ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 15, Problem 21EP
a.
To determine
Prepare a statement of activities for the year ended June 30, 2020.
b.
To determine
Prepare a
c.
To determine
Prepare a statement of cash flows for June 30, 2020.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000,
contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and
equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000,
the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000
was purpose restricted whereas the other $100,000 had to be held permanently, although the
subsequently earned income is without restriction. Fifty percent of the purpose restricted net
assets had to be used to help pay for a new building. The remainder was restricted to the payment
of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other
long-lived assets when acquired. Watson has one program service (health care) and two
supporting services (fundraising and administrative).
During the current year, Watson Foundation has the following transactions.
1. Computed interest 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…
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…
Chapter 15 Solutions
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - Prob. 5QCh. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - What is UPMIFA, and why is it important to...Ch. 15 - How can the performance of colleges and...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 12CCh. 15 - Prob. 14CCh. 15 - Prob. 15.1EPCh. 15 - Prob. 15.2EPCh. 15 - Prob. 15.3EPCh. 15 - Prob. 15.4EPCh. 15 - Prob. 15.5EPCh. 15 - Prob. 15.6EPCh. 15 - Prob. 15.7EPCh. 15 - Prob. 15.8EPCh. 15 - Prob. 15.9EPCh. 15 - Prob. 15.10EPCh. 15 - Prob. 16EPCh. 15 - Prob. 17EPCh. 15 - Prob. 18EPCh. 15 - Prob. 19EPCh. 15 - Prob. 20EPCh. 15 - Prob. 21EPCh. 15 - Prob. 22EPCh. 15 - Prob. 23EP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The GOOD SHEPHERD Foundation, a nonprofit organization, had the following cash contributions and expenditures in 2018: Acquisitions of investment in securities Payment of long-term debt Payment of supporting expenses Disposal of property and equipment Acquisition of property and equipment Unrestricted cash contribution Cash contributions, restricted by the donor to the acquisition of property Cash contributions to be permanently invested P11,500 20,000 6,400 10,400 9,800 45,000 29,000 50,000 9,000 Payment of program expense Cash contributions, restricted by the donor to the retirement of long-term debt 31,000 Page 12 Net cash provided by (used in) operating activities: Net cash provided by (used in) investment activities: Net cash provided by (used in) financing activities:arrow_forward! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Debits $ Credits 96,000 $ 32,000 28,000 45,000 47,000 12,000 712,000 89,000 550,000 479,000 45,000 17,000 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals 40,000 18,000 4,000 119,000 625,000 $1,479,000 $1,479,000 Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of…arrow_forwardFor 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. $5,700,000arrow_forward
- The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions. 1. Computed interest of…arrow_forwardThe Watson Foundation, a private not-for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000; investments of $300,000; and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted, whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty percent of the purpose-restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buildings and other long-lived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions: Computes interest of…arrow_forwardThe Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2020 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments no restrictions Noncurrent pledges receivable Program service revenue - no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction Reclassification-Satisfaction Research program expenses Short-term investments Supplies inventory…arrow_forward
- Required information [The following information applies to the questions displayed below.] 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. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…arrow_forwardFollowing are several transactions involving a university. In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $480,000 grant for wetlands research. The grant must be used during the next fiscal year. The university received a $500,000 endowment. For the fiscal year, the university recorded $2,400,000 in tuition and fees revenue. Cash refunds of $313,000 were given. The university provided $12,200 in tuition waivers for students with outstanding academic performance. During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,978,000. The biology department spent $25,000 on wetlands research. At year-end, $1,670 of estimated uncollectible tuition and fees was recorded. Required 1. Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. 2. Prepare journal entries to record the…arrow_forwardFor the year ended June 30, 20X9, a university assessed its students a total of $4,000,000 for tuition and fees. Included in this amount were $300,000 of tuition remissions awarded to graduate teaching assistants and $150,000 of scholarships awarded to undergraduate students. Tuition and fees totaling $3,550,000 were collected during the year ended June 30, 20X9. What amount should be reported in the fund without donor restrictions as net revenue from tuition and fees for the year ended June 30, 20X9?arrow_forward
- This topic is about government grants. Choose the letter of correct answer. On Sept. 1, 2021, Entity A, a private university, receives P 1,000,000 cash as government grant conditioned on acquisition of computers to be used in Entity's A I.T. Department. Entity A acquires the computer on Nov. 1, 2021 at which date the computers are available for their intended use. Entity A recognize depreciation on a monthly basis. When should Entity A starts recognizing income from the government grant? a. September 1, 2021 b. November 1, 2021 c. November 30, 2021 d. December 31, 2021 Entity A received land with fair value of P 200,000 from the government conditioned with the construction of a building on the lot. Entity A started immediately the construction and it was completed on Dec. 31, 2021 for a total cost of P 1,000,000. The building has an estimated useful life of 10 years with no residual value. How much is income from the government grant in 2021 and 2022?…arrow_forwardHelp & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for- profit entity that operates in Missouri. The leaders of these two organizations have decided to combine forces on January 1, 2020, in order to have a bigger impact from their work. They are currently discussing ways by which this combination can be created. The following are statements of financial position for both charities at that date. HELP & SAVE Statement of Financial Position January 1, 2020 Assets Cash $1,800,000 110,000 400,000 800,000 $3,110,000 Contributions receivable (net) Investments Buildings & equipment (net) Total assets Liabilities Accounts payable and accrued liabilities Notes payable Total liabilities $210,000 1,200,000 $1,410,000 Net Assets $1,300,000 400,000 $1,700,000 $3,110,000 Net assets without donor restrictions Net assets with donor restrictions Total net assets Total liabilities and net assets SWIM FOR SAFETY Statement of Financial Position January…arrow_forwardAssume Towne Center Art Museum, a private not-for-profit organization, started the fiscal year ending December 31, 2020 with $33,440 (from the ending balance on December 31, 2019) in donor restricted net assets. The amounts are restricted for the following: restricted for an online educational program $13,440. restricted for future equipment purchases $20,000 (Fixed assets are recorded as unrestricted when acquired). During the fiscal year ended December 31, 2020, the following transactions and events occur: On January 1, 2020, a foundation made a pledge to pay $4,500 per year at the end of each of the next five years to the Towne Center Art Museum for general support (i.e., this pledge is unconditional and there is an implied time restriction). On the books of the Towne Center Art Museum, record the pledge on January 1, 2020, assuming the present value of five (December 31) payments is $19,483 (rounded). The appropriate discount rate is 5% on an annual basis. Expenses related to…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education