Homework Answers
18. answer is option A modified accrual method
The application of accounting to expendable fund entities is referred as the modified accrual method.
19. answer is option C Interfund services provided/used and interfund reimbursements
It is appropriate to recognize the revenues and expenditures resulting from interfund services provided/used and interfund reimbursements
20. answer is option A Unrestricted Current Funds, Yes; Restricted Current Funds, Yes (current expenditures of college include both unrestricted and restricted current funds)
21. answer is option D (3000000 gift received – 1400000 spent in 2016 = 1600000 for 2017)
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18. The term used to describe the application of accounting to expendable fund entities is the:...
64. When budgeted expenditures are enacted into law, they are referred to as: A) expenditures. B)...
64. When budgeted expenditures are enacted into law, they are referred to as: A) expenditures. B) appropriations. C) estimated expenditures. D) encumbrances. 65. During the years ending June 30, 2016, and June 30, 2017, Jefferson University conducted a cancer research project financed by a $3,000,000 gift from an alumnus. This entire amount was pledged by the donor on July 10, 2015, although he paid only $800,000 at that date. The gift was restricted to the financing of this particular research...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned even if the standard charge is above or below the allowance. 3.75 points QUESTION 3 The key focus of government fund accounting concerns the current ability to provide and fund services and goods. capital expenditures. income measurement. intergovernmental transfers from the general fund. 3.75 points QUESTION 4 Voluntary health and welfare organizations are supported by, and provide voluntary services to, the public....
NPO- Accounting
Longer Life is a not-for-profit organization that works to create cures for deadly diseases. It was created on December 30, 2014 from generous contributions. The balance sheet as of January 1, 2015 shows the following balances: Cash $1,400,000 Deferred contributions 400,000 Unrestricted net assets 800,000 Net assets – Endowments 200,000 The deferred contributions relate to restricted donations that must be used for the purchase of equipment (20% of the amount) and for specific research expenses (80% of the amount). Also, 40 percent of any investment income from endowments must be...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
Problem 2 (30 points) The statement of net assets for Jackson Hole College, a nongovernmental and...
Problem 2 (30 points) The statement of net assets for Jackson Hole College, a nongovernmental and nonprofit institution, as of June 30, 20X5, is attached. Transactions for the fiscal year 20X5-20X6 are also provided. transactions. Be sure to indicate in which net asset classification the entries should be made. (2 Prepare a statement of activities, in proper form, for the college for the fiscal year ending June 30, 20x6. Prepare a statement of net assets, in proper form, for the...
The Statement of Net Position of South State University, a governmentally owned university, as of the...
The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
Use the following to answer the next six questions: During the fiscal year ended December 31,...
Use the following to answer the next six questions: During the fiscal year ended December 31, 2017. the City of Johnstown issued 6% genera obligation serial bonds in the amount of $2.000.000 at 102 ($2.040,000) and used $1,980,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $20.000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds...
$ 1,775,142 | 306,870 499,600 29, 288 81,936 2,692,836 9,194 CITY OF BAY LAKE Water Utility...
$ 1,775,142 | 306,870 499,600 29, 288 81,936 2,692,836 9,194 CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments Accounts receivable (net of $13,367 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: Land Buildings (net of $3,420,381 in accumulated depreciation) Machinery and equipment (net of $5,130,505 in accumulated depreciation) Total capital assets (net) Total Assets...
Goodfellow & Perkins LLP is a successful mid-tier accounting firm with a large range of clients...
Goodfellow & Perkins LLP is a successful mid-tier accounting
firm with a large range of clients across Texas. During 2022,
Goodfellow & Perkins gained a new client, Brookwood Pines
Hospital (BPH), a private, not-for-profit hospital. The fiscal
year-end for BPH is June 30. Goodfellow & Perkins is performing
the audit for the fiscal year-end June 30, 2023. BPH provides
medically necessary care to patients, regardless of their ability
to pay. Both uninsured and underinsured patients are offered
discounts of up...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general
fund and an enterprise fund. The general fund has two activities:
education and parks/recreation. For convenience, assume that the
general fund holds $123,000 cash and a new school building costing
$1 million. The city utilizes straight-line depreciation. The
building has a 20-year life and no salvage value. The enterprise
fund has $62,000 cash and a new $600,000 civic auditorium with a
30-year life and no salvage value. The...
64. When budgeted expenditures are enacted into law, they are referred to as: A) expenditures. B) appropriations. C) estimated expenditures. D) encumbrances. 65. During the years ending June 30, 2016, and June 30, 2017, Jefferson University conducted a cancer research project financed by a $3,000,000 gift from an alumnus. This entire amount was pledged by the donor on July 10, 2015, although he paid only $800,000 at that date. The gift was restricted to the financing of this particular research...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
Problem 2 (30 points) The statement of net assets for Jackson Hole College, a nongovernmental and nonprofit institution, as of June 30, 20X5, is attached. Transactions for the fiscal year 20X5-20X6 are also provided. transactions. Be sure to indicate in which net asset classification the entries should be made. (2 Prepare a statement of activities, in proper form, for the college for the fiscal year ending June 30, 20x6. Prepare a statement of net assets, in proper form, for the...
The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
Use the following to answer the next six questions: During the fiscal year ended December 31, 2017. the City of Johnstown issued 6% genera obligation serial bonds in the amount of $2.000.000 at 102 ($2.040,000) and used $1,980,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $20.000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds...
$ 1,775,142 | 306,870 499,600 29, 288 81,936 2,692,836 9,194 CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments Accounts receivable (net of $13,367 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: Land Buildings (net of $3,420,381 in accumulated depreciation) Machinery and equipment (net of $5,130,505 in accumulated depreciation) Total capital assets (net) Total Assets...
Goodfellow & Perkins LLP is a successful mid-tier accounting
firm with a large range of clients across Texas. During 2022,
Goodfellow & Perkins gained a new client, Brookwood Pines
Hospital (BPH), a private, not-for-profit hospital. The fiscal
year-end for BPH is June 30. Goodfellow & Perkins is performing
the audit for the fiscal year-end June 30, 2023. BPH provides
medically necessary care to patients, regardless of their ability
to pay. Both uninsured and underinsured patients are offered
discounts of up...
The City of Pfeiffer starts the year of 2017 with the general
fund and an enterprise fund. The general fund has two activities:
education and parks/recreation. For convenience, assume that the
general fund holds $123,000 cash and a new school building costing
$1 million. The city utilizes straight-line depreciation. The
building has a 20-year life and no salvage value. The enterprise
fund has $62,000 cash and a new $600,000 civic auditorium with a
30-year life and no salvage value. The...
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