The Carver Foundation funds three non-profit organizations engaged in alternate-energy research activities. From past data, the proportion of funds spent by each organization in research on solar energy, energy from harnessing the wind, and energy from the motion of ocean tides is given in the accompanying table. Proportion of Money Spent Solar Wind Tides 0.3 0.1 0.3 0.2 0.6 Organization I Organization II 0.4 Organization III 0.2 Organization I $ Organization II $ Organization III $ 0.3 0.6 Find the amount awarded to each organization if the total amount spent by all three organizations on solar, wind, and tidal research is as follows. (a) $10.4 million, $9.9 million, and $5.7 million, respectively million million million (b) $10.8 million, $9.3 million, and $4.9 million, respectively Organization I $ million Organization II $ million Organization III $ million
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- A single contribution may affect all three types of funds. The following events and transactions relate to a single contribution. 1. A high-tech firm pledged to contribute $1 million in the company's common stock to a university's business school if the school would establish a new program in the management of information technology. The securities were to be placed in an endowment fund and the annual dividend earnings were to be used to purchase computer hardware and software. 2. The business school established the program and thereby satisfied the conditions to receive the contribution. 3. The business school received the stock and placed it in an endowment fund. 4. In the first year after receiving the stock, the business school earned $30,000 in cash dividends. They were credited to an appropriate fund. 5. The business school purchased $20,000 of computer equipment. 6. The computer equipment was estimated to have a useful life of four years (no salvage). The school charged one…Determine the amount of revenue recognized for each of the following items and whether the revenue would be classified as net assets with donor restrictions or net assets without donor restrictions. 1. 77000 of promises to give to program activities. 2. 675000, services are donated that meet the recognition of services definition. 3. 274000 cash received. Restricted to 52000 for scholarships and the rest for acquisition of capital project. 4. 572000 of unconditional promises to give to support activities. 5. A donor contributes 729000 cash to set up a donor‐restricted endowment fund. The income is restricted to support program purposes. 6. A donor contributes cash to set up an annuity trust with a present value of 742000. Net assets with donor restrictions is 649000 Net assets without donor restrictions is 2420000.7. 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 the following events that affect (1) Public University and (2) Private University: a. A private grant of $200,000 was received to be used exclusively for defraying costs of holding conferences on the topic of genes. b. By year-end, $110,000 of the grant mentioned in item (a) had been applied to the purpose stipulated. c. The grant provided that amounts not awarded by year-end are to be transferred to the endowment fund. The liability to that fund is recorded. d. An alumnus, who was a former athlete, contributed $15,000 to assist in the search for a basketball coach.The Muscat City for the year 2019 maintain two funds: a General Fund accounts for its unrestricted resources and general operations, and a Proprietary funds for internal services and State Enterprises. The Muscat City has provided the following financial information for the year 2019 for you to prepare r journal entries in the relevant funds separately. As the crude oil price in the international market has come down from the budgeted 58 $ per barrel to 23$ per barrel, City has decided to borrow 2 million OMR from the world bank – IMF to address the increasing deficit in the budget. The City levied $ 1 million of general property taxes of which it actually collected $ 0.4 million. The City decided to set up its own printing and publishing department by investing OMR 0.8 million but the services will be available only for government units, but not free of cost. City government also transferred 0.80 million as an investment for automation and diversification of the services of Muscat…During 2019, Walnut City reported the following receipts from self-sustaining activities paid for by users of the services rendered: Operation of water supply plant . . . . . . . . . . . . . . . . . . . . . . . . . . $5,000,000 Operation of bus system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000What amount should be accounted for inWalnut’s enterprise funds? a. $0 b. $900,000 c. $5,000,000 d. $5,900,000
- For the following situations determine the fund or nonfund account best suited to account for it. A fund or nonfund account may be used more than once SITUATIONS: GOB grant proceeds received for construction of a new elementary school building – Capital Projects Fund Municipal electric utility bonds to be repaid from customer charges – Debt Service Fund General obligation bonds issued to finance construction of a new elementary school building – Investment Trust Funds Activities of a central print shop that provides custom printing services to all campus departments – Enterprise Funds Financial resources set aside to service the principal and interest on general obligation debt A special hotel occupancy sales tax that can only be used for city economic development promotional activities Financial resources legally restricted to the extent that only earnings, and not the principal, may be used to benefit the government or its citizenry – Special Revenue Fund…Lincoln County's General Fund had two interfund transactions: 1. The general fund paid $225,000 to the housinhg and urban development fund , a special revenue fund that is supported by grantsfrom the federal government on a cost reimbersment basis. The amount is to be reoaid to the general fund as grant proceeds are received from the federal government. 2. The general fund paid $162,000 to the tourism fund, a special revenue fund that is supported by hotel and restaurant taxes. The amount is intended to supplement the taxes raised, and there is no expectation that it will be repaid to the general fund. Required: Prepare the journal entriess in the general fund and affected special revenue funds for the interfund transactions above. Describe the effect of these transactions on the fund balance of the general fund and special revenue funds.A Charity institution capital fund of the non profit organization has OMR 900,000. The income earning @ OMR 250,000 and OMR60,000 expenses. What is the excess value of income statement?Select one:a. OMR 160,000b. OMR 650,000c. OMR 190,000d. OMR 590,000
- For each of the following transactions, determine the correct debit account from among the choices below: A. Expenditures B. Encumbrances C. Property, Plant, and Equipment (Capital Assets) D. Expenses E. Appropriations F. Other Financing Uses-Transfers Out G. Extraordinary Item H. Special Items I. Liabilities J. Answer not included in the above selections A proprietary fund signs a contract to build an office building with Do Good Construction for $10,000,000 Answer 1 Question 3 A proprietary fund makes a currently due principal payment on Bonds Payable Answer 2 Question 3 A proprietary fund recognizes and pays an interest payment that is currently due Answer 3 Question 3 A proprietary fund spends $5,000,000 of a capital grant for construction of a parking garage. Assume eligibility has been met Answer 4 Question 3 A city’s water supply in a proprietary fund is contaminated by terrorists. Cost of clean up, disposal and…Which of the following should be accounted for in an enterprise fund? Light poles to be paid for in installments by affected property owners $ 350,000 Van used to transport supplies to all city departments on a cost reimbursement basis 65,000 Equipment used for supplying electric power to residents 1,250,000 Multiple Choice $1,315,000. $1,250,000. $ 65,000. $ 415,000.Central City was awarded two state grants during its fiscal year ending September 30, 20X1: a $2 million block grant that can be used to cover any operating expenses incurred during fiscal 20X2, and a $1 million grant that can be used any time to acquire equipment for its police department. For the year ending September 30, 20X1, Central City should recognize in grant revenue in its fund financial statements (in millions): $0 $1 $2 $3 Assume the same facts as in the previous example. How much should the city recognize in grant revenue in its government‐wide statements? $0 $1 $2 $3 For its fiscal year ending September 30, 20X2, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 20X2 as follows (in millions): June 1, 20X1, through September 30, 20X1 $ 20 October 1, 20X1, through September 30, 20X2 $440 October 1, 20X2, through November 30, 20X2 $ 15 December 20X2 $ 4 The city estimates that $10 million of the outstanding balance…