ACC 380 – Accounting for Not-For-Profit
For the final project in ACC380 Accounting for Not-For-Profit, we were asked to prepare a Statement of Activities, a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets along with a Statement of Changes in Net Assets for Lee College which is a private not-for-profit college. In addition to the financial statements, we were also asked to explain the process that was used to prepare the financial statements and to offer an in-depth analysis of the financial health of Lee College. My first step was to set-up my Excel template for the Statement of Activities by using the information provided in the closing entries for Lee
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Again, using my carefully crafted Statement of Activities, I prepared the Statement of Changes in Net Assets. It was relatively easy in that I had already classified my assets by type. Under the temporarily restricted assets, the net assets released from restrictions are the sum of satisfaction of plant acquisition and satisfaction of program restrictions. Increase in Net Assets is the sum of increase/decrease in unrestricted net assets, increase in temporarily restricted net assets and increase in permanently restricted net assets. Net Assets, 12/31/15 is the sum of ending balances given in the exercise and the increase in net assets. Again it was important to check to make sure this tied back to the Statement of Activities and the Statement of Unrestricted Revenues, Expenses and Other Changes in Unrestricted Net Assets. Now for the in-depth financial analysis of Lee College. Lee College is a private, not-for-profit college. By looking at the Statement of Activities, Lee College looks healthy. While there is a decrease in unrestricted assets for the year, the overall increase in net assets is approximately $3.9M. One concern could be the lack of unrestricted surplus which may be needed for establishing working capital, expanding/replacing facilities, retiring debt or continuing a program beyond the period of initial funding. My assumption is that
In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial
Fraser, L. M., & Ormiston, A. (201). Understanding financial statements (9th ed.). Upper Saddle River, NJ: Prentice Hall.
Sony have been known worldwide as a Japanese multinational company, its efforts trying to expanding business in United States, have made that Sony acquires CBS Records and Columbia Pictures. Thus, creating Sony Music and Sony Pictures, which represent Sony entertainment. This involved to the company in $1.2 billion of debt, and assigned goodwill assets for $3.8 billion.
Thomas Foods is a third party entity that will best benefit working off of a Purchase Order over trying to change their accounting procedures entirely. With a
Accounting theory including recording, valuation, and statement presentation of assets, liabilities, capital, and earnings. Funds statements, financial analysis, interest theory and applications.
Operating cash flow was not enough to cover capital investments (this firm does not to appear to pay dividends as it does not show in the prior 3 years). The firm is financing it operations from the issuance of common stock. $23,082 was raised during the period, which is covering its investments in capital expenditures.
EBITDA - Earnings before interest, taxes, depreciation and amortization is an indicator of a company's financial performance which is calculated in the following manner: ("EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization Definition | Investopedia," n.d.)
1. A company’s ending accounts receivable balance and the period’s advertising expense would be found on which financial statements, respectively
This reflection learning log and essay guide is a helpful learning tool for you to access when you are completing your learning log and also your reflection essay. It provides you with an introduction to the purpose for setting a reflective piece of work and the benefits this produces for you. It provides activities to help you along the way (see separate guide “ACCG 399 Developing a Reflective Capacity Guidance”) and clearly sets out the requirements that are expected of you, including what you will need to hand in at the end of the semester.
Throughout this class we were introduced to a number of financial statements, many of which I never knew existed. It was nice to see that the formatting of these newly introduced financial statements were consistent and had many similarities to the traditional accounting statements for profit seeking businesses. These financial statements flowed together much like the accounting statements I have been used to seeing. This similarity in turn allowed me to smoothly
This course focuses on ways in which financial statements reflect business operations and emphasizes use of financial statements in the decision-making process. The course encompasses all business forms and various sectors such as merchandising, manufacturing and service. Students make extensive use of spreadsheet applications to analyze accounting records and financial statements. Prerequisites: COMP100 and MATH114 / 4-4
Student Name | Class | COMP230 | Date | | VBScript Modular Lab Report ' Menu Driven Computer / Network Tests ' This VBScript program is run using the PC_Tests.cmd Batch Script Set args = WScript. Arguments WScript. Echo vbCrLf Select Case args. Item(0) Case "1" Call System_Information Case"2" Call System_Memory_Size Case "3" Call OS_Version Case "4" Call Printers_Status Case "5" Call Logical_HDD_Information End Select
The financial statement of the University of Virginia divides the pension plan into diverse categories. The categories are made up of the retirement plans, the Supplemented Retirement Income plans, and the deferred compensation plans. The Employees of the University are considered to be employees of the commonwealth. Considerably, the entire stable full-time ordered salaried workers participate in a definite pension plan managed by the Virginia Retirement System (VRS). Data regarding the plan are always availed at the statewide stage solely in the Commonwealth of Virginia’s Comprehensive Annual Financial Report (CAFR). The Commonwealth, and not the University, has the full duty of contributing to the plan.
Exhibit 2 and 3 showed the balance sheet and income statement of the Archdiocese of New Orleans. There are error in the balance sheet and income statement. In this balance sheet, shareholder equity was not mentioned, so it is very difficult to calculate the return on equity and debt to equity ratio. This information is very important, the organization need it to pay its debt in future. There are little ambiguities in the current assets and liabilities figure (doubtful receivables).
with a new partner, Harry Fowl. Harry has had some existing business and you are