low 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 wit $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 acad 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
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- You are preparing a statement of activities for the University of Richland, a private not-for-profit entity. The following questions should be viewed as independent of each other. Part-1 During the current year, a donor gives $400,000 in cash to the school and stipulates that it must hold this money forever. However, any investment income earned on this money must be used for faculty salaries. During the current year, the investment earned $31,000 and, of that amount, the school has expended $22,000 appropriately to date. As a result of these events, what was the overall change in each of the following for the current year? Unrestricted net assets. Temporarily restricted net assets. Permanently restricted net assets. Part-2 A donor gives a large machine to the school on January 1 of the current year. It has a value of $200,000, no salvage value, and a 10-year life. The donor requires that the school keep the machine and use it for all 10 years, and the school agrees. It cannot sell…You are preparing a statement of activities for the University of Richland, a private not-for-profit entity. The following questions should be viewed as independent of each other.Part 1During the current year, a donor gives $400,000 in cash to the school and stipulates that it must hold this money forever. However, any investment income earned on this money must be used for faculty salaries. During the current year, the investment earned $31,000 and, of that amount, the school has expended $22,000 appropriately to date. As a result of these events, what was the overall change in each of the following for the current year?a. Unrestricted net assets.b. Temporarily restricted net assets.c. Permanently restricted net assets.Part 2 A donor gives a large machine to the school on January 1 of the current year. It has a value of $200,000, no salvage value, and a 10-year life. The donor requires that the school keep the machine and use it for all 10 years, and the school agrees. It cannot sell…The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year.Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities.a. Charged students $1.2 million in tuition.b. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent.c. Received a cash donation of $700,000 that must be used to acquire laboratory equipment.d. Gave scholarships in the amount of…
- The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000 permanently restricted. The following transactions occur during the year. Prepare journal entries for each transaction. Then determine the end-of-year balances for unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets by creating a statement of activities. Charged students $1.2 million in tuition. Received a donation of investments that had cost the owner $100,000 but was worth $300,000 at the time of the gift. According to the gift’s terms, the university must hold the investments forever but can spend the dividends for any purpose. Any changes in the value of these securities must be held forever and cannot be spent. Received a cash donation of $700,000 that must be used to acquire laboratory equipment. Gave scholarships in the amount of $100,000 to…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.) $80,000For the year ended June 30, 20X9, a university assessed its students a total of $4,000,000 for tuition and fees. Included in this amount were $300,000 of tuition remissions awarded to graduate teaching assistants and $150,000 of scholarships awarded to undergraduate students. Tuition and fees totaling $3,550,000 were collected during the year ended June 30, 20X9. What amount should be reported in the fund without donor restrictions as net revenue from tuition and fees for the year ended June 30, 20X9?
- Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,190,000. Of that amount, $4,640,000 was collected in cash. 2. Pell Grants in the amount of $2,014,000 were received by the university. 3. The Pell Grants were applied to student accounts. 4. Student scholarships, for which no services were required, amounted to $610,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries to record the above transactions assuming: a. Eastern University is a public university. b. Eastern University is a private university. Complete this question by entering your answers in the tabs below. Public University Private University Prepare journal entries to record the above transactions assuming Eastern University is a public university. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account…A private not-for-profit university charges its students tuition of $1 million. However, financial aid grants total $220,000. In addition, the school receives a $100,000 grant restricted for faculty salaries. Of this amount, $30,000 is spent appropriately this year. On the statement of activities, the school reports three categories: (1) revenues and support, (2) net assets reclassified, and (3) expenses. Which of the following is not true?a. Unrestricted net assets should show an increase of $30,000 for net assets reclassified.b. In the unrestricted net assets, the revenues and support should total $1 million.c. Unrestricted net assets should recognize expenses of $30,000.d. Unrestricted net assets shows the $220,000 as a direct reduction to the tuition revenue balance.Palestine College, a not-for-profit institution, engaged in the following transactions during its fiscal year ending June 30, 2018. Prepare appropriate journal entries, indicating the net asset category affected (with donor restrictions or without donor restrictions). 1. The college collected student tuition $8 million as follows: $1,500,000 was applicable to the Summer Semester, which ran from June 1 to August 30, and the rest was applicable to the coming Fall Semester (September-December). 2. Using funds restricted for this purpose, the college purchased $300,000 of equipment for their movie theater. The college charged depreciation of $30,000. 3. The annual alumni campaign yielded $2,800,000 in pledges. The college estimated that 2 percent would be uncollectible. During the year the college collected $2,400,000 on the pledges.
- Southeastern College began the year with endowment investments of $1,530,000 and $900,000 of restricted cash designated by a donor for capital additions. 1. During the year an additional $532,000 donation was received for capital additions. These funds together with those contributed in the prior year were used to purchase 150 acres of land adjacent to the university. 2. An alum contributed $400,000 to the permanent endowment and pledged to provide an additional $620,000 early next year. The cash was immediately invested. 3. By terms of the endowment agreement, interest and dividends received on the investments are restricted for scholarships. Gains or losses from changes in the fair value of the investments, however, are not distributed but remain in the endowment. During the year $70,000 of interest and dividend were received on endowment investments. 4. At year-end, the fair value of the investments had increased by $10,100. Required: Prepare journal entries to record the above…Southeastern College began the year with endowment investments of $1,430,000 and $850,000 of restricted cash designated by a donor for capital additions. 1. During the year an additional $522,000 donation was received for capital additions. These funds together with those contributed in the prior year were used to purchase 150 acres of land adjacent to the university. 2. An alum contributed $350,000 to the permanent endowment and pledged to provide an additional $570,000 early next year. The cash was immediately invested. 3. By terms of the endowment agreement, interest and dividends received on the investments are restricted for scholarships. Gains or losses from changes in the fair value of the investments, however, are not distributed but remain in the endowment. During the year $65,000 of interest and dividend were received on endowment investments. 4. At year-end, the fair value of the investments had increased by $9,100. Required: Prepare journal entries to record the above…This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $6,800,000 bond issue, a $680,000 grant, and a $680,000 General Fund transfer. The following transactions occurred during the current year: 1. The General Fund transferred $680,000 to the Senior Center Capital Projects Fund. 2. A plot of land was purchased for $490,000 in cash. (This cost had not been encumbered) 3. Preliminary planning and engineering costs of $113,000 were vouchered. (This cost had not been encumbered.) 4. A contract was signed with Sunset Construction Company for the major part of the project on a bid of $6,750,000. 5. The $6,800,000 bonds were issued at par. 6. Temporary investments were purchased at a cost of $3,680,000. 7. A payable was recorded for a $69,300 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) 8. An invoice in the…