Topic: Special purpose activities LO 1 In 2019, a city receives $5,000,000 in funding from a private foundation, to finance summer art programs for children. Income from any investments of this funding must be used for these programs. The city accounts for this funding in a permanent fund. During 2019, the city invests $4,000,000, earns $70,000 in investment income, and spends $50,000 on summer art programs. At the end of 2019, how is fund balance reported? Fund balance-nonspendable, $5,000,000; fund balance-restricted, $20,000. b. Fund balance-nonspendable, $4,000,000; fund balance-committed, $1,020,000. Fund balance-restricted, $5,000,000; fund balance-committed, $20,000. а. С. d Eund balance-committed $4 000 00O: fund balance-assigned $1 020 000

Topic: Special purpose activities LO 1 In 2019, a city receives $5,000,000 in funding from a private foundation, to finance summer art programs for children. Income from any investments of this funding must be used for these programs. The city accounts for this funding in a permanent fund. During 2019, the city invests $4,000,000, earns $70,000 in investment income, and spends $50,000 on summer art programs. At the end of 2019, how is fund balance reported? Fund balance-nonspendable, $5,000,000; fund balance-restricted, $20,000. b. Fund balance-nonspendable, $4,000,000; fund balance-committed, $1,020,000. Fund balance-restricted, $5,000,000; fund balance-committed, $20,000. а. С. d Eund balance-committed $4 000 00O: fund balance-assigned $1 020 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2021, Grace Corp. created a special building fund by depositing a single sum of P300,000 with a Trust Company. The purpose of the fund is to provide resources to build another wing of a building that is expected to be completed by the end of 2025. The company estimates a total expenditure of P1.5 million and completion by January 1, 2026. Grace Corp. plans to make annual deposit from December 31, 2021 to 2025 to accumulate the required P1.5 million. The Trust Company will increase the fund each December 31 at an interest rate of 8%. Both the accounting period of the company and the fund end on December 31. Based on the above and the result of your audit, answer the following (Round off present and future value factors to four decimal places and final answer to the nearest peso): 1. How much is the annual deposit to the fund? 2. How much is the fund balance as of December 31, 2021?
Problem #11: Suppose that on January 1, 2021 the balance on a fund is $14940. Suppose that there are contributions to the fund of $5920, $2954, and $5916 made, respectively, on the first day of March, September, and November 2021. In addition, suppose that there are withdrawals from the fund of $5099 and $9068 made, respectively, on the first day of May and September. Finally, suppose that the balance of the fund on the last day of February, April, August, October, and December 2021 is, respectively, $28739, $36236, $32115, $30305, and $16445. (a) Find the dollar-weighted rate of return for the year. (b) Find the time-weighted rate of return for the year. (A) 5.2% (B) 5.59% (C) 5.33% (D) 5.72% (E) 5.46% Problem #11(a): Select v (A) 9.64% (B) 9.77% (C) 9.25% (D) 9.51% (E) 9.38% Problem #11(b): Select v
The City of Matlock issues $20,000,000 face value of general obligation bonds for $19,920,000. The bonds will be used for the construction of new streets and sidewalks to make downtown more walkable. The City incurred $100,000 in bond issue costs. What is the amount of expenditures that the City report in its Capital Projects Fund? $108,000 $100,000 $8,000 $0
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Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…
Topic: Accounting For Non-Profit Organization
Ibri municipality begun a park renovation and completed it during the year 2019, sources from the proceeds of a bond issue for the renovation of park RO 200,000, Transfer from general fund RO 100,000. In its 2019 capital projects fund, how much should report as revenue? a. RO 700,000 b. None of the options c. RO 500,000 d. RO 400,000
Accounting for Contribution Revenue Hannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $4,400,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history, Hannon University expects to collect 95% of the pledged amount. 1. Record the journal entry that would be recorded upon receipt of the letter. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit To record the pledge from an alumnus. 0 0 0 Credit Revenue would have been recorded for the full pledge amount. The pledge would not have been recorded. The revenue would not have been recorded as restricted. 0 0 0 2. How would the pledge have been recorded if Hannon University were a public university? →
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The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments 12/31/22 900,000 4,220,000 4,090,000 $9,210,000 2/15/23 $ 950,000 4,465,000 4,085,000 $9,500,000