Pineda State College, a public college, receives notification prior to the start of the fiscal year...

 

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Pineda State College, a public college, receives notification prior to the start of the fiscal year that it will receive $1,400,000 in appropriations from the state. The appropriations are established for the purpose of meeting operating needs for the upcoming fiscal year. Answer the following questions and complete any necessary journal entries. 1. Should Pineda State College record a journal entry at the time of the notification of the appropria- tions amount approved by the state legislature? Why or why not? 2. On the first day of the fiscal year, Pineda College receives $350,000 of the appropriations amount. Record any necessary journal entries. 3. On the first day of the second quarter of the fiscal year, Pineda College receives another $350,000 installment on the appropriations. Record the journal entry. 4. On the first day of the third quarter of the fiscal year, Pineda College receives another $350,000 installment on the appropriations. Record the journal entry. 5. During the fourth quarter of the fiscal year, the state was having financial concerns and did not dis- tribute the fourth and final installment on the appropriations for the year. Based on the magnitude of the state's financial concerns, it does not anticipate distributing the final installment for six more months. What concerns should Pineda College have, and what steps should it take in response to the delayed payment? Pineda State College, a public college, receives notification prior to the start of the fiscal year that it will receive $1,400,000 in appropriations from the state. The appropriations are established for the purpose of meeting operating needs for the upcoming fiscal year. Answer the following questions and complete any necessary journal entries. 1. Should Pineda State College record a journal entry at the time of the notification of the appropria- tions amount approved by the state legislature? Why or why not? 2. On the first day of the fiscal year, Pineda College receives $350,000 of the appropriations amount. Record any necessary journal entries. 3. On the first day of the second quarter of the fiscal year, Pineda College receives another $350,000 installment on the appropriations. Record the journal entry. 4. On the first day of the third quarter of the fiscal year, Pineda College receives another $350,000 installment on the appropriations. Record the journal entry. 5. During the fourth quarter of the fiscal year, the state was having financial concerns and did not dis- tribute the fourth and final installment on the appropriations for the year. Based on the magnitude of the state's financial concerns, it does not anticipate distributing the final installment for six more months. What concerns should Pineda College have, and what steps should it take in response to the delayed payment?

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1Pineda State College should not record a journal entry at the time of the notification of the appropriations amount approved by the state legislature ... View the full answer