The Minister’s Office has asked for a briefing note on the financial health of Prince Albert Roman Catholic Separate School Division No. 6. Please review their attached 2018-19 audited financial statements and provide a briefing note on the financial health of the school division focusing on their cash position and accumulated surplus including any PMR maintenance project allocation, designated assets, and their unrestricted surplus. 2019 2018 $ $OPERATING ACTIVITIESOperating Deficit for the Year (1,495,855) (1,409,691)Add Non-Cash Items Included in Deficit (Schedule D) 1,668,313 1,696,420Net Change…
- Accounting Cycle Project Following is the trial balance of City of Kendall Green’s General Fund at December 31, 2019. Using MS-Excel, prepare well-formatted worksheets as follows: (a) closing entries (b) a post-closing trial balance. (c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019 (d) a balance sheet at December 31, 2019.7. The Town of Mirbat operates an enterprise fund. Following is the information related to the fund’s 2020 operating activities. a. Rental income of OMR47,222 was accrued. Subsequently, cash in the amount of OMR45,105 was received on accounts. b. Cash expenses for the period included: administrative services, OMR12,603; maintenance and repairs, OMR36,441; supplies and materials, OMR3,896; and utilities, OMR15,062. c. The Central Station Fund received a OMR30,000 transfer of funds from the General Fund. d. Adjustments were made for depreciation OMR1,760 and for uncollectible accounts 334. Required: Prepare general journal entries to record the Fund’s operating activities for the year.Record journal entries for the following transactions for Sultan Private School during the year ended July 31, 2020. Cash contributions were received as follows: AED792,000 for any purpose desired by the school AED233,000 for salary supplements for school faculty AED458,000 to be used during the next fiscal year in any manner desired by the school AED576,000 for the construction of a new auditorium and AED300,000 to be invested permanently, with the income to be used as desired by the school . The school policy is to record all restricted gifts as temporarily restricted and then reclassify when the restriction is lifted. The school expended AED338,000 of the AED792,000 mentioned in (1a) for school furniture. The school expended AED124,000 for salary supplements as directed by the donor in (1b). The AED458,000 in (1c) was retained for use next year, as directed by the donor. AED689,000 was expended for the construction of the new auditorium. The AED300,000 mentioned in (1e) was…
- Analyze the statement of operations for the year 2020 and compare it with the year 2019. Identify and explain 5 of the most important issues. Shawanaga First Nation Consolidated Statements of Operations and Accumulated Surplus Year Ended March 31 2020 2019 Actual Actual Revenue Government funding (Note 16) $8,669,075 $6,530,279 Sales 5,093,432 4,510,928 Rental and other 350,082 555,231 Interest 44,027 24,225 Loss on disposal of equipment -673,192 -17,344 Loss from investment in government business enterprise (note5) -117,480 -56,619 13,365,944 11,546,700 Expenses Capital 152,153 143,708 Community operations 1,116,702 1,166,556 Economic development 5,152,423 4,527,794 Education 1,223,566 1,107,489 First Nation administration 1,939,337 1,741,586 Health services 2,006,262 1,615,067 Other 358,111 420,012 Social services 300,467 342,587 Total 12,249,021 11,064,799 Annual surplus before prior year subsidy…3 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at…Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.1. Private University coordinated its annual special event with the opening of the alumni weekend. Tickets to the special event were $200 and included a buffet (cost, $30), admission to the university symphony (cost, $30), and a reception (cost, $35). A total of 500 tickets was sold.2. A local manufacturing company gave $1,000,000 to Private University to commission a study on the relationship of worker stress to chronic disease. The results of the study will be used to educate the general public.3. Bradley Corporation gave a contribution of $550,000 to Private University. Bradley specifies that the gift is to be invested in perpetuity and that the income may be used by Private University to pay operating costs.4. Local Corporation donated a building to Private College for use as new office space. The cost to Local was $750,000. The building was…
- The amount of qualified education expenses used to calculate the lifetime learning credit is $2500 $4000 $15,000 $16,500Prince Albert Roman Catholic Separate School Division No. 6Statement of Operations and Accumulated Surplus from Operationsfor the year ended August 31, 2019 2019 2019 2018Budget Actual Actual$ $ $REVENUES(Note 13)Property Taxes and Other Related 2,831,005 2,882,539 1,216,168Grants 26,723,613 26,687,615 28,529,827Tuition and Related Fees 166,707 180,917 210,457School Generated Funds 350,000 1,120,806 987,387Complementary Services (Note 11) 785,980 775,933 776,320Other 71,800 700,358 114,979Total Revenues (Schedule A) 30,929,105 32,348,168 31,835,138EXPENSESGovernance 144,802 163,558 131,686Administration 1,628,935 1,503,201 1,642,800Instruction 22,910,432 23,066,736 23,059,888Plant 4,956,098 5,154,355 4,486,792Transportation 1,789,440 1,994,623 1,981,976School Generated Funds 350,000 1,055,276 883,152Complementary Services (Note 11) 725,479 822,509 762,074Other 84,125 83,765 296,461Total Expenses (Schedule B) 32,589,311 33,844,023 33,244,829Operating Deficit for the Year (1,660,206)…Carleton Agency, a VHWO, conducts two programs: Medical Services and Community Information Services. It had the following transactions during the year ended June 30, 2019.1. Received the following contributions:Unrestricted pledges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,000Building fund pledges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000Endowment fund cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,0002. Collected the following pledges:Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450,000Building fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
