The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team. The cash donations made to the university in the recent year for the acquisition of building and equipment.

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Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.7C

(a)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The cash donations made to the university in the recent year for the acquisition of building and equipment.

(a)

Expert Solution

Answer to Problem 19.7C

Around $728 million has been contributed by the donors to the catholic research University for Acquisition of building and equipment.

Explanation of Solution

Notre dame receives thousands of dollars in donations for carrying on the activities of the church and forwarding its mission. The endowment note and the restricted net assets disclosed in the annual report states that around $728 million were received as temporarily restricted donations for acquisition of buildings and equipment.

(b)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The criteria for determining what information to disclose in the non-operating section of the statement in unrestricted net assets.

(b)

Expert Solution

Answer to Problem 19.7C

Non-operating section of the statement of unrestricted net assets is that section which specifies income from those activities that are not related to the core activities of the organization. So, the church puts all the unrestricted gifts, donations and contributions and the like under this section.

Explanation of Solution

The statement of net assets disclosed the following items are disclosed in the non-operating section:

Unrestricted contributions for endowments
Contributions for obtaining physical activities
Donation for acquisition of equipment
Gain or loss on sale of investment or other financial instruments
Income from non- recurring activities

(c)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

(c)

Expert Solution

Answer to Problem 19.7C

An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Explanation of Solution

The statement of changes in unrestricted net assets states that the restrictions are reflected in two different places, operating and non- operating section. An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

(d)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The accounting policy for the art collection of the church.

(d)

Expert Solution

Answer to Problem 19.7C

The University does not capitalize the value of its art collection, that is, it does not reflect the same as capital assets.

Explanation of Solution

The University does not capitalize the value of its books and nor does it record the fair value of its art collection. The art collection is held for exhibition and educational purposes and not for financial gain.

(e)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The interest rate to determine the present value of multiyear pledges.

(e)

Expert Solution

Answer to Problem 19.7C

The University has used a percentage of 0.4% to determine the present value of multi year pledges.

Explanation of Solution

Pledges in the form of unconditional promises are to be recognized at fair value as restricted contributions in the period such promises are made by donors. These contributions are discounted at a risk adjusted rate commensurate with the duration of donor’s payment plan.

(f)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of contributions that is unrestricted in nature.

(f)

Expert Solution

Answer to Problem 19.7C

The University has received $48,908,000 of unrestricted contributions

Explanation of Solution

The contribution receivables note disclose that the gross amount of the contributions receivables is disclosed as $48,908,000 and also the amount of restricted contributions in the statement of financial position.

(g)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of unrestricted net assets designated by the board.

(g)

Expert Solution

Answer to Problem 19.7C

The unrestricted net assets designated by the board is $4,580,318

Explanation of Solution

The statement of financial position discloses that the amount of unrestricted net assets is mentioned under the net assets section of the statement.

(h)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(h)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

The operating expenses of the university are disclosed in the statement of changes in unrestricted net assets. The functional categories report the operating expenses after the cost of operations, depreciation expenses and interest on debt is allowed.

(i)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(i)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

In the university statement of financial position, land, buildings, and equipment net of depreciation are reported in the unrestricted net assets section.

(j)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The total investment return on investments reported in the three net asset categories.

(j)

Expert Solution

Answer to Problem 19.7C

The amount is conclusive.

Explanation of Solution

In the statement of financial position, the restricted net assets and endowment section discloses that the permanently restricted assets are provided as a single amount for investment in all the three categories making it difficult to trace the amount.

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Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.7C

(a)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The cash donations made to the university in the recent year for the acquisition of building and equipment.

(a)

Expert Solution

Answer to Problem 19.7C

Around $728 million has been contributed by the donors to the catholic research University for Acquisition of building and equipment.

Explanation of Solution

Notre dame receives thousands of dollars in donations for carrying on the activities of the church and forwarding its mission. The endowment note and the restricted net assets disclosed in the annual report states that around $728 million were received as temporarily restricted donations for acquisition of buildings and equipment.

(b)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The criteria for determining what information to disclose in the non-operating section of the statement in unrestricted net assets.

(b)

Expert Solution

Answer to Problem 19.7C

Non-operating section of the statement of unrestricted net assets is that section which specifies income from those activities that are not related to the core activities of the organization. So, the church puts all the unrestricted gifts, donations and contributions and the like under this section.

Explanation of Solution

The statement of net assets disclosed the following items are disclosed in the non-operating section:

Unrestricted contributions for endowments
Contributions for obtaining physical activities
Donation for acquisition of equipment
Gain or loss on sale of investment or other financial instruments
Income from non- recurring activities

(c)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

(c)

Expert Solution

Answer to Problem 19.7C

An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Explanation of Solution

The statement of changes in unrestricted net assets states that the restrictions are reflected in two different places, operating and non- operating section. An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

(d)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The accounting policy for the art collection of the church.

(d)

Expert Solution

Answer to Problem 19.7C

The University does not capitalize the value of its art collection, that is, it does not reflect the same as capital assets.

Explanation of Solution

The University does not capitalize the value of its books and nor does it record the fair value of its art collection. The art collection is held for exhibition and educational purposes and not for financial gain.

(e)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The interest rate to determine the present value of multiyear pledges.

(e)

Expert Solution

Answer to Problem 19.7C

The University has used a percentage of 0.4% to determine the present value of multi year pledges.

Explanation of Solution

Pledges in the form of unconditional promises are to be recognized at fair value as restricted contributions in the period such promises are made by donors. These contributions are discounted at a risk adjusted rate commensurate with the duration of donor’s payment plan.

(f)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of contributions that is unrestricted in nature.

(f)

Expert Solution

Answer to Problem 19.7C

The University has received $48,908,000 of unrestricted contributions

Explanation of Solution

The contribution receivables note disclose that the gross amount of the contributions receivables is disclosed as $48,908,000 and also the amount of restricted contributions in the statement of financial position.

(g)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of unrestricted net assets designated by the board.

(g)

Expert Solution

Answer to Problem 19.7C

The unrestricted net assets designated by the board is $4,580,318

Explanation of Solution

The statement of financial position discloses that the amount of unrestricted net assets is mentioned under the net assets section of the statement.

(h)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(h)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

The operating expenses of the university are disclosed in the statement of changes in unrestricted net assets. The functional categories report the operating expenses after the cost of operations, depreciation expenses and interest on debt is allowed.

(i)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(i)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

In the university statement of financial position, land, buildings, and equipment net of depreciation are reported in the unrestricted net assets section.

(j)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The total investment return on investments reported in the three net asset categories.

(j)

Expert Solution

Answer to Problem 19.7C

The amount is conclusive.

Explanation of Solution

In the statement of financial position, the restricted net assets and endowment section discloses that the permanently restricted assets are provided as a single amount for investment in all the three categories making it difficult to trace the amount.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.7C

(a)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The cash donations made to the university in the recent year for the acquisition of building and equipment.

(a)

Expert Solution

Answer to Problem 19.7C

Around $728 million has been contributed by the donors to the catholic research University for Acquisition of building and equipment.

Explanation of Solution

Notre dame receives thousands of dollars in donations for carrying on the activities of the church and forwarding its mission. The endowment note and the restricted net assets disclosed in the annual report states that around $728 million were received as temporarily restricted donations for acquisition of buildings and equipment.

(b)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The criteria for determining what information to disclose in the non-operating section of the statement in unrestricted net assets.

(b)

Expert Solution

Answer to Problem 19.7C

Non-operating section of the statement of unrestricted net assets is that section which specifies income from those activities that are not related to the core activities of the organization. So, the church puts all the unrestricted gifts, donations and contributions and the like under this section.

Explanation of Solution

The statement of net assets disclosed the following items are disclosed in the non-operating section:

Unrestricted contributions for endowments
Contributions for obtaining physical activities
Donation for acquisition of equipment
Gain or loss on sale of investment or other financial instruments
Income from non- recurring activities

(c)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

(c)

Expert Solution

Answer to Problem 19.7C

An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Explanation of Solution

The statement of changes in unrestricted net assets states that the restrictions are reflected in two different places, operating and non- operating section. An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

(d)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The accounting policy for the art collection of the church.

(d)

Expert Solution

Answer to Problem 19.7C

The University does not capitalize the value of its art collection, that is, it does not reflect the same as capital assets.

Explanation of Solution

The University does not capitalize the value of its books and nor does it record the fair value of its art collection. The art collection is held for exhibition and educational purposes and not for financial gain.

(e)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The interest rate to determine the present value of multiyear pledges.

(e)

Expert Solution

Answer to Problem 19.7C

The University has used a percentage of 0.4% to determine the present value of multi year pledges.

Explanation of Solution

Pledges in the form of unconditional promises are to be recognized at fair value as restricted contributions in the period such promises are made by donors. These contributions are discounted at a risk adjusted rate commensurate with the duration of donor’s payment plan.

(f)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of contributions that is unrestricted in nature.

(f)

Expert Solution

Answer to Problem 19.7C

The University has received $48,908,000 of unrestricted contributions

Explanation of Solution

The contribution receivables note disclose that the gross amount of the contributions receivables is disclosed as $48,908,000 and also the amount of restricted contributions in the statement of financial position.

(g)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of unrestricted net assets designated by the board.

(g)

Expert Solution

Answer to Problem 19.7C

The unrestricted net assets designated by the board is $4,580,318

Explanation of Solution

The statement of financial position discloses that the amount of unrestricted net assets is mentioned under the net assets section of the statement.

(h)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(h)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

The operating expenses of the university are disclosed in the statement of changes in unrestricted net assets. The functional categories report the operating expenses after the cost of operations, depreciation expenses and interest on debt is allowed.

(i)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(i)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

In the university statement of financial position, land, buildings, and equipment net of depreciation are reported in the unrestricted net assets section.

(j)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The total investment return on investments reported in the three net asset categories.

(j)

Expert Solution

Answer to Problem 19.7C

The amount is conclusive.

Explanation of Solution

In the statement of financial position, the restricted net assets and endowment section discloses that the permanently restricted assets are provided as a single amount for investment in all the three categories making it difficult to trace the amount.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.7C

(a)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The cash donations made to the university in the recent year for the acquisition of building and equipment.

(a)

Expert Solution

Answer to Problem 19.7C

Around $728 million has been contributed by the donors to the catholic research University for Acquisition of building and equipment.

Explanation of Solution

Notre dame receives thousands of dollars in donations for carrying on the activities of the church and forwarding its mission. The endowment note and the restricted net assets disclosed in the annual report states that around $728 million were received as temporarily restricted donations for acquisition of buildings and equipment.

(b)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The criteria for determining what information to disclose in the non-operating section of the statement in unrestricted net assets.

(b)

Expert Solution

Answer to Problem 19.7C

Non-operating section of the statement of unrestricted net assets is that section which specifies income from those activities that are not related to the core activities of the organization. So, the church puts all the unrestricted gifts, donations and contributions and the like under this section.

Explanation of Solution

The statement of net assets disclosed the following items are disclosed in the non-operating section:

Unrestricted contributions for endowments
Contributions for obtaining physical activities
Donation for acquisition of equipment
Gain or loss on sale of investment or other financial instruments
Income from non- recurring activities

(c)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

(c)

Expert Solution

Answer to Problem 19.7C

An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Explanation of Solution

The statement of changes in unrestricted net assets states that the restrictions are reflected in two different places, operating and non- operating section. An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

(d)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The accounting policy for the art collection of the church.

(d)

Expert Solution

Answer to Problem 19.7C

The University does not capitalize the value of its art collection, that is, it does not reflect the same as capital assets.

Explanation of Solution

The University does not capitalize the value of its books and nor does it record the fair value of its art collection. The art collection is held for exhibition and educational purposes and not for financial gain.

(e)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The interest rate to determine the present value of multiyear pledges.

(e)

Expert Solution

Answer to Problem 19.7C

The University has used a percentage of 0.4% to determine the present value of multi year pledges.

Explanation of Solution

Pledges in the form of unconditional promises are to be recognized at fair value as restricted contributions in the period such promises are made by donors. These contributions are discounted at a risk adjusted rate commensurate with the duration of donor’s payment plan.

(f)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of contributions that is unrestricted in nature.

(f)

Expert Solution

Answer to Problem 19.7C

The University has received $48,908,000 of unrestricted contributions

Explanation of Solution

The contribution receivables note disclose that the gross amount of the contributions receivables is disclosed as $48,908,000 and also the amount of restricted contributions in the statement of financial position.

(g)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of unrestricted net assets designated by the board.

(g)

Expert Solution

Answer to Problem 19.7C

The unrestricted net assets designated by the board is $4,580,318

Explanation of Solution

The statement of financial position discloses that the amount of unrestricted net assets is mentioned under the net assets section of the statement.

(h)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(h)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

The operating expenses of the university are disclosed in the statement of changes in unrestricted net assets. The functional categories report the operating expenses after the cost of operations, depreciation expenses and interest on debt is allowed.

(i)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(i)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

In the university statement of financial position, land, buildings, and equipment net of depreciation are reported in the unrestricted net assets section.

(j)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The total investment return on investments reported in the three net asset categories.

(j)

Expert Solution

Answer to Problem 19.7C

The amount is conclusive.

Explanation of Solution

In the statement of financial position, the restricted net assets and endowment section discloses that the permanently restricted assets are provided as a single amount for investment in all the three categories making it difficult to trace the amount.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 19.7C

(a)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The cash donations made to the university in the recent year for the acquisition of building and equipment.

(a)

Expert Solution

Answer to Problem 19.7C

Around $728 million has been contributed by the donors to the catholic research University for Acquisition of building and equipment.

Explanation of Solution

Notre dame receives thousands of dollars in donations for carrying on the activities of the church and forwarding its mission. The endowment note and the restricted net assets disclosed in the annual report states that around $728 million were received as temporarily restricted donations for acquisition of buildings and equipment.

(b)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The criteria for determining what information to disclose in the non-operating section of the statement in unrestricted net assets.

(b)

Expert Solution

Answer to Problem 19.7C

Non-operating section of the statement of unrestricted net assets is that section which specifies income from those activities that are not related to the core activities of the organization. So, the church puts all the unrestricted gifts, donations and contributions and the like under this section.

Explanation of Solution

The statement of net assets disclosed the following items are disclosed in the non-operating section:

Unrestricted contributions for endowments
Contributions for obtaining physical activities
Donation for acquisition of equipment
Gain or loss on sale of investment or other financial instruments
Income from non- recurring activities

(c)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

(c)

Expert Solution

Answer to Problem 19.7C

An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Explanation of Solution

The statement of changes in unrestricted net assets states that the restrictions are reflected in two different places, operating and non- operating section. An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

(d)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The accounting policy for the art collection of the church.

(d)

Expert Solution

Answer to Problem 19.7C

The University does not capitalize the value of its art collection, that is, it does not reflect the same as capital assets.

Explanation of Solution

The University does not capitalize the value of its books and nor does it record the fair value of its art collection. The art collection is held for exhibition and educational purposes and not for financial gain.

(e)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The interest rate to determine the present value of multiyear pledges.

(e)

Expert Solution

Answer to Problem 19.7C

The University has used a percentage of 0.4% to determine the present value of multi year pledges.

Explanation of Solution

Pledges in the form of unconditional promises are to be recognized at fair value as restricted contributions in the period such promises are made by donors. These contributions are discounted at a risk adjusted rate commensurate with the duration of donor’s payment plan.

(f)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of contributions that is unrestricted in nature.

(f)

Expert Solution

Answer to Problem 19.7C

The University has received $48,908,000 of unrestricted contributions

Explanation of Solution

The contribution receivables note disclose that the gross amount of the contributions receivables is disclosed as $48,908,000 and also the amount of restricted contributions in the statement of financial position.

(g)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of unrestricted net assets designated by the board.

(g)

Expert Solution

Answer to Problem 19.7C

The unrestricted net assets designated by the board is $4,580,318

Explanation of Solution

The statement of financial position discloses that the amount of unrestricted net assets is mentioned under the net assets section of the statement.

(h)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(h)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

The operating expenses of the university are disclosed in the statement of changes in unrestricted net assets. The functional categories report the operating expenses after the cost of operations, depreciation expenses and interest on debt is allowed.

(i)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(i)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

In the university statement of financial position, land, buildings, and equipment net of depreciation are reported in the unrestricted net assets section.

(j)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The total investment return on investments reported in the three net asset categories.

(j)

Expert Solution

Answer to Problem 19.7C

The amount is conclusive.

Explanation of Solution

In the statement of financial position, the restricted net assets and endowment section discloses that the permanently restricted assets are provided as a single amount for investment in all the three categories making it difficult to trace the amount.

Answer 6

Chapter 19, Problem 19.7C

(a)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The cash donations made to the university in the recent year for the acquisition of building and equipment.

(a)

Expert Solution

Answer to Problem 19.7C

Around $728 million has been contributed by the donors to the catholic research University for Acquisition of building and equipment.

Explanation of Solution

Notre dame receives thousands of dollars in donations for carrying on the activities of the church and forwarding its mission. The endowment note and the restricted net assets disclosed in the annual report states that around $728 million were received as temporarily restricted donations for acquisition of buildings and equipment.

Answer 7

Chapter 19, Problem 19.7C

(a)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The cash donations made to the university in the recent year for the acquisition of building and equipment.

Answer 8

(a)

Expert Solution

Answer to Problem 19.7C

Around $728 million has been contributed by the donors to the catholic research University for Acquisition of building and equipment.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

Notre dame receives thousands of dollars in donations for carrying on the activities of the church and forwarding its mission. The endowment note and the restricted net assets disclosed in the annual report states that around $728 million were received as temporarily restricted donations for acquisition of buildings and equipment.

Answer 13

(b)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The criteria for determining what information to disclose in the non-operating section of the statement in unrestricted net assets.

(b)

Expert Solution

Answer to Problem 19.7C

Non-operating section of the statement of unrestricted net assets is that section which specifies income from those activities that are not related to the core activities of the organization. So, the church puts all the unrestricted gifts, donations and contributions and the like under this section.

Explanation of Solution

The statement of net assets disclosed the following items are disclosed in the non-operating section:

Unrestricted contributions for endowments
Contributions for obtaining physical activities
Donation for acquisition of equipment
Gain or loss on sale of investment or other financial instruments
Income from non- recurring activities

Answer 14

(b)

To determine

Introduction: The University of Notre Dame or Notre Dame is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The criteria for determining what information to disclose in the non-operating section of the statement in unrestricted net assets.

Answer 15

(b)

Expert Solution

Answer to Problem 19.7C

Non-operating section of the statement of unrestricted net assets is that section which specifies income from those activities that are not related to the core activities of the organization. So, the church puts all the unrestricted gifts, donations and contributions and the like under this section.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

The statement of net assets disclosed the following items are disclosed in the non-operating section:

Unrestricted contributions for endowments
Contributions for obtaining physical activities
Donation for acquisition of equipment
Gain or loss on sale of investment or other financial instruments
Income from non- recurring activities

Answer 20

(c)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

(c)

Expert Solution

Answer to Problem 19.7C

An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Explanation of Solution

The statement of changes in unrestricted net assets states that the restrictions are reflected in two different places, operating and non- operating section. An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Answer 21

(c)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

Answer 22

(c)

Expert Solution

Answer to Problem 19.7C

An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Answer 23

(c)

Expert Solution

Answer 24

(c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Explanation of Solution

The statement of changes in unrestricted net assets states that the restrictions are reflected in two different places, operating and non- operating section. An amount of $21,956,000 were released for operations as per the statement of changes in unrestricted net assets.

Answer 27

(d)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The accounting policy for the art collection of the church.

(d)

Expert Solution

Answer to Problem 19.7C

The University does not capitalize the value of its art collection, that is, it does not reflect the same as capital assets.

Explanation of Solution

The University does not capitalize the value of its books and nor does it record the fair value of its art collection. The art collection is held for exhibition and educational purposes and not for financial gain.

Answer 28

(d)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The accounting policy for the art collection of the church.

Answer 29

(d)

Expert Solution

Answer to Problem 19.7C

The University does not capitalize the value of its art collection, that is, it does not reflect the same as capital assets.

Answer 30

(d)

Expert Solution

Answer 31

(d)

Expert Solution

Answer 32

Expert Solution

Answer 33

Explanation of Solution

The University does not capitalize the value of its books and nor does it record the fair value of its art collection. The art collection is held for exhibition and educational purposes and not for financial gain.

Answer 34

(e)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The interest rate to determine the present value of multiyear pledges.

(e)

Expert Solution

Answer to Problem 19.7C

The University has used a percentage of 0.4% to determine the present value of multi year pledges.

Explanation of Solution

Pledges in the form of unconditional promises are to be recognized at fair value as restricted contributions in the period such promises are made by donors. These contributions are discounted at a risk adjusted rate commensurate with the duration of donor’s payment plan.

Answer 35

(e)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The interest rate to determine the present value of multiyear pledges.

Answer 36

(e)

Expert Solution

Answer to Problem 19.7C

The University has used a percentage of 0.4% to determine the present value of multi year pledges.

Answer 37

(e)

Expert Solution

Answer 38

(e)

Expert Solution

Answer 39

Expert Solution

Answer 40

Explanation of Solution

Pledges in the form of unconditional promises are to be recognized at fair value as restricted contributions in the period such promises are made by donors. These contributions are discounted at a risk adjusted rate commensurate with the duration of donor’s payment plan.

Answer 41

(f)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of contributions that is unrestricted in nature.

(f)

Expert Solution

Answer to Problem 19.7C

The University has received $48,908,000 of unrestricted contributions

Explanation of Solution

The contribution receivables note disclose that the gross amount of the contributions receivables is disclosed as $48,908,000 and also the amount of restricted contributions in the statement of financial position.

Answer 42

(f)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of contributions that is unrestricted in nature.

Answer 43

(f)

Expert Solution

Answer to Problem 19.7C

The University has received $48,908,000 of unrestricted contributions

Answer 44

(f)

Expert Solution

Answer 45

(f)

Expert Solution

Answer 46

Expert Solution

Answer 47

Explanation of Solution

The contribution receivables note disclose that the gross amount of the contributions receivables is disclosed as $48,908,000 and also the amount of restricted contributions in the statement of financial position.

Answer 48

(g)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of unrestricted net assets designated by the board.

(g)

Expert Solution

Answer to Problem 19.7C

The unrestricted net assets designated by the board is $4,580,318

Explanation of Solution

The statement of financial position discloses that the amount of unrestricted net assets is mentioned under the net assets section of the statement.

Answer 49

(g)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of unrestricted net assets designated by the board.

Answer 50

(g)

Expert Solution

Answer to Problem 19.7C

The unrestricted net assets designated by the board is $4,580,318

Answer 51

(g)

Expert Solution

Answer 52

(g)

Expert Solution

Answer 53

Expert Solution

Answer 54

Explanation of Solution

The statement of financial position discloses that the amount of unrestricted net assets is mentioned under the net assets section of the statement.

Answer 55

(h)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(h)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

The operating expenses of the university are disclosed in the statement of changes in unrestricted net assets. The functional categories report the operating expenses after the cost of operations, depreciation expenses and interest on debt is allowed.

Answer 56

(h)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

Answer 57

(h)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Answer 58

(h)

Expert Solution

Answer 59

(h)

Expert Solution

Answer 60

Expert Solution

Answer 61

Explanation of Solution

The operating expenses of the university are disclosed in the statement of changes in unrestricted net assets. The functional categories report the operating expenses after the cost of operations, depreciation expenses and interest on debt is allowed.

Answer 62

(i)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

(i)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Explanation of Solution

In the university statement of financial position, land, buildings, and equipment net of depreciation are reported in the unrestricted net assets section.

Answer 63

(i)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

Answer 64

(i)

Expert Solution

Answer to Problem 19.7C

The given statement is true

Answer 65

(i)

Expert Solution

Answer 66

(i)

Expert Solution

Answer 67

Expert Solution

Answer 68

Explanation of Solution

In the university statement of financial position, land, buildings, and equipment net of depreciation are reported in the unrestricted net assets section.

Answer 69

(j)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The total investment return on investments reported in the three net asset categories.

(j)

Expert Solution

Answer to Problem 19.7C

The amount is conclusive.

Explanation of Solution

In the statement of financial position, the restricted net assets and endowment section discloses that the permanently restricted assets are provided as a single amount for investment in all the three categories making it difficult to trace the amount.

Answer 70

(j)

To determine

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The total investment return on investments reported in the three net asset categories.

Answer 71

(j)

Expert Solution

Answer to Problem 19.7C

The amount is conclusive.

Answer 72

(j)

Expert Solution

Answer 73

(j)

Expert Solution

Answer 74

Expert Solution

Answer 75

Explanation of Solution

In the statement of financial position, the restricted net assets and endowment section discloses that the permanently restricted assets are provided as a single amount for investment in all the three categories making it difficult to trace the amount.

Answer 76

Ch. 19 - Prob. 19.1Q Ch. 19 - Prob. 19.2Q Ch. 19 - Prob. 19.3Q Ch. 19 - Prob. 19.4Q Ch. 19 - Prob. 19.5Q Ch. 19 - Prob. 19.6Q Ch. 19 - Prob. 19.7Q Ch. 19 - Prob. 19.8Q Ch. 19 - Prob. 19.9Q Ch. 19 - Prob. 19.10Q

Concept explainers

Answer to Problem 19.7C

Explanation of Solution

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The accounting policy for the art collection of the church.

Answer to Problem 19.7C

Explanation of Solution

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of contributions that is unrestricted in nature.

Answer to Problem 19.7C

Explanation of Solution

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

Answer to Problem 19.7C

Explanation of Solution

Answer to Problem 19.7C

Explanation of Solution

Want to see more full solutions like this?

Chapter 19 Solutions

Concept explainers

Answer to Problem 19.7C

Explanation of Solution

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team. The amount of net assets released for operations.

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team. The accounting policy for the art collection of the church.

Answer to Problem 19.7C

Explanation of Solution

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team. The amount of contributions that is unrestricted in nature.

Answer to Problem 19.7C

Explanation of Solution

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team. Whether the given statement is true or false.

Answer to Problem 19.7C

Explanation of Solution

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team. Whether the given statement is true or false.

Answer to Problem 19.7C

Explanation of Solution

Answer to Problem 19.7C

Explanation of Solution

Want to see more full solutions like this?

Chapter 19 Solutions

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

The amount of net assets released for operations.

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.

Introduction: The University of Notre Dame or Notre Dame University is a private catholic research university situated in Notre Dame, Indiana. The University is known for its athletic teams and well known consistently strong football team.

Whether the given statement is true or false.