Advanced Financial Accounting
Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
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Chapter 19, Problem 19.10P

(a)

To determine

Introduction: The balance sheet of a company discloses the financial position of a company at the end of the year. With the help of a balance sheet one can know the financial capacity of a company at any given point of time.

The comparative balance sheet for F for the year ended June 30, 20X3 and 20X2

(a)

Expert Solution
Check Mark

Answer to Problem 19.10P

Comparative Balance Sheet for the year ended June 30, 20X3 and 20X2

    Particulars20X320X2
    Assets:
    Cash824,900217,000
    Accounts receivable137,000341,000
    State appropriations receivable50,00075,000
    Investment 89,00060,000
    Total assets:1,100,900693,000
    Liabilities:
    Accounts payable 59,00045,000
    Deferred revenue158,00066,000
    Net assets:
    Unrestricted716,000515,000
    Temporarily restricted117,90067,000
    Permanently restricted50,0000
    Total liabilities and net assets1,100,900693,000

Explanation of Solution

Calculation of accounts receivable for the year ended 20X3

    ParticularsAmount
    Opening balance 1,834,000
    Less: collections1,686,000
    Closing balance148,000
    Less: estimate uncollectibles(11,000)
    Accounts receivables137,000

Calculation for the amount of investment:

  investment=beginningbalance+certificateofdeposit+saleofrestrictedinvestment =(60,000+50,000)21,000 =110,00021,000 =$89,000

(b)

To determine

Introduction: The statement of activities is the financial statement of a non- profit organization or otherwise. The statement of activities has multiple columns for reporting the amounts for the following net assets:

  1. Without donor restriction funds
  2. With donor restriction funds
  3. The aggregate amount

The statement of activities for F for the year ended June 30, 20X3

(b)

Expert Solution
Check Mark

Answer to Problem 19.10P

Statement of activities for the year ended June 30, 20X3

    ParticularsUnrestricted Temporarily restricted Permanently restricted Total
    Revenues, gains and other support:
    Tuition and fees 1,900,0001,900,000
    State appropriation 50,00050,000
    Interest income6,0007,00013,000
    Contributions 25,00050,00050,000125,000
    Gain on sale of investment5,0005,000
    Investment income1,9001,900
    Net assets released13,000(13,000)0
    Total (B): 1,994,00050,90050,0002,094,900
    Expenses and other deductions (A)1,793,0001,793,000
    Change in net assets (A-B)201,00050,90050,000301,900
    Add: net assets at the beginning of the year515,00067,000582,000
    Net assets at the end of the year:716,000117,90050,000883,900

Explanation of Solution

The statement of activities is the financial statement for a no- profit organization. In the above presented statement of activities, F’s various revenues and expenses are shown under their respective heads. The total amount of net assets at the end of the year June 30, 20X3 is $883,900

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Chapter 19 Solutions

Advanced Financial Accounting

Ch. 19 - Prob. 19.11QCh. 19 - Prob. 19.12QCh. 19 - Prob. 19.13QCh. 19 - Prob. 19.14QCh. 19 - Prob. 19.15QCh. 19 - Prob. 19.16QCh. 19 - Prob. 19.17QCh. 19 - Prob. 19.18QCh. 19 - Should a rotary club, an ONPO, report depreciation...Ch. 19 - Prob. 19.20QCh. 19 - Prob. 19.1CCh. 19 - Prob. 19.2CCh. 19 - Prob. 19.3CCh. 19 - Prob. 19.4CCh. 19 - Prob. 19.5CCh. 19 - Prob. 19.7CCh. 19 - Prob. 19.1.1ECh. 19 - Prob. 19.1.2ECh. 19 - Prob. 19.1.3ECh. 19 - Prob. 19.1.4ECh. 19 - Prob. 19.1.5ECh. 19 - Prob. 19.1.6ECh. 19 - Prob. 19.2.1ECh. 19 - Prob. 19.2.2ECh. 19 - Prob. 19.2.3ECh. 19 - Prob. 19.2.4ECh. 19 - Prob. 19.2.5ECh. 19 - Prob. 19.2.6ECh. 19 - Prob. 19.2.7ECh. 19 - Prob. 19.2.8ECh. 19 - Prob. 19.2.9ECh. 19 - Prob. 19.2.10ECh. 19 - Prob. 19.2.11ECh. 19 - Prob. 19.2.12ECh. 19 - Prob. 19.3ECh. 19 - Prob. 19.4ECh. 19 - Prob. 19.5.1ECh. 19 - Prob. 19.5.2ECh. 19 - Prob. 19.5.3ECh. 19 - Prob. 19.5.4ECh. 19 - Prob. 19.5.5ECh. 19 - Prob. 19.5.6ECh. 19 - Prob. 19.5.7ECh. 19 - Prob. 19.5.8ECh. 19 - Prob. 19.5.9ECh. 19 - Prob. 19.6ECh. 19 - Prob. 19.7ECh. 19 - Prob. 19.8.1ECh. 19 - Prob. 19.8.2ECh. 19 - Prob. 19.8.3ECh. 19 - Prob. 19.8.4ECh. 19 - Prob. 19.8.5ECh. 19 - Prob. 19.8.6ECh. 19 - Prob. 19.8.7ECh. 19 - Prob. 19.8.8ECh. 19 - Prob. 19.8.9ECh. 19 - Prob. 19.8.10ECh. 19 - Prob. 19.9ECh. 19 - Prob. 19.10PCh. 19 - Prob. 19.11PCh. 19 - Prob. 19.12PCh. 19 - Prob. 19.13PCh. 19 - Prob. 19.14PCh. 19 - Prob. 19.15PCh. 19 - Prob. 19.16PCh. 19 - Prob. 19.17PCh. 19 - Prob. 19.18PCh. 19 - Prob. 19.19PCh. 19 - Prob. 19.20PCh. 19 - Prob. 19.21PCh. 19 - Prob. 19.22PCh. 19 - Prob. 19.23PCh. 19 - Prob. 19.24.1PCh. 19 - Prob. 19.24.2PCh. 19 - Prob. 19.24.3PCh. 19 - Prob. 19.24.4PCh. 19 - Prob. 19.24.5PCh. 19 - Prob. 19.24.6PCh. 19 - Prob. 19.24.7PCh. 19 - Prob. 19.24.8PCh. 19 - Prob. 19.24.9PCh. 19 - Prob. 19.24.10PCh. 19 - Prob. 19.24.11PCh. 19 - Prob. 19.24.12PCh. 19 - Prob. 19.24.13PCh. 19 - Prob. 19.24.14PCh. 19 - Prob. 19.24.15PCh. 19 - Prob. 19.24.16PCh. 19 - Prob. 19.24.17PCh. 19 - Prob. 19.24.18PCh. 19 - Prob. 19.24.19PCh. 19 - Prob. 19.24.20PCh. 19 - Prob. 19.25PCh. 19 - Prob. 19.26P
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