1) Cash a/c Dr. 19,100,000
Students a/c Dr. 100,000
Scholarship Allowance a/c Dr 800,000
Unrestricted Graduate and assistantship fee a/c Dr 1,500,000
To Student Tuition and Fees a/c 21,500,000
2) Cash a/c Dr. 1,150,000
To Summer revenue a/c 300,000
To Advance Received for Summer revenue 850,000
3) Cash a/c Dr. 23,800,000
To State Appropriations (General) 22,500,000
To State Appropriations (Capital) 1,300,000
4) Bank a/c Dr. 5,940,000
To Grant for Research a/c 3,140,000
To Grant for Scholarship a/c 2,800,000
5) Cash a/c Dr. 15,200,000
To revenue from Book Stores a/c 15,200,000
6) Cash a/c Dr. 2,590,000
To Contribution for Scholarship a/c 500,000
To Contribution for Research a/c 620,000
To Contribution for Buildings a/c 600,000
To Other Contributions a/c 870,000
7) Bank a/c Dr. 1,200,000
To Donation towards scholarship a/c 700,000
To Donation towards research a/c 500,000
8)
fees were assessed in the amount $21,500,000. Scholarship allowance ted graduate and assistantship fees $1,500,000 Cash collection was 1. Student tuition and $19,100,000. as summer revenue out o...
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...
New City College reported deferred revenues of $483,000 as of July 1, 2016, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2017. The deferred revenues related to unearned revenues for the summer session, which ended in August. During the fiscal year ended June 30, 2017, student tuition and fees were assessed in the amount of $12,010,000. Of...
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...
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...
I am not sure what you are asking about more time taking. I can attach a copy of the excel spreadsheet with the T-accounts on them. Will that help. Show all steps 7 Bookmarks Chapter 11, Problem 9QE ON Problem The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields 1. The Institute began the year with the following account balances: Beginning Balances...
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 transactions relate to Academy Towing Service. Assume the transactions for the purchase of the wrecker and any capital improvements occur on January 1 of each year. Assume all transactions were in cash. Year 1Acquired $77,000 cash from the issue of common stock.Purchased a used wrecker for $39,000. It has an estimated useful life of three years and a $5,000 salvage value.Paid sales tax on the wrecker of $5,000.Collected $63,100 in towing fees.Paid $12,700 for gasoline and oil.Recorded straight-line depreciation...
O Required Information [The following information applies to the questions displayed below) The City of Saltwater Beach established an enterprise fund two years ago to construct and operate Tribute Aquatic Center, a public swimming pool. The pool was completed and began operations last year. All costs, including repayment of debt. are to be paid by user fees. The fund's preclosing trial balance for the current year, is shown below. Credits Debits $ 183,740 5,278 8,310 951,730 1,414,450 934,560 $ 42,...
I just need help with the statement of cash flow Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2020. d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability (see...
1 -6 nts eBook Print The Watson Foundation, a private not-for-profit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently earned income is without restriction. Fifty...