The provincial government pledged $115,000 a year for operating costs. $100,000 of the grant was advanced...

 

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The provincial government pledged $115,000 a year for operating costs. $100,000 of the grant was advanced throughout the year. Upon receipt of the association's annual report, the government will issue the last $15,000 of the annual grant to the association. Registration fees and rental fees for the hockey arena are received at the beginning of the hockey season and cover the entire season, from September 1, Year 5 to April 30, Year 6. At the end of the year, the association owed $10,000 for services received in the month of December. Required: Round to the nearest dollar a. Prepare all the journal entries for both the information given in the cash flow statement and for the additional information points 1-7. Remember to provide the fund name for the journal entries (20 marks) b. Prepare a statement of financial position and statement of revenue and expenses for each of the three funds as at and for the year ended December 31, Year 5.. Note: do not group revenues, expenses, assets together. Show each type separately. (20 marks) Hints: Excess of revenues over expenses = S(40) for Operating fund; $1,006.500 for Capital fund and $60 for endowment fund. The provincial government pledged $115,000 a year for operating costs. $100,000 of the grant was advanced throughout the year. Upon receipt of the association's annual report, the government will issue the last $15,000 of the annual grant to the association. Registration fees and rental fees for the hockey arena are received at the beginning of the hockey season and cover the entire season, from September 1, Year 5 to April 30, Year 6. At the end of the year, the association owed $10,000 for services received in the month of December. Required: Round to the nearest dollar a. Prepare all the journal entries for both the information given in the cash flow statement and for the additional information points 1-7. Remember to provide the fund name for the journal entries (20 marks) b. Prepare a statement of financial position and statement of revenue and expenses for each of the three funds as at and for the year ended December 31, Year 5.. Note: do not group revenues, expenses, assets together. Show each type separately. (20 marks) Hints: Excess of revenues over expenses = S(40) for Operating fund; $1,006.500 for Capital fund and $60 for endowment fund.

Answer rating: 100% (QA)

a Journal Entries Operating Fund 1 Sept 1 Year 5 Registrations Fees Received 72000 Cash 72000 2 Sept ... View the full answer