January 10, 20X8Lumbee State College received a $100,000 government grant to be used to finance a study
Question:
During 20X8—Expenditures of $72,000 were incurred and paid on the research project.
Required
a. Record these transactions in the accounts of Lumbee State College, and explain how the effects of the transactions should be reported in the college’s financial statements.
b. Repeat requirement (a) under the assumption that the grant was to finance plant expansion.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
a 110X8 CashRestricted for Specific Programs 100000 Unearned RevenuesFederally Sponsored Research 10...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Question Posted:
Students also viewed these Accounting questions
-
Explain how each of the following transactions should be reported by a nongovernment not-for-profit organization: a. Received a pledge for unrestricted contributions to be received in the next fiscal...
-
A student study of the effects of caffeine asked volunteers to take a memory test 2 hours after drinking soda. Some drank caffeine-free cola, some drank regular cola (with caffeine), and others drank...
-
In January 2017, Mississippi Delta State State University received a $300,000 government grant to be used to finance a study to determine the effects of the federal stimulus bill on the regional...
-
Is this a confined or unconfined aquifer? Please explain. 100 m amsl 78 m amsl 56 m amsl 48 m amsl A 50 m 11m B Clay Sand Clay 100 m
-
It is relatively easy to strip the outer electrons from a heavy atom like that of uranium (which then becomes a uranium ion), but it is very difficult to remove the inner electrons. Why do you...
-
A 1.22.4- m sheet of plywood having a mass of 17 kg has been temporarily placed among three pipe supports. The lower edge of the sheet rests on small collars A and B and its upper edge leans against...
-
The South African Diamond Corporation had a gross profit margin (gross profits sales) of 30 percent and sales of \($10\) million last year. Seventy-eight percent of the firms sales are on credit and...
-
The Pacific Company is a multidivisional company. Its managers have full responsibility for profits and complete autonomy to accept or reject transfers from other divisions. Division A produces a...
-
why is there an OSI and TCP / IP model?
-
The Let's Read organization is a public charity under IRC Sec. 501(c)(3). It had total support of the following: United Way support................................. $ 10,000 Grant from the...
-
Prepare the journal entries required for Rocco State University to record the following transactions. 1. Tuition and fees assessed total $3,000,00080% is collected, scholarships are granted for...
-
Mr. Harvey Robinson donated $2,000,000 to the University of Aggiemania with the stipulation that earnings of the first 10 years be used to endow professorships in each of the universitys colleges. At...
-
If f (x) = log a x, show that f (x ) = f (x).
-
Locate stock quote information for five publicly traded companies. These can be companies like McDonalds, The Home Depot, or Best Buy". List the full corporate name, stock symbol, current stock...
-
The transfer function of the given system is as follows. Y(s) G(s) X(s) TS + 1 2.1. (4 pts) The unit step response of the given system is solved as y(t) = K (1 - e-t/t). What is the steady- state...
-
Use the information below to find this company's kc and the market value of its stock. Market rate 0.136 Risk free rate 0.016 Shares 10,000,000 Price per share $4.00 Beta 1.50
-
You are willing to buy today a 10-year, 8 percent, semiannual coupon bond that has a $1,000 face value. The bond is currently quoted at 95. the next interest payment will occur 3 months from today....
-
BEAM047-Exam Paper_BEAM047R-AUG22 (1).pdf - Adobe Acrobat Reader DC (64-bit) File Edit View Sign Window Help Home Tools BEAM047-Exam_Pa... x 8.26 x 11.69 in 26C Sunny / 4 200% Q 0 Sign In Security Z...
-
The resistance of the armature in the motor shown in Fig. 33-2 is 2.30 . It draws a current of 1.60 A when operating on 120 V. What is its back emf under these circumstances? Average torque =...
-
Use the information given about the angles and to find the exact value of: (a) sin( + ) (b) cos( + ) (c) sin( - ) (d) tan ( + ) (e) sin(2) (f) cos (2) (g) sin /2 (h) cos/2 cos = 4/5, 0 < < /2; cos =...
-
Bond ratings summarize the likelihood that a bond issuer will meet its payment obligations. a. Highly rated investment-grade bonds are those with the lowest risk of default. b. If a firm encounters...
-
Using the annual financial report obtained for Exercise 11, answer the following questions: a. Find the reconciliation between the governmental fund balances and the governmental-type activities net...
-
Under the reporting model required by GASB Statement 34, fund statements are required for governmental, proprietary, and fiduciary funds. Government-wide statements include the Statement of Net...
-
Obtain an annual report from a public college or university and answer the following questions: a. Does the institution report as a special-purpose entity engaged in (1) governmental- and...
-
I. For each of the following functions, do the following: a. Determine if f is continuous at a. b. Determine if f is differentiable at a. 1. 5-6x if x3 f(x)=-4-x ifx>3 ; a=3 4. f(x)= x-9 if x <3 ;a=3...
-
Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month's budget appear below: Selling price per unit Variable expense per unit Fixed expense per...
-
Consider the simplest complex constellations of 8-PSK and 16-PSK which sends symbols along both the I and Q components, as shown in Fig. 1. Let E denote the average transmit power, and 2 the variance...
Study smarter with the SolutionInn App