Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December
Question:
Assume the January 1, 2012, net asset balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,700,000 permanently restricted net assets.
a. Prepare a Statement of Activities using the format presented in Illustration 101.
b. Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in NetAssets.
Transcribed Image Text:
Debits Credits Revenues-Unrestricted Tuition and Fees Revenues-Unrestricted Unrestricted Income on $11,200,000 40,000 5,000,000 Revenues-Unrestricted Sales and Services of Auxiliary Enterprises Revenues-Unrestricted Contributions Reclassifications to Unrestricted Net Assets- 100,000 640,000 1,160,000 Satisfaction of Program Restrictions Satisfaction of Plant Acquisition Restrictions Tuition Discount Unrestricted- Student Aid... Instruction Expense Research Expense Public Service Expense Institutional Support Expense Student Services Expense. Auxiliary Enterprise Expense Net Assets-Unrestricted-Undesignated $110,000 7,000,000 4,500,000 1,200,000 700,000 150,000 3,500,000 980,000 Revenues-Temporarily Restricted Contributions Revenues- Temporarily Restricted-Grants 1,500,000 950,000 Net Assets Satisfaction of Program Restrictions 640,000 Assets-Satisfaction of Plant Acquisition Restrictions Net Assets-Temporarily Restricted 1,160,000 650,000 Revenues-Permanentiy Restricted Contributions.... 2,540.000 Gains on Long-Term Investments. 750,000 3.290,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
Part A Lee College Statement of Activities For the year ended December 31 2012 REVENUES Unrestricted Temporarily Restricted Permanently Restricted Tot...View the full answer
Answered By
Saud Ur Rehman
Evaluating manufacturing processes by designing and conducting research programs; applying knowledge of product design, fabrication, assembly, tooling, and materials; conferring with equipment vendors; soliciting observations from operators. Developing manufacturing processes by studying product requirements; researching, designing, modifying, and testing manufacturing methods and equipment; conferring with equipment vendors. Keeping equipment operational by coordinating maintenance and repair services; following manufacturer's instructions and established procedures; requesting special service.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
Question Posted:
Students also viewed these Accounting questions
-
Walmart has made several changes in its data communication systems to improve its suppliers access to sales and inventory data. For example, the company added a customized Web site for its suppliers,...
-
Presented below are the monthly factory overhead cost budget (at normal capacity of 5,000 units or 20,000 direct labor hours) and the production and cost data for a month. The predetermined overhead...
-
Presented below are the monthly factory overhead cost budget (at normal capacity of 10,000 units or 30,000 direct labor hours) and the production and cost data for a month. The predetermined overhead...
-
The value of a dirt bike decreases by 25% each year. If you purchased this dirt bike today for $500, to the nearest dollar how much would the bike be worth 5 years later?
-
A general ledger trial balance for Any City contained the following balances at June 30, 2013, just before closing entries were made: Due from other funds ...........................................
-
Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.5 direct labor hour at a rate of $18 per hour. Variable overhead is...
-
For an equimolar solution of \(n\)-pentane and \(n\)-hexane, compute: (a) The dew-point pressure at \(120^{\circ} \mathrm{F}\) (b) The bubble-point temperature at \(1 \mathrm{~atm}\) (c) The vapor...
-
Marthas Wonderful Cookie Company makes a special super chocolate-chip peanut butter cookie. The company would like the cookies to average approximately eight chocolate chips apiece. Too few or too...
-
Journalize the entry for the purchase of office supplies on February 13 for $2,300, paying $255 cash and the remainder on account. If an amount box does not require an entry, leave it blank. Feb. 13
-
1. [14] From the encoding table as shown below: Table 1 Symbol Frequency Codeword A B C D E F G 0.29 0.25 0.13 0.15 0.08 0.07 0.03 ABCDEFG 0 100 101 a) Is this a valid prefix code? If yes, build the...
-
Record the following transactions on the books of Carnegie College, a private institution that follows FASB standards. The year is 2012. 1. During 2012, Carnegie received a pledge in the amount of...
-
Comprehensive Problem. As of July 1, 2011, the trial balance for Korner College was as follows: During the year ended June 30, 2012, the following transactions occurred: 1. Cash collections included:...
-
What provisions apply to a personal residence that is subject to an involuntary conversion?
-
Suppose the people in a room are divided into two groups as follows: Members: 15 men, 20 women, 0 children Nonmembers: 10 men, 8 women, 12 children A prize is given to one person who is selected at...
-
Use the following tree diagram to answer the questions in Problems 25-30. Which path number represents \(P\left(\bar{D} \mid A_{3}ight)\) ? A A2 A3 D D D D D D Path number 1 2 3 4 5 6
-
Consider the experiment of selecting three items (without replacement) from a sample space of 100 , of which 5 items are defective. Let \(A_{1}=\{\) first item selected is defective \(\}, A_{2}=\)...
-
What is the probability of obtaining exactly three heads in four flips of a coin, given that at least two flips are heads?
-
Consider the experiment of selecting two items (without replacement) from a sample space of 100 , of which 5 items are defective. Let \(A_{1}=\{\) first item selected is defective \(\}\) and...
-
A researcher is pondering what survey mode to use for a client that markets a home security system. The system consists of tiny motion sensors that are pressed onto all of the windows and doors. Once...
-
Compare and contrast licensing and subcontracting.
-
In Problems 7380, is the limit expression a 0/0 indeterminate form? Find the limit or explain why the limit does not exist. lim x-9 r 5x 36 x 9
-
Presented below is the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Trinity Parish Fire District, a special-purpose entity engaged in a single...
-
Beachfront property owners of the Town of Eden Beach requested a seawall be constructed to protect their beach. The seawall was financed through a note payable, which was to be repaid from taxes...
-
On January 1, 2017, the Mount Rogers city water department leases a truck under a non-cancelable lease agreement meeting the requirements for classification as a capital lease. The present value (8...
-
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $50,000 and $30,000 respectively. Ramsey is admitted to the partnership and is given a 40% interest by...
-
Compute ending work in process inventory for a manufacturer using the following information. Raw materials purchased Direct materials used Direct labor used Factory overhead Work in process...
-
A spring with spring constant 80 N/m is placed at the bottom of a 6 m high ramp with opening angle 60 . A 3 kg mass is then placed on the spring and pushed down so the spring is compressed by a...
Study smarter with the SolutionInn App