The statement of net assets for Jackson Hole College, a nongovernmental and nonprofit institution, as of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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
Expert Answer:
Answer rating: 100% (QA)
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:
Students also viewed these accounting questions
-
What is the correct answer (with the appropriate number of significant figures) for the calculation of 7.5+ 2.26 + 1.311+ 2? 13 13.071 10 13.0
-
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, 2016 Receivable $26,000 Accounts Payable 7,040...
-
The wages payable and wages expense accounts at October 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Determine the...
-
The programming language is Java and all of the Classes I was given are in bold. ALIEN CLASS import imagePackage.RasterImage; import java.awt.BasicStroke; import java.awt.Color; import...
-
Whats your favorite ice cream flavor? For people who buy ice cream, the all-time favorite is still vanilla. About 25% of ice cream sales are vanilla. Chocolate accounts for only 9% of ice cream...
-
Discuss some of the problems that companies are likely to face when both contingent workers and core employees work in the same location. Does it matter whether contingent workers and core employees...
-
Aaron Reed, a photographer, was in a dispute with Ezelle Investment Properties, Inc., over Ezelle allegedly using one of Reeds photographs without permission. Reed sent Ezelle a cease-and-desist...
-
Presented below is information related to Taylor Co. for the month of January 2014. Instructions (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closingentries....
-
What are some reasons why understanding the organization of the Internal Revenue Code may prove useful in the accounting world no matter what your job title is ?
-
The Alfredo Fragrance Company produces only one product, a perfume called Hint of Elegance. Hint of Elegance consists of two secret ingredients blended into an exclusive fragrance, which is marketed...
-
Q/ 10 complimentary petroleum properties which are not influenced directly by the temperature?
-
Consider a bond issued on July 1st, 2021, whose face value is $1000 and priced at $1003.91 at issuance [FYI, in Bloomberg, this will be represented as a price of 100.39; every price is a "percentage...
-
2. Consider the timeline of the schedule shown below, T1 R (X) R(Y) T2 W (X) R(Z) R(Z) W(Y) R(Y) W(Y) C W (X) C a. Show the schedule after applying regular 2PL with read/write locks. If there is a...
-
Identify two ways in which a professional social software account can be used to advance the user's career and/or business interests and explain two differences in the way a user should interact...
-
As a leader for organization transformation, explain the value and the problem with having a "rebellion" group in your organization. Make sure you discuss your views for a rebellion group with a...
-
The molecular orbitals for the allyl system (bases set = three conjugated p orbitals) are given by: 1: 1/2 1 + 1/2(2 2) + 1/2 p3. 3: 1/2 1 1/2(2 $2) + 1/2 63. 2: 1/2(2 01) - 1/2(2 $3); note that c2 =...
-
What is the best method to use to keep an unattached trailer from upending during loading and unloading? O A. Attach the trailer to a semi truck O B. Chock the wheels of the trailer O C. Load items...
-
In Exercises delete part of the domain so that the function that remains is one-to-one. Find the inverse function of the remaining function and give the domain of the inverse function. f(x) = 16x4 -3...
-
Fleet Inc. is an athletic footware company that began operations on January 1, 2012. The following transactions relate to debt investments acquired by Fleet Inc., which has a fiscal year ending on...
-
Carson Wood Products Company Presented the following factory overhead cost budget for the press Department for April 2012, during which it expected to require 10,000 hours of productive capacity in...
-
Laser Graphics is a graphics arts design consulting firm. Spencer Lowry, its treasurer and vice president of finance, has prepared a classified balance sheet as of March 31, 2012, the end of its...
-
As an illustration of the difficulty in identifying monopolies, try to decide which of the following are monopolies: a train operating company; your local evening newspaper; the village hairdresser;...
-
Will competition between oligopolists always reduce total industry profits?
-
In which of the following industries is collusion likely to occur: bricks, beer, margarine, cement, crisps, washing powder, or carpets? Explain why.
Study smarter with the SolutionInn App