Please bold answer in explanation
Answer:
1) Journal Entry ;-
Particulars | Debit($) | Credit($) |
Revenues-Additions to permanent endowments A/c Dr. | 529500 | |
Revenues-Investment Income A/c Dr. | 67500 | |
Revenues-Increase in fair value of investments A/c Dr. | 14500 | |
To Expenditures-Subscriptons | 52500 | |
To Fund Balance | 559000 |
2) Statments of Revenues, Expenditures and Changes in Fund Balance :-
Particulars | Amount($) |
Revenues :- | |
Additions to permanent endowments | 529500 |
Investment Income | 67500 |
Increase in fair value of investments | 14500 |
Total Revenues | 611500 |
Expenditures :- | |
Library Subscriptions | (52500) |
Net Change in Fund Balance | 559000 |
Beginning Fund Balance | 0 |
Ending Fund Balance | 559000 |
3) Balance sheet :-
Assets | Amount($) |
Cash | 15000 |
Investments | 544000 |
Accrued Interest Receivable | 5250 |
Total Assets | 564250 |
Liabilities and Fund Balance | |
Liabilities :- | |
Accounts Payable | 5250 |
Fund Balance :- | |
Non-spendable - Permannt fund principal | 529500 |
Assigned to library ($559000-$529500) | 29500 |
Total Fund Balance | 559000 |
Total Liabilities and Fund Balance | 564250 |
Please bold answer in explanation A citizen group raised funds to establish an endowment for the...
Please bold answer in explanation The citizens of Spencer County approved the issuance of $2.030,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance-December 31, 2020 Debits Credits Cash $ 919,800 Contract payable $ 562, eee Due from state government 214, eee Encumbrances 119,800 Expenditures-capital 1,865, eee Intergovernmental grant 486,eee OFS: premium...