A balance sheet of Brown University, issued prior to the effective date of FASB Statement No. 117,
Question:
Recast the fund balance (net asset) section of the balance sheet so that it presents the fund balances in the three categories required by Statement No. 117. Show the balances in a single column, divided into three sections. Thus, current undesignated funds should be reported in the unrestricted section; current restricted funds in the temporarily restricted section. Assume that the plant funds, other than the net investment in plant, are donor restricted and make other appropriate assumptions as to the type of restriction that applies to each of the other fundbalances.
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Brown Universily Balance Sheet as of June 30 (in thousands) Current Funds Loan Endowment Plnt FundsFunds Total Funds Assets Cash nvestrments Accounts receivable Notes receivable Inventories and pre-paid expenses $0,922 $45,268 590 61,555 3,509 456,126 42,335 145 507,503 9,042 15,070 26,000 5,047 14,499 5,047 11,338 (3,376 426 26,000 Land, buildings, and equipment (less accumulated depreciation) Due from (to) other funds 196,897 3,323 (11,285 S521,004 $231,601 196,897 Total assets Liabilities and fund balances Accounts pavable-accrued liabilities Deferred revenues gency accounts Bonds payable $861,439 $85,194 S23,640 29,788 $20,836 5,424 10,375 10,375 88,3995 S133,986 $36,635 S 6,597 2,355 5,424 88,399 S 6,59790,754 Total liabilities Fund balances Current funds Designated Restricted 20,445 $20,445 28,114 28,114 23,640 Stadent loan funds established by gift and grants Endowment and similar funds S23,640 Unrestricted quasi-endowment funds Restricted endowmnfunds Other endowment funds Life income funds S 59,644 68,352 369,399 17,012 59,644 68,352 369,399 17,012 Plant funds Unexpendeed Retirement of indebtedness Net investment in plant 19,452 19,452 6,306 115,089 S514,407 $140,847 S521,4 $231,601 6,306 115,089 Total fund balances Total liabilities and fund balances $727,453 $48,559 $23,640 $861,439 $85,194 S23,640
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