City of Rocky Basin Private-Purpose Trust Fund College Scholarship Fund Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2022 Additions: Contributions Investment earnings: Interest income Investment expenses Net investment income Total additions Deductions: Scholarship disbursements Administrative costs Total deductions Net increase in fiduciary net position Net position-beginning of year Net position-end of year X 4,500 146250 2250 ✔ $ 4500000 $ tA 0 x 1 × 148500 1 x 0✔ 1 x
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- A citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has stipulated that the investments be held. Any resulting income must be used to help maintain the city’s cemetery. In which fund should this asset be reported? Special revenue funds Capital projects funds Permanent funds General FundsA citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has stipulated that the investments be held. Any resulting income must be used to help maintain the city’s cemetery. In which fund should this asset be reported? Choose the correct.a. Special revenue fundsb. Capital projects fundsc. Permanent fundsd. General fund1. A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Trial Balance—December 31, 2024 Debits Credits Cash $17,500 Investments 554,000 Additions to permanent endowments $537,000 Investment income 75,000 Expenditures—Library 57,500 Net increase in fair value of investments 17,000 Accrued interest receivable 6,500 Accounts payable 6,500 $635,500 $635,500 Required: Prepare any closing entries necessary at year-end. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. Prepare a balance sheet for the Library Permanent Fund (Use Restricted to Library for any spendable fund balance).
- A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Trial Balance December 31, 2020 Cash Investments Additions to permanent endowments Investment income Expenditures-subscriptions Net increase in fair value of investments Accrued interest receivable Accounts payable Required A Debits Required B 7,500 630,000 Required C 39,500 2,000 Credits $ 625,000 48,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. c. Prepare a balance sheet for the Library Permanent Fund (Use Restricted to Subscriptions for any spendable fund balance). Complete this question by entering your answers in the…A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Trial Balance-December 31, 2020 Cash Investments Additions to permanent endowments Investment income Expenditures-subscriptions Net increase in fair value of investments Accrued interest receivable Accounts payable Required: a. Prepare any closing entries necessary at year-end. $ Debits 12,000 532,000 46,500 3,750 $ 594,250 Credits $ 520,500 58,500 11,500 3,750 $ 594,250Recording journal entries for nonprofits 6. Donor D advises a university that he has established an irrevocable charitable remainder trust, administered by his attorney, whereby his wife will receive income from the trust as long as she lives. At her death, the remaining trust assets will be distributed to the university as a permanent endowment. The university’s actuary estimates the fair value of the university’s beneficial interest to be $400,000 (answer question 6 - what should be the correct entry?)
- P. 10-8 Fiduciary funds are accounted for on a full accrual basis. Upon the death of a police officer, Leff City establishes a trust fund to provide for the education of the officer's college-age children. 1. In what type of fund should the resources contributed to the fund be recorded?Answer both i and ii. please answer asap Assume instead that Good Charity prepares its annual financial statements using the restricted fund method of accounting for contributions and has chosen to have a general, capital and endowment fund to account for its activities. Jan 1: a donor contributes land for a future operations site. Land has a fair value of $32,000. Feb 1: A donor contributes $60,000 on the condition that the principal amount be invested in marketable securities and that only the income earned from the investment be spent on operations. Income of $2,000 was earned and received during 2020 on these investments. General donations of $85,000 were received during 2020. d) Feb 1: the government gave $80,000 to Good Charity to purchase equipment and furniture with a useful life of 10 years. This was all used to purchase $100,000 of equipment and furniture on July 1, 2020 and the operation opened in a rented facility on July 2, 2020. e) Costs of $72,000 were incurred…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
- 5-6. A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Trial Balance-December 31, 2024 Cash Investments Additions to permanent endowments Investment income Expenditures-subscriptions Net increase in fair value of investments Accrued interest receivable Accounts payable Debits $ 7,500 631,000 36,700 1,000 $676,200 rage 140 Credits $625,000 42,500 6,000 2,700 $676,200 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. c. Prepare a Balance Sheet for the Library Permanent Fund (Use Restricted to Library for any spendable fund balance).A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Trial Balance—December 31, 2020 Debits Credits Cash $ 15,000 Investments 544,000 Additions to permanent endowments $ 529,500 Investment income 67,500 Expenditures—subscriptions 52,500 Net increase in fair value of investments 14,500 Accrued interest receivable 5,250 Accounts payable 5,250 $ 616,750 $ 616,750 Required:a. Prepare any closing entries necessary at year-end.b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund.c. Prepare a balance sheet for…On July 1, 2019, the Morgan County School District received a $40,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $2,500 plus any interest earnings on the unsoent principal be awarded as a collegescholorship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholorship Fund, was created. Required: a. Record the followin gtransactions on the books of the Civic Scholorship Fund =: 1. On July 1, 2019, the gift was received and immediatly invested. 2. On June 30, 2020, $2,500 of the principal was converted to cash. In addition, $1,000 of interest was received. 3. On June 30 , the $3,500 was awarded to a student who had maintained a 4.0 gpa throughout her four years. 4. The nominal accounts were closed. B. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholorship Fund for the year ended June 30, 2020.