Problem 2 (30 points) The statement of net assets for Jackson Hole College, a nongovernmental and...
QE 10-5 Classes of Net Assets For the following transactions and events, indicate what effect each will have on the three classes of net assets using this format. Put an X in the appropriate column. If the net assets are unaffected, leave the column blank. Unrestricted Net Assets Increase Decrease Temporarily Restricted Net Assets Increase Decrease Permanently Restricted Net Assets Increase Decrease Ex2 X Ext: Received a pledge from a donor to provide $1,000 a year to support summer educational...
Please help with Part B. Preparing a statement of activities of for the year ended June 30,2020 15-17. Private College Transactions. (L015-4 ) Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) $ 734 7,666 230 5,872 1,364 281,404 | 158,400 $455,670 Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful...
. 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...
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...
he Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members’ art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on...
The Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments $ 1,774,824 Accounts receivable (net of $13,365 provision for uncollectible accounts) 306,824 Accrued utility revenue 499,600 Due from General Fund 29,288 Interest receivable 81,936 Total current assets 2,692,472 Restricted assets: Cash 9,192 Capital assets: Land $ 1,780,753 Buildings (net...
The Watson Foundation, a private not-for-profit entity, starts 2017 with cash of $113,000; contributions receivable (net) of $213,000; investments of $313,000; and land, buildings, and equipment of $213,000. In addition, its unrestricted net assets were $426,000, temporarily restricted net assets were $113,000, and permanently restricted net assets were $313,000. Of the temporarily restricted net assets, 50 percent must be used to help pay for a new building; the remainder is restricted for salaries. No implied time restriction was designated for...
The Watson Foundation, a private not-for-profit entity, starts 2017 with cash of $121,000; contributions receivable (net) of $221,000; investments of $321,000; and land, buildings, and equipment of $221,000. In addition, its unrestricted net assets were $442,000, temporarily restricted net assets were $121,000, and permanently restricted net assets were $321,000. Of the temporarily restricted net assets, 50 percent must be used to help pay for a new building; the remainder is restricted for salaries. No implied time restriction was designated for...
Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAAY LARE Water Utility Fund Statenent of Fund Net Position June 30, 2019 Cash and investments Accounts receivable (net of $13,367 provision $1,775,019 for uncollectible accounts) Accrued utility revenue Due fron General Fund Interent receivable 306, 869 500,000 29,311 82,000 2, 693,199 Total current assets Restricted asseta 9,193 Capital assets Buildings net of $3,420,000 in aceumulated depreciation) Machinery and...
The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2017, the end of its fiscal year: Trial Balance—December 31, 2017 Debits Credits Accounts payable $ 23,900 Accounts receivable (net) $ 45,800 Accrued interest receivable 15,800 Accumulated depreciation 3,313,400 Cash 111,100 Contributed services—unrestricted 25,500 Contributions—unrestricted 2,346,000 Contributions—temporarily restricted 796,000 Contributions—permanently restricted 2,704,000 Current pledges receivable (net) 76,500 Education program expenses 1,535,100 Fund-raising expense...