Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 15, Problem 23EP
a.
To determine
Prepare a statement of revenues, expenses, and changes in net position for the year ended June 30, 2020.
b.
To determine
Prepare a statement of net position for June 30, 2020.
c.
To determine
Prepare a statement of cash flows for June 30, 2020.
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Following are some of Vista Village’s events during calendar year 2021. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental-type fund and (b) the amount it would report as expenses if the eventoccurred in an Enterprise Fund.1. The amount owed to employees for vacation and sick leave increased from $720,000to $765,000 during the year. Employees are permitted to receive payment for unusedvacation and sick leave days when they retire; at year-end, however, none of the employees had retired.2. At December 31, 2021 interest accrued on outstanding long-term debt amounted to $63,000. The interest was due to be paid on May 1, 2022.
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The New City College reported deferred revenues of $493,000 as of July 1, 2023, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2024.
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During the fiscal year ended June 30, 2024, student tuition and fees were assessed in the amount of $12,100,000. Of that amount, $9,660,000 was collected in cash. Also, of that amount, $550,000 pertained to that portion of the summer session that took place after June 30, 2024.
Student scholarships, for which no services were required, amounted to $821,000. These scholarships were applied to student tuition bills at the beginning of each semester.
Student scholarships and fellowships for which services were required (graduate research assistantships) amounted to $741,000. These were applied to student tuition…
The New City College reported deferred revenues of $497,000 as of July 1, 2019, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2020.
The deferred revenues related to unearned revenues for the summer session, which ended in August.
During the fiscal year ended June 30, 2020, student tuition and fees were assessed in the amount of $12,120,000. Of that amount $9,662,000 was collected in cash. Also of that amount, $554,000 pertained to that portion of the summer session that took place after June 30, 2020.
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Chapter 15 Solutions
Accounting For Governmental & Nonprofit Entities
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
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