ADVANCED ACCOUNTING
13th Edition
ISBN: 9781260773033
Author: Hoyle
Publisher: MCG
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Question
Chapter 18, Problem 49P
a.
To determine
Determine the correct amount of unrestricted net assets at the end of year 2.
b.
To determine
Determine the correct amount of expenses at the end of year 2.
c.
To determine
Determine the correct amount of temporarily restricted net assets at the end of year 2.
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Problem 18-45 (Static) (LO 18-1, 18-2, 18-4, 18-5, 18-8)
[The following information applies to the questions displayed below.]
For a number of years, a private not-for-profit entity has been preparing financial
statements that do not necessarily conform to U.S. generally accepted accounting
principles. At the end of the most recent year (Year 2), those financial statements show
total assets of $900,000, total liabilities of $100,000, net assets without donor restriction
of $400,000, and net assets with donor restrictions of $400,000. This last category is
composed of $300,000 in net assets with purpose restrictions and $100,000 in net
assets that must be permanently held. At the end of Year 1, financial statements show
total assets of $700,000, total liabilities of $60,000, net assets without donor restriction
of $340,000, and net assets with donor restrictions of $300,000. This last category is
composed of $220,000 in net assets with purpose restrictions and…
The following selected transactions occurred for a nongovernmental, not-for-profit organization.
1. Received a contribution of stock to establish an endowment fund. The income from the endowment is unrestricted. The donor had acquired the stock for $23 about 20 years earlier. Its estimated fair value when donated was $250.
2. Pledges receivable at year end were $100, all from pledges received during the year. The pledges are unrestricted and 5% of the pledges are estimated to be uncollectible. The pledges expect to be collected early next year.
For questions 3-5, assume that the organization has adopted a policy that restrictions on donations made for capital purposes are met when the capital item is purchased.
A cash gift of $200 was received restricted for the purchase of equipment.
Equipment of $80 was purchased from the gift restricted for this purpose.
Depreciation expense for the year on the equipment purchased is $10.
Required: Prepare the journal entries for the above…
Fund A transfers $20,000 to Fund B. For each of the following, indicate whether the statement is true or false and, if false, explain why.
If Fund A is the general fund and Fund B is an enterprise fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements.
If Fund A is the general fund and Fund B is a debt service fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements.
If Fund A is the general fund and Fund B is an enterprise fund, a $20,000 reduction will be reported on the statement of revenues, expenditures, and other changes in fund balance for the governmental funds within the fund financial statements.
If Fund A is the general fund and Fund B is a special revenue fund (which is not considered a major fund), no changes will be shown on the statement of revenues, expenditures, and other changes in fund balance within the fund financial statements.…
Chapter 18 Solutions
ADVANCED ACCOUNTING
Ch. 18 - Prob. 1QCh. 18 - Prob. 2QCh. 18 - Prob. 3QCh. 18 - What are temporarily restricted net assets?Ch. 18 - What are permanently restricted net assets?Ch. 18 - Prob. 6QCh. 18 - Prob. 7QCh. 18 - Prob. 8QCh. 18 - Prob. 9QCh. 18 - Prob. 10Q
Ch. 18 - Prob. 11QCh. 18 - Prob. 12QCh. 18 - Prob. 13QCh. 18 - Prob. 14QCh. 18 - Prob. 15QCh. 18 - When should membership dues be considered revenue...Ch. 18 - Prob. 17QCh. 18 - Prob. 18QCh. 18 - Prob. 19QCh. 18 - Prob. 20QCh. 18 - Prob. 21QCh. 18 - Prob. 1PCh. 18 - Prob. 2PCh. 18 - Prob. 3PCh. 18 - Prob. 4PCh. 18 - A donor gives Charity 1 50,000 in cash that it...Ch. 18 - Prob. 6PCh. 18 - Prob. 7PCh. 18 - Prob. 8PCh. 18 - Prob. 9PCh. 18 - Prob. 10PCh. 18 - Prob. 11PCh. 18 - Prob. 12PCh. 18 - Prob. 13PCh. 18 - Prob. 14PCh. 18 - Prob. 15PCh. 18 - Prob. 16PCh. 18 - Prob. 17PCh. 18 - Prob. 18PCh. 18 - Prob. 19PCh. 18 - Prob. 20PCh. 18 - Prob. 21PCh. 18 - Prob. 22PCh. 18 - Prob. 23PCh. 18 - Prob. 24PCh. 18 - Prob. 25PCh. 18 - Prob. 26PCh. 18 - Prob. 27PCh. 18 - Prob. 28PCh. 18 - Prob. 29PCh. 18 - Prob. 30PCh. 18 - Prob. 31PCh. 18 - Prob. 32PCh. 18 - Prob. 33PCh. 18 - Prob. 34PCh. 18 - Prob. 35PCh. 18 - Prob. 36PCh. 18 - Prob. 37PCh. 18 - Prob. 38PCh. 18 - Prob. 39PCh. 18 - A private not-for-profit entity is working to...Ch. 18 - Prob. 41PCh. 18 - The University of Danville is a private...Ch. 18 - Prob. 43PCh. 18 - Prob. 44PCh. 18 - Prob. 45PCh. 18 - Prob. 46PCh. 18 - Prob. 47PCh. 18 - Prob. 48PCh. 18 - Prob. 49PCh. 18 - At the beginning of Year 1, the entity above...Ch. 18 - Prob. 51PCh. 18 - Prob. 52PCh. 18 - Prob. 53PCh. 18 - Prob. 54PCh. 18 - Prob. 1DYSCh. 18 - Prob. 2DYSCh. 18 - Prob. 3DYSCh. 18 - Prob. 4DYSCh. 18 - Prob. 5DYSCh. 18 - Prob. 6DYS
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