The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time. The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

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Answer 1

Question

Chapter 19, Problem 19.10P

(a)

To determine

Introduction: The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time.

The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

(a)

Expert Solution

Answer to Problem 19.10P

Comparative Balance Sheet for the year ended June 30, 20X3 and 20X2

Particulars	20X3	20X2

Assets:
Cash	824,900	217,000
Accounts receivable	137,000	341,000
State appropriations receivable	50,000	75,000
Investment	89,000	60,000
Total assets:	1,100,900	693,000

Liabilities:
Accounts payable	59,000	45,000
Deferred revenue	158,000	66,000

Net assets:
Unrestricted	716,000	515,000
Temporarily restricted	117,900	67,000
Permanently restricted	50,000	0
Total liabilities and net assets	1,100,900	693,000

Explanation of Solution

Calculation of accounts receivable for the year ended 20X3

Particulars	Amount
Opening balance	1,834,000
Less: collections	1,686,000
Closing balance	148,000
Less: estimate uncollectibles	(11,000)
Accounts receivables	137,000

Calculation for the amount of investment:

investment= beginning balance+ certificate of deposit+sale of restricted investment =(60,000+50,000)−21,000 =110,000−21,000 =$89,000

(b)

To determine

Introduction: The statement of activities is the financial statement of a non- profit organization or otherwise. The statement of activities has multiple columns for reporting the amounts for the following net assets:

Without donor restriction funds

With donor restriction funds

The aggregate amount

The statement of activities for F for the year ended June 30, 20X3

(b)

Expert Solution

Answer to Problem 19.10P

Statement of activities for the year ended June 30, 20X3

Particulars	Unrestricted	Temporarily restricted	Permanently restricted	Total
Revenues, gains and other support:
Tuition and fees	1,900,000			1,900,000
State appropriation	50,000			50,000
Interest income	6,000	7,000		13,000
Contributions	25,000	50,000	50,000	125,000
Gain on sale of investment		5,000		5,000
Investment income		1,900		1,900
Net assets released	13,000	(13,000)		0
Total (B):	1,994,000	50,900	50,000	2,094,900

Expenses and other deductions (A)	1,793,000			1,793,000
Change in net assets (A-B)	201,000	50,900	50,000	301,900
Add: net assets at the beginning of the year	515,000	67,000		582,000
Net assets at the end of the year:	716,000	117,900	50,000	883,900

Explanation of Solution

The statement of activities is the financial statement for a no- profit organization. In the above presented statement of activities, F’s various revenues and expenses are shown under their respective heads. The total amount of net assets at the end of the year June 30, 20X3 is $883,900

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Students have asked these similar questions

Palestine College, a not-for-profit institution, engaged in the following transactions during its fiscal year ending June 30, 2018. Prepare appropriate journal entries, indicating the net asset category affected (with donor restrictions or without donor restrictions). 1. The college collected student tuition $8 million as follows: $1,500,000 was applicable to the Summer Semester, which ran from June 1 to August 30, and the rest was applicable to the coming Fall Semester (September-December). 2. Using funds restricted for this purpose, the college purchased $300,000 of equipment for their movie theater. The college charged depreciation of $30,000. 3. The annual alumni campaign yielded $2,800,000 in pledges. The college estimated that 2 percent would be uncollectible. During the year the college collected $2,400,000 on the pledges.

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…

Please prepare dummy journal entries. Assume instead that Good Charity prepares its annual financial statements using the restricted fund method of accounting for contributions and has chosen to have a general, capital and endowment fund to account for its activities. Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. Feb 1: A donor contributes $60,000 on the condition that the principal amount be invested in marketable securities and that only the income earned from the investment be spent on operations. Income of $2,000 was earned and received during 2020 on these investments. General donations of $85,000 were received during 2020. d) Feb 1: the government gave $80,000 to Good Charity to purchase equipment and furniture with a useful life of 10 years. This was all used to purchase $100,000 of equipment and furniture on July 1, 2020 and the operation opened in a rented facility on July 2, 2020. e) Costs of $72,000 were incurred…

Answer 2

Question

Chapter 19, Problem 19.10P

(a)

To determine

Introduction: The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time.

The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

(a)

Expert Solution

Answer to Problem 19.10P

Comparative Balance Sheet for the year ended June 30, 20X3 and 20X2

Particulars	20X3	20X2

Assets:
Cash	824,900	217,000
Accounts receivable	137,000	341,000
State appropriations receivable	50,000	75,000
Investment	89,000	60,000
Total assets:	1,100,900	693,000

Liabilities:
Accounts payable	59,000	45,000
Deferred revenue	158,000	66,000

Net assets:
Unrestricted	716,000	515,000
Temporarily restricted	117,900	67,000
Permanently restricted	50,000	0
Total liabilities and net assets	1,100,900	693,000

Explanation of Solution

Calculation of accounts receivable for the year ended 20X3

Particulars	Amount
Opening balance	1,834,000
Less: collections	1,686,000
Closing balance	148,000
Less: estimate uncollectibles	(11,000)
Accounts receivables	137,000

Calculation for the amount of investment:

investment= beginning balance+ certificate of deposit+sale of restricted investment =(60,000+50,000)−21,000 =110,000−21,000 =$89,000

(b)

To determine

Introduction: The statement of activities is the financial statement of a non- profit organization or otherwise. The statement of activities has multiple columns for reporting the amounts for the following net assets:

Without donor restriction funds

With donor restriction funds

The aggregate amount

The statement of activities for F for the year ended June 30, 20X3

(b)

Expert Solution

Answer to Problem 19.10P

Statement of activities for the year ended June 30, 20X3

Particulars	Unrestricted	Temporarily restricted	Permanently restricted	Total
Revenues, gains and other support:
Tuition and fees	1,900,000			1,900,000
State appropriation	50,000			50,000
Interest income	6,000	7,000		13,000
Contributions	25,000	50,000	50,000	125,000
Gain on sale of investment		5,000		5,000
Investment income		1,900		1,900
Net assets released	13,000	(13,000)		0
Total (B):	1,994,000	50,900	50,000	2,094,900

Expenses and other deductions (A)	1,793,000			1,793,000
Change in net assets (A-B)	201,000	50,900	50,000	301,900
Add: net assets at the beginning of the year	515,000	67,000		582,000
Net assets at the end of the year:	716,000	117,900	50,000	883,900

Explanation of Solution

The statement of activities is the financial statement for a no- profit organization. In the above presented statement of activities, F’s various revenues and expenses are shown under their respective heads. The total amount of net assets at the end of the year June 30, 20X3 is $883,900

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Answer 3

Question

Chapter 19, Problem 19.10P

(a)

To determine

Introduction: The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time.

The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

(a)

Expert Solution

Answer to Problem 19.10P

Comparative Balance Sheet for the year ended June 30, 20X3 and 20X2

Particulars	20X3	20X2

Assets:
Cash	824,900	217,000
Accounts receivable	137,000	341,000
State appropriations receivable	50,000	75,000
Investment	89,000	60,000
Total assets:	1,100,900	693,000

Liabilities:
Accounts payable	59,000	45,000
Deferred revenue	158,000	66,000

Net assets:
Unrestricted	716,000	515,000
Temporarily restricted	117,900	67,000
Permanently restricted	50,000	0
Total liabilities and net assets	1,100,900	693,000

Explanation of Solution

Calculation of accounts receivable for the year ended 20X3

Particulars	Amount
Opening balance	1,834,000
Less: collections	1,686,000
Closing balance	148,000
Less: estimate uncollectibles	(11,000)
Accounts receivables	137,000

Calculation for the amount of investment:

investment= beginning balance+ certificate of deposit+sale of restricted investment =(60,000+50,000)−21,000 =110,000−21,000 =$89,000

(b)

To determine

Introduction: The statement of activities is the financial statement of a non- profit organization or otherwise. The statement of activities has multiple columns for reporting the amounts for the following net assets:

Without donor restriction funds

With donor restriction funds

The aggregate amount

The statement of activities for F for the year ended June 30, 20X3

(b)

Expert Solution

Answer to Problem 19.10P

Statement of activities for the year ended June 30, 20X3

Particulars	Unrestricted	Temporarily restricted	Permanently restricted	Total
Revenues, gains and other support:
Tuition and fees	1,900,000			1,900,000
State appropriation	50,000			50,000
Interest income	6,000	7,000		13,000
Contributions	25,000	50,000	50,000	125,000
Gain on sale of investment		5,000		5,000
Investment income		1,900		1,900
Net assets released	13,000	(13,000)		0
Total (B):	1,994,000	50,900	50,000	2,094,900

Expenses and other deductions (A)	1,793,000			1,793,000
Change in net assets (A-B)	201,000	50,900	50,000	301,900
Add: net assets at the beginning of the year	515,000	67,000		582,000
Net assets at the end of the year:	716,000	117,900	50,000	883,900

Explanation of Solution

The statement of activities is the financial statement for a no- profit organization. In the above presented statement of activities, F’s various revenues and expenses are shown under their respective heads. The total amount of net assets at the end of the year June 30, 20X3 is $883,900

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Answer 4

Question

Chapter 19, Problem 19.10P

(a)

To determine

Introduction: The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time.

The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

(a)

Expert Solution

Answer to Problem 19.10P

Comparative Balance Sheet for the year ended June 30, 20X3 and 20X2

Particulars	20X3	20X2

Assets:
Cash	824,900	217,000
Accounts receivable	137,000	341,000
State appropriations receivable	50,000	75,000
Investment	89,000	60,000
Total assets:	1,100,900	693,000

Liabilities:
Accounts payable	59,000	45,000
Deferred revenue	158,000	66,000

Net assets:
Unrestricted	716,000	515,000
Temporarily restricted	117,900	67,000
Permanently restricted	50,000	0
Total liabilities and net assets	1,100,900	693,000

Explanation of Solution

Calculation of accounts receivable for the year ended 20X3

Particulars	Amount
Opening balance	1,834,000
Less: collections	1,686,000
Closing balance	148,000
Less: estimate uncollectibles	(11,000)
Accounts receivables	137,000

Calculation for the amount of investment:

investment= beginning balance+ certificate of deposit+sale of restricted investment =(60,000+50,000)−21,000 =110,000−21,000 =$89,000

(b)

To determine

Introduction: The statement of activities is the financial statement of a non- profit organization or otherwise. The statement of activities has multiple columns for reporting the amounts for the following net assets:

Without donor restriction funds

With donor restriction funds

The aggregate amount

The statement of activities for F for the year ended June 30, 20X3

(b)

Expert Solution

Answer to Problem 19.10P

Statement of activities for the year ended June 30, 20X3

Particulars	Unrestricted	Temporarily restricted	Permanently restricted	Total
Revenues, gains and other support:
Tuition and fees	1,900,000			1,900,000
State appropriation	50,000			50,000
Interest income	6,000	7,000		13,000
Contributions	25,000	50,000	50,000	125,000
Gain on sale of investment		5,000		5,000
Investment income		1,900		1,900
Net assets released	13,000	(13,000)		0
Total (B):	1,994,000	50,900	50,000	2,094,900

Expenses and other deductions (A)	1,793,000			1,793,000
Change in net assets (A-B)	201,000	50,900	50,000	301,900
Add: net assets at the beginning of the year	515,000	67,000		582,000
Net assets at the end of the year:	716,000	117,900	50,000	883,900

Explanation of Solution

The statement of activities is the financial statement for a no- profit organization. In the above presented statement of activities, F’s various revenues and expenses are shown under their respective heads. The total amount of net assets at the end of the year June 30, 20X3 is $883,900

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Answer 5

Chapter 19, Problem 19.10P

(a)

To determine

Introduction: The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time.

The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

(a)

Expert Solution

Answer to Problem 19.10P

Comparative Balance Sheet for the year ended June 30, 20X3 and 20X2

Particulars	20X3	20X2

Assets:
Cash	824,900	217,000
Accounts receivable	137,000	341,000
State appropriations receivable	50,000	75,000
Investment	89,000	60,000
Total assets:	1,100,900	693,000

Liabilities:
Accounts payable	59,000	45,000
Deferred revenue	158,000	66,000

Net assets:
Unrestricted	716,000	515,000
Temporarily restricted	117,900	67,000
Permanently restricted	50,000	0
Total liabilities and net assets	1,100,900	693,000

Explanation of Solution

Calculation of accounts receivable for the year ended 20X3

Particulars	Amount
Opening balance	1,834,000
Less: collections	1,686,000
Closing balance	148,000
Less: estimate uncollectibles	(11,000)
Accounts receivables	137,000

Calculation for the amount of investment:

investment= beginning balance+ certificate of deposit+sale of restricted investment =(60,000+50,000)−21,000 =110,000−21,000 =$89,000

(b)

To determine

Introduction: The statement of activities is the financial statement of a non- profit organization or otherwise. The statement of activities has multiple columns for reporting the amounts for the following net assets:

Without donor restriction funds

With donor restriction funds

The aggregate amount

The statement of activities for F for the year ended June 30, 20X3

(b)

Expert Solution

Answer to Problem 19.10P

Statement of activities for the year ended June 30, 20X3

Particulars	Unrestricted	Temporarily restricted	Permanently restricted	Total
Revenues, gains and other support:
Tuition and fees	1,900,000			1,900,000
State appropriation	50,000			50,000
Interest income	6,000	7,000		13,000
Contributions	25,000	50,000	50,000	125,000
Gain on sale of investment		5,000		5,000
Investment income		1,900		1,900
Net assets released	13,000	(13,000)		0
Total (B):	1,994,000	50,900	50,000	2,094,900

Expenses and other deductions (A)	1,793,000			1,793,000
Change in net assets (A-B)	201,000	50,900	50,000	301,900
Add: net assets at the beginning of the year	515,000	67,000		582,000
Net assets at the end of the year:	716,000	117,900	50,000	883,900

Explanation of Solution

The statement of activities is the financial statement for a no- profit organization. In the above presented statement of activities, F’s various revenues and expenses are shown under their respective heads. The total amount of net assets at the end of the year June 30, 20X3 is $883,900

Answer 6

Chapter 19, Problem 19.10P

(a)

To determine

Introduction: The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time.

The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

(a)

Expert Solution

Answer to Problem 19.10P

Comparative Balance Sheet for the year ended June 30, 20X3 and 20X2

Particulars	20X3	20X2

Assets:
Cash	824,900	217,000
Accounts receivable	137,000	341,000
State appropriations receivable	50,000	75,000
Investment	89,000	60,000
Total assets:	1,100,900	693,000

Liabilities:
Accounts payable	59,000	45,000
Deferred revenue	158,000	66,000

Net assets:
Unrestricted	716,000	515,000
Temporarily restricted	117,900	67,000
Permanently restricted	50,000	0
Total liabilities and net assets	1,100,900	693,000

Explanation of Solution

Calculation of accounts receivable for the year ended 20X3

Particulars	Amount
Opening balance	1,834,000
Less: collections	1,686,000
Closing balance	148,000
Less: estimate uncollectibles	(11,000)
Accounts receivables	137,000

Calculation for the amount of investment:

investment= beginning balance+ certificate of deposit+sale of restricted investment =(60,000+50,000)−21,000 =110,000−21,000 =$89,000

Answer 7

Chapter 19, Problem 19.10P

(a)

To determine

Introduction: The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time.

The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

Answer 8

(a)

Expert Solution

Answer to Problem 19.10P

Comparative Balance Sheet for the year ended June 30, 20X3 and 20X2

Particulars	20X3	20X2

Assets:
Cash	824,900	217,000
Accounts receivable	137,000	341,000
State appropriations receivable	50,000	75,000
Investment	89,000	60,000
Total assets:	1,100,900	693,000

Liabilities:
Accounts payable	59,000	45,000
Deferred revenue	158,000	66,000

Net assets:
Unrestricted	716,000	515,000
Temporarily restricted	117,900	67,000
Permanently restricted	50,000	0
Total liabilities and net assets	1,100,900	693,000

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

Calculation of accounts receivable for the year ended 20X3

Particulars	Amount
Opening balance	1,834,000
Less: collections	1,686,000
Closing balance	148,000
Less: estimate uncollectibles	(11,000)
Accounts receivables	137,000

Calculation for the amount of investment:

investment= beginning balance+ certificate of deposit+sale of restricted investment =(60,000+50,000)−21,000 =110,000−21,000 =$89,000

Answer 13

(b)

To determine

Introduction: The statement of activities is the financial statement of a non- profit organization or otherwise. The statement of activities has multiple columns for reporting the amounts for the following net assets:

Without donor restriction funds

With donor restriction funds

The aggregate amount

The statement of activities for F for the year ended June 30, 20X3

(b)

Expert Solution

Answer to Problem 19.10P

Statement of activities for the year ended June 30, 20X3

Particulars	Unrestricted	Temporarily restricted	Permanently restricted	Total
Revenues, gains and other support:
Tuition and fees	1,900,000			1,900,000
State appropriation	50,000			50,000
Interest income	6,000	7,000		13,000
Contributions	25,000	50,000	50,000	125,000
Gain on sale of investment		5,000		5,000
Investment income		1,900		1,900
Net assets released	13,000	(13,000)		0
Total (B):	1,994,000	50,900	50,000	2,094,900

Expenses and other deductions (A)	1,793,000			1,793,000
Change in net assets (A-B)	201,000	50,900	50,000	301,900
Add: net assets at the beginning of the year	515,000	67,000		582,000
Net assets at the end of the year:	716,000	117,900	50,000	883,900

Explanation of Solution

The statement of activities is the financial statement for a no- profit organization. In the above presented statement of activities, F’s various revenues and expenses are shown under their respective heads. The total amount of net assets at the end of the year June 30, 20X3 is $883,900

Answer 14

(b)

To determine

Introduction: The statement of activities is the financial statement of a non- profit organization or otherwise. The statement of activities has multiple columns for reporting the amounts for the following net assets:

Without donor restriction funds

With donor restriction funds

The aggregate amount

The statement of activities for F for the year ended June 30, 20X3

Answer 15

(b)

Expert Solution

Answer to Problem 19.10P

Statement of activities for the year ended June 30, 20X3

Particulars	Unrestricted	Temporarily restricted	Permanently restricted	Total
Revenues, gains and other support:
Tuition and fees	1,900,000			1,900,000
State appropriation	50,000			50,000
Interest income	6,000	7,000		13,000
Contributions	25,000	50,000	50,000	125,000
Gain on sale of investment		5,000		5,000
Investment income		1,900		1,900
Net assets released	13,000	(13,000)		0
Total (B):	1,994,000	50,900	50,000	2,094,900

Expenses and other deductions (A)	1,793,000			1,793,000
Change in net assets (A-B)	201,000	50,900	50,000	301,900
Add: net assets at the beginning of the year	515,000	67,000		582,000
Net assets at the end of the year:	716,000	117,900	50,000	883,900

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

The statement of activities is the financial statement for a no- profit organization. In the above presented statement of activities, F’s various revenues and expenses are shown under their respective heads. The total amount of net assets at the end of the year June 30, 20X3 is $883,900