Explain the accounting for contributions (of cash, pledges, or investments that may be converted into cash) for a private university. How does this accounting for contributions differ from that of a public university?
Answer to relevant QuestionsExplain how restricted gifts and grants are accounted for by public colleges and universities. Compare this with the accounting for restricted gifts and grants by private colleges and universities. Recover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance: From the above information, prepare a statement of activities for the year ended December 31, 2019. Record the following capital-related transactions for Private University plant funds: 1. Transfers of $250,000 are received from the current unrestricted fund for the purpose of funding the payment of existing debt principal ...You are provided with a summarized version of the cash account of Lakeside Hospital, a not-for-profit organization for 2018. Prepare a statement of cash flows, using the direct method, for the yearendedDecember31, 2018. Using the data in Problem 19-8 and the following additional information, prepare a statement of financial position for Excel Private College.
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