The statement of net assets for Jackson Hole College, a nongovernmental and nonprofit institution, as of...
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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. Prepare general journal entries, in proper form, to record the above transactions. Be sure to indicate in which net asset classification the entries REQUIRED: (1) 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 college at June 30, 20X6. (3) JACKSON HOLE COLLEGE TRANSACTIONS FOR FISCAL YEAR ENDING JUNE 30, 20X6 (a) Fees charged to students for the fall and spring semesters of fiscal year 20X5-20X6 totaled $2,200,000, of which $2,100,000 was collected in cash. The Allowance For Doubtful Accounts was increased by $4,000. (b) Collections of accounts receivable totaled $20,000. Accounts amounting to S1,000 were written off. (c) The deferred revenue of $148,000 shown in the balance sheet resulted from student fees charged for the summer term which began with one month remaining in fiscal year 20X4- 20X5, with the remainder conducted in 20X5-20X6. (d) Fees charged to students for summer school totaled $144,000, all of which were collected in cash. The summer tem will have one month conducted in fiscal year 20X5-20X6, with the remainder being conducted in 20X6-20X7. (e) Temporary investments in the amount of $10,000 held at the beginning of the year were sold for $10,500. Restricted funds cash spent for authorized purposes amounted to $2,500. An additional S8,000 was transferred to unrestricted funds in payment of the liability existing on June 30, 20X5. (f) During the year, accounts payable for purchases, salaries and wages, utility bills, and other expenditures totaling $1,750,000 were recorded. Accounts payable at the end of the year amounted to $70,000. (g) Supplies inventory at the end of the year amounted to $25,000, according to the physical count. (h) During the year, the federal grant of $182,000 was received which was restricted for research. Research expenses in that amount were expended during the current year for which these funds had been provided. A further grant restricted for research of $192,000 was made by the state but had not been paid to the college by year end. (i) The pledges receivable at the beginning of the year were collected in full in the current fiscal year. They had been pledged in the previous fiscal year but were not available for unrestricted use until the current fiscal year. For the current fiscal year, the college received pledges in the amount of $15,000, of which 1% are expected to be uncollectible, and are restricted for use in next fiscal year. In addition, the college received unrestricted gifts in the amount of S65,000. 6) Income was received in cash from the following investments: unrestricted investments, $35,000; permanently restricted investments of $58,000. The income from permanently restricted investments must be used 50% for the acquisition of plant assets and 50% for scholarship funds. (k) All nominal accounts were closed. JACKSON HOLE COLLEGE STATEMENT OF NET ASSETS AT JUNE 30, 20X5 ASSETS Cash 73,000 Accounts Receivable--Student Fees 25,000 Less: Allowance For Doubtful Accounts 1,000) 24,000 Pledges Receivable 8,000 Federal Grants Receivable 182,000 Inventory (at cost) 14,000 Investments (at cost) 524,000 Property, Plant, and Equipment 2,500,000 Less: Accumulated Depreciation 650,000) 1,850,000 TOTAL ASSETS 2,675,000 LIABILITIES Accounts Payable 150,000 Deferred Revenue 148,000 TOTAL LIABILITIES 298,000 NET ASSETS Unrestricted S 1,867,000 Temporarily Restricted 190,000 Permanently Restricted 320,000 TOTAL NET ASSETS 2,377,000 TOTAL LIABILITIES AND NET ASSETS 2,675,000 %24 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. Prepare general journal entries, in proper form, to record the above transactions. Be sure to indicate in which net asset classification the entries REQUIRED: (1) 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 college at June 30, 20X6. (3) JACKSON HOLE COLLEGE TRANSACTIONS FOR FISCAL YEAR ENDING JUNE 30, 20X6 (a) Fees charged to students for the fall and spring semesters of fiscal year 20X5-20X6 totaled $2,200,000, of which $2,100,000 was collected in cash. The Allowance For Doubtful Accounts was increased by $4,000. (b) Collections of accounts receivable totaled $20,000. Accounts amounting to S1,000 were written off. (c) The deferred revenue of $148,000 shown in the balance sheet resulted from student fees charged for the summer term which began with one month remaining in fiscal year 20X4- 20X5, with the remainder conducted in 20X5-20X6. (d) Fees charged to students for summer school totaled $144,000, all of which were collected in cash. The summer tem will have one month conducted in fiscal year 20X5-20X6, with the remainder being conducted in 20X6-20X7. (e) Temporary investments in the amount of $10,000 held at the beginning of the year were sold for $10,500. Restricted funds cash spent for authorized purposes amounted to $2,500. An additional S8,000 was transferred to unrestricted funds in payment of the liability existing on June 30, 20X5. (f) During the year, accounts payable for purchases, salaries and wages, utility bills, and other expenditures totaling $1,750,000 were recorded. Accounts payable at the end of the year amounted to $70,000. (g) Supplies inventory at the end of the year amounted to $25,000, according to the physical count. (h) During the year, the federal grant of $182,000 was received which was restricted for research. Research expenses in that amount were expended during the current year for which these funds had been provided. A further grant restricted for research of $192,000 was made by the state but had not been paid to the college by year end. (i) The pledges receivable at the beginning of the year were collected in full in the current fiscal year. They had been pledged in the previous fiscal year but were not available for unrestricted use until the current fiscal year. For the current fiscal year, the college received pledges in the amount of $15,000, of which 1% are expected to be uncollectible, and are restricted for use in next fiscal year. In addition, the college received unrestricted gifts in the amount of S65,000. 6) Income was received in cash from the following investments: unrestricted investments, $35,000; permanently restricted investments of $58,000. The income from permanently restricted investments must be used 50% for the acquisition of plant assets and 50% for scholarship funds. (k) All nominal accounts were closed. JACKSON HOLE COLLEGE STATEMENT OF NET ASSETS AT JUNE 30, 20X5 ASSETS Cash 73,000 Accounts Receivable--Student Fees 25,000 Less: Allowance For Doubtful Accounts 1,000) 24,000 Pledges Receivable 8,000 Federal Grants Receivable 182,000 Inventory (at cost) 14,000 Investments (at cost) 524,000 Property, Plant, and Equipment 2,500,000 Less: Accumulated Depreciation 650,000) 1,850,000 TOTAL ASSETS 2,675,000 LIABILITIES Accounts Payable 150,000 Deferred Revenue 148,000 TOTAL LIABILITIES 298,000 NET ASSETS Unrestricted S 1,867,000 Temporarily Restricted 190,000 Permanently Restricted 320,000 TOTAL NET ASSETS 2,377,000 TOTAL LIABILITIES AND NET ASSETS 2,675,000 %24 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. Prepare general journal entries, in proper form, to record the above transactions. Be sure to indicate in which net asset classification the entries REQUIRED: (1) 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 college at June 30, 20X6. (3) JACKSON HOLE COLLEGE TRANSACTIONS FOR FISCAL YEAR ENDING JUNE 30, 20X6 (a) Fees charged to students for the fall and spring semesters of fiscal year 20X5-20X6 totaled $2,200,000, of which $2,100,000 was collected in cash. The Allowance For Doubtful Accounts was increased by $4,000. (b) Collections of accounts receivable totaled $20,000. Accounts amounting to S1,000 were written off. (c) The deferred revenue of $148,000 shown in the balance sheet resulted from student fees charged for the summer term which began with one month remaining in fiscal year 20X4- 20X5, with the remainder conducted in 20X5-20X6. (d) Fees charged to students for summer school totaled $144,000, all of which were collected in cash. The summer tem will have one month conducted in fiscal year 20X5-20X6, with the remainder being conducted in 20X6-20X7. (e) Temporary investments in the amount of $10,000 held at the beginning of the year were sold for $10,500. Restricted funds cash spent for authorized purposes amounted to $2,500. An additional S8,000 was transferred to unrestricted funds in payment of the liability existing on June 30, 20X5. (f) During the year, accounts payable for purchases, salaries and wages, utility bills, and other expenditures totaling $1,750,000 were recorded. Accounts payable at the end of the year amounted to $70,000. (g) Supplies inventory at the end of the year amounted to $25,000, according to the physical count. (h) During the year, the federal grant of $182,000 was received which was restricted for research. Research expenses in that amount were expended during the current year for which these funds had been provided. A further grant restricted for research of $192,000 was made by the state but had not been paid to the college by year end. (i) The pledges receivable at the beginning of the year were collected in full in the current fiscal year. They had been pledged in the previous fiscal year but were not available for unrestricted use until the current fiscal year. For the current fiscal year, the college received pledges in the amount of $15,000, of which 1% are expected to be uncollectible, and are restricted for use in next fiscal year. In addition, the college received unrestricted gifts in the amount of S65,000. 6) Income was received in cash from the following investments: unrestricted investments, $35,000; permanently restricted investments of $58,000. The income from permanently restricted investments must be used 50% for the acquisition of plant assets and 50% for scholarship funds. (k) All nominal accounts were closed. JACKSON HOLE COLLEGE STATEMENT OF NET ASSETS AT JUNE 30, 20X5 ASSETS Cash 73,000 Accounts Receivable--Student Fees 25,000 Less: Allowance For Doubtful Accounts 1,000) 24,000 Pledges Receivable 8,000 Federal Grants Receivable 182,000 Inventory (at cost) 14,000 Investments (at cost) 524,000 Property, Plant, and Equipment 2,500,000 Less: Accumulated Depreciation 650,000) 1,850,000 TOTAL ASSETS 2,675,000 LIABILITIES Accounts Payable 150,000 Deferred Revenue 148,000 TOTAL LIABILITIES 298,000 NET ASSETS Unrestricted S 1,867,000 Temporarily Restricted 190,000 Permanently Restricted 320,000 TOTAL NET ASSETS 2,377,000 TOTAL LIABILITIES AND NET ASSETS 2,675,000 %24 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. Prepare general journal entries, in proper form, to record the above transactions. Be sure to indicate in which net asset classification the entries REQUIRED: (1) 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 college at June 30, 20X6. (3) JACKSON HOLE COLLEGE TRANSACTIONS FOR FISCAL YEAR ENDING JUNE 30, 20X6 (a) Fees charged to students for the fall and spring semesters of fiscal year 20X5-20X6 totaled $2,200,000, of which $2,100,000 was collected in cash. The Allowance For Doubtful Accounts was increased by $4,000. (b) Collections of accounts receivable totaled $20,000. Accounts amounting to S1,000 were written off. (c) The deferred revenue of $148,000 shown in the balance sheet resulted from student fees charged for the summer term which began with one month remaining in fiscal year 20X4- 20X5, with the remainder conducted in 20X5-20X6. (d) Fees charged to students for summer school totaled $144,000, all of which were collected in cash. The summer tem will have one month conducted in fiscal year 20X5-20X6, with the remainder being conducted in 20X6-20X7. (e) Temporary investments in the amount of $10,000 held at the beginning of the year were sold for $10,500. Restricted funds cash spent for authorized purposes amounted to $2,500. An additional S8,000 was transferred to unrestricted funds in payment of the liability existing on June 30, 20X5. (f) During the year, accounts payable for purchases, salaries and wages, utility bills, and other expenditures totaling $1,750,000 were recorded. Accounts payable at the end of the year amounted to $70,000. (g) Supplies inventory at the end of the year amounted to $25,000, according to the physical count. (h) During the year, the federal grant of $182,000 was received which was restricted for research. Research expenses in that amount were expended during the current year for which these funds had been provided. A further grant restricted for research of $192,000 was made by the state but had not been paid to the college by year end. (i) The pledges receivable at the beginning of the year were collected in full in the current fiscal year. They had been pledged in the previous fiscal year but were not available for unrestricted use until the current fiscal year. For the current fiscal year, the college received pledges in the amount of $15,000, of which 1% are expected to be uncollectible, and are restricted for use in next fiscal year. In addition, the college received unrestricted gifts in the amount of S65,000. 6) Income was received in cash from the following investments: unrestricted investments, $35,000; permanently restricted investments of $58,000. The income from permanently restricted investments must be used 50% for the acquisition of plant assets and 50% for scholarship funds. (k) All nominal accounts were closed. JACKSON HOLE COLLEGE STATEMENT OF NET ASSETS AT JUNE 30, 20X5 ASSETS Cash 73,000 Accounts Receivable--Student Fees 25,000 Less: Allowance For Doubtful Accounts 1,000) 24,000 Pledges Receivable 8,000 Federal Grants Receivable 182,000 Inventory (at cost) 14,000 Investments (at cost) 524,000 Property, Plant, and Equipment 2,500,000 Less: Accumulated Depreciation 650,000) 1,850,000 TOTAL ASSETS 2,675,000 LIABILITIES Accounts Payable 150,000 Deferred Revenue 148,000 TOTAL LIABILITIES 298,000 NET ASSETS Unrestricted S 1,867,000 Temporarily Restricted 190,000 Permanently Restricted 320,000 TOTAL NET ASSETS 2,377,000 TOTAL LIABILITIES AND NET ASSETS 2,675,000 %24
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Required solution of all three parts is given below Solution1 Journal entries in Debit Credit 1a Account receivable 2200000 To Fee charges for fall and spring semester 2200000 being fee charged 1b Cas... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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