Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 18, Problem 43P
a.
To determine
Determine the change in assets for the current year.
b.
To determine
Determine the change in assets and expense for the current year.
b.
To determine
Determine the change in assets and expense for the current year.
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Students have asked these similar questions
Below are several transactions involving a private, not-for-profit university.
1. The university recorded $3,000,000 in tuition and fees for the fiscal year.
2. Tuition refunds of $218,000 were given.
3. The federal government notified the university that it would provide the university with a
$1,200,000 federal grant for pharmaceutical research next year.
4. The university received a $400,000 endowment.
5. The university provided $22,000 in tuition waivers for students with outstanding academic
performance.
6. The chemistry department spent $33,000 on pharmaceutical research.
7. During the year the university spent $2,450,000 to construct a new street to allow for the
expansion of student housing.
8. Estimated uncollectible tuition of $2,340 was recorded at the end of the year.
Required:
Prepare journal entries to record the foregoing (Problem #2) transactions assuming the university is a
private, not-for-profit institution in an Excel spreadsheet. Label each entry clearly and use…
During the year, Private College received the following: An unrestricted $10,000 pledge to be paid the following year. A $70,000 cash gift restricted for scholarships. A notice from a recent graduate that the college is named as a beneficiary of $25,000 in that graduate's will. What amount of contribution revenue should Private College report in its statement of activities?
A.) $10,000
B.) $70,000
C.) $105,000
D.) $80,000
Topic: Accounting For Non-Profit Organization
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