3. UOP ACC 460 Week 1 Case 1-14 Research Case- Comparing
Financial Reporting Objectives NEW
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Review Ch. 1. Case 1-14, Research Case-GASB.
Write a 175- to 350-word response.
Compare the financial reporting needs of the resource
providers of government/not-for-profit organizations to the
financial reporting needs of the resource providers of for-
profit organizations.
Click the Assignment Files tab to submit your Microsoft®
Word document.
1-14 Research Case—Comparing Financial Reporting
Objectives. GASB Concepts Statement No. 1, “Objectives of
Financial Reporting,” states that “Accountability is the
cornerstone of all financial reporting in government.” FASB
Statements of Financial Accounting Concepts Statement No.
8, “Conceptual Framework for Financial Reporting,” states
that “The objective of general purpose financial reporting is
to provide financial information about the reporting entity
that is useful to existing and potential investors, lenders, and
other creditors in making decisions about providing
resources to the entity.” However, the FASB has
4. acknowledged through Statement of Financial Accounting
Concepts No. 4, “Objectives of Financial Reporting by
Nonbusiness Organizations,” that users of business and not-
for-profit entities differ.
Required
Compare the financial reporting needs of the resource
providers of government/not-for-profit organizations to the
financial reporting needs of the resource providers of for-
profit organizations.
5. UOP ACC 460 Week 1 Ex 2-16 Matching Fund Types with Fund
Categories NEW
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Complete Exercise 2-16, Matching Fund Types with Fund
Categories.
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2-16
Matching Fund Types with Fund Categories. For each of the
following fund types, indicate its fund category by placing
either “GF” for governmental funds, “PF” for proprietary funds,
or “FF” for fiduciary funds in the space provided before each
item.
Fund Type
______ Agency fund
______ Permanent fund
______ Debt service fund
______ Internal service fund
______ Pension (and other employee benefit) trust fund
______ Special revenue fund
______ Enterprise fund
6. ______ General Fund
______ Investment trust fund
______ Capital projects fund
______ Private-purpose trust fund
7. UOP ACC 460 Week 1 Ex 3-22 Recording General Fund
Operating Budget and Operating Transactions NEW
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Complete Exercise 3-22, Recording General Fund Operating
Budget and Operating Transactions (Requirements a and b).
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3-22 Recording General Fund Operating Budget and
Operating Transactions. The Town of Bedford Falls approved a
General Fund operating budget for the fiscal year ending June
30, 2017. The budget provides for estimated revenues of
$2,700,000 as follows: property taxes, $1,900,000; licenses and
permits, $350,000; fines and forfeits, $250,000; and
intergovernmental (state grants), $200,000. The budget
approved appropriations of $2,650,000 as follows: General
Government, $500,000; Public Safety, $1,600,000; Public
Works, $350,000; Culture and Recreation, $150,000; and
Miscellaneous, $50,000.
Required
Prepare the journal entry (or entries), including subsidiary
ledger entries, to record the Town of Bedford Falls's General
Fund operating budget on July 1, 2016, the beginning of the
Town's 2017 fiscal year.
8. Prepare journal entries to record the following transactions
that occurred during the month of July 2016.
Revenues were collected in cash amounting to $31,000 for
licenses and permits and $12,000 for fines and forfeits.
Supplies were ordered by the following functions in early July
2016 at the estimated costs shown:
image
During July 2016, supplies were received at the actual costs
shown below and were paid in cash. General Government,
Culture and Recreation, and Miscellaneous received all supplies
ordered. Public Safety and Public Works received part of the
supplies ordered earlier in the month at estimated costs of
$10,700 and $5,900, respectively.
image
Page 108Calculate and show in good form the amount of
budgeted but unrealized revenues in total and from each
source as of July 31, 2016.
Calculate and show in good form the amount of available
appropriation in total and for each function as of July 31, 2016.
9. UOP ACC 460 Week 2 Chapter 8-1, 8-2, 8-3 Question Assignment
NEW
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Complete the following questions in Ch. 8 in in 90 to 175 words
each:
• 8-1
• 8-2
• 8-3 on p. 339
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8-1. Explain the distinction(s) between agency funds and trust
funds. What financial statements are prepared for each?
8-2. Identify the different types of trust funds and explain the
purpose of each type.
8-3. Describe the basic activities conducted by a tax agency
fund. What are some of the issues that make tax agency fund
accounting complex?
10. UOP ACC 460 Week 2 Exercise 4-15 Examine the CAFR NEW
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Complete the following in Exercise 4-15:
a. (1)
b. (1)
c. (1)
11. UOP ACC 460 Week 2 Exercise 7-16 Multiple Choice Assignment
NEW
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ACC 460 Week 2 Exercise 4-15 Examine the CAFR NEW
Complete the following in Exercise 4-15:
a. (1)
b. (1)
c. (1)
Download a copy of the most recent Comprehensive Annual
Financial Report (CAFR) for a city of your choice.
Note: many cities with 25,000 or more population provide
Internet access to their CAFRs to answer.
Click the Assignment Files tab to submit your assignment.
4-15 Examine the CAFR. Utilizing the comprehensive annual
financial report obtained for Exercise 1-16, follow these
instructions.
Governmental Activities, Government-wide Level. Answer the
following questions. (1) Are governmental activities reported
12. in a separate column from business-type activities in the two
government-wide financial statements? (2) Are assets and
liabilities reported either in the relative order of their liquidity
or on a classified basis on the statement of net position? (3) Is
information on expenses for governmental activities presented
at least at the functional level of detail? (4) Are program
revenues segregated into (a) charges for services, (b) operating
grants and contributions, and (c) capital grants and
contributions on the statement of activities?
General Fund. Answer the following questions. (1) What
statements and schedules pertaining to the General Fund are
presented? (2) What purpose is each statement and schedule
intended to serve? (3) Are any noncurrent or nonliquid assets
included in the General Fund balance sheet? If so, are they
offset by equal amounts classified as “nonspendable” fund
balances?
(4) Are any noncurrent liabilities included in the General Fund
balance sheet? If so, describe them. (5) Are revenue
classifications sufficiently detailed to be meaningful? (6) Has
the government refrained from reporting expenses rather than
expenditures?
Special Revenue Funds. Answer the following questions. (1)
What statements and schedules pertaining to the special
revenue funds are presented? (2) Are these only combining
statements, or are there also statements for individual special
revenue funds? (3) Are expenditures classified by character
(i.e., current, intergovernmental, capital outlay, and debt
service)? (4) Are current expenditures further categorized at
least by function?
abilities in the proprietary fund financial statements?
a. $0.
13. UOP ACC 460 Week 2 Team Simulation Assignment NEW
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Access the McGraw-Hill Connect simulation.
Each team member must complete the simulation activity. This
week you will complete Ch. 1, 2, and 3, which can be found in
the Connect Guide.
Discuss, as a team, your experiences and key concepts learned.
Each team member will receive points, at the instructor's
discretion, for completing the simulation and contributing to
the discussion
Complete the City of Smithville problems using the Connect
Guide:
• Chapter 1: Introducing the (Short Version) of the City of
Smithville Cumulative Problem.
• Chapter 2: Opening the Books.
• Chapter 3: Recording the Annual Budget.
Submit a PDF version of the post-closing trial balance for 2016,
the pre-closing subsidiary ledgers, and pre-closing General
Fund trial balance for 2017.
Click the Assignment Files tab to submit your assignment.
14. UOP ACC 460 Week 3 Chapter 9 Exercise 9-15 Examine the
CAFR NEW
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Utilize the CAFR obtained for 4-15 in Week 2.
Complete the following in Exercise 9-15:
ď‚· A
ď‚· B (1)
ď‚· C on p. 397
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Examine the CAFR. Utilizing the CAFR obtained for Exercise 1-
16 and your answers to the questions asked in Exercise 1-16
and the corresponding exercises in Chapters 2 through 8,
comment on the following:
a. Analysis of Introductory Section. Does the report
contain all of the introductory material recommended by
the GASB? Is the introductory material presented in such a
manner that it communicates significant information
effectively—do you understand what the government is
telling you? On the basis of your study of the entire report,
do you think the introductory material presents the
15. information fairly? Comment on any information in the
introductory section you feel is unnecessary, and explain
why.
b. Analysis of Financial Statements.
1. Do the statements, notes, and schedules in the
financial section present the information required by
the GASB? Are Total columns provided in the basic
financial statements and schedules for the primary
government and the reporting entity? If so, are the
Total columns for the current year compared with
Total columns for the prior year?
2. Review your answers to the questions asked in
Exercises 3-15 and 4-15 in light of your study of
subsequent chapters of the text and your analysis of
all portions of the annual report. Based on your
current knowledge and understanding of government
accounting, would you change or modify any of your
earlier answers? If so, explain how you would change
them and why you would change them.
c. Analysis of Statistical Section. Does the statistical
section present information in the five categories defined
by the GASB? What tables and schedules are presented for
each category? Does the information provided in each
category appear to meet the purpose of the category?
Explain your response.
d. Service Potential of the CAFR. In your opinion, what
are the most important information needs that a
governmental annual report should fulfill for each of the
following:
1. Administrators.
2. Members of the legislative branch.
3. Interested residents.
4. Creditors or potential creditors.
16. In what ways does the CAFR you have analyzed meet the
information needs you have specified for each of the four
groups, assuming that members of each group make an
effort to understand reports equivalent to the effort you
have made? In what way does the report fail to meet the
information needs of each of the four groups?
17. UOP ACC 460 Week 3 Chapter 10 Exercise 10-20, Comparative
Ratios NEW
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Complete the following in Exercise 10-20:
ď‚· a and b, p. 436
Limit the number of financial performance measures to three
for the City of Arborland.
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Comparative Ratios. The government-wide financial
statements for the City of Arborland for a three-year period are
presented on the following pages.
· Additional information follows:
o Population: Year 2017: 30,420, Year 2016: 28,291,
Year 2015: 26,374.
o Debt limit remained at $20,000,000 for each of the
three years. Net cash from operations is generally 80
percent of total revenues each year.
Required
a. Which of the financial performance measures
in Illustration 10-4 can be calculated for the City of
Arborland based on the information that is provided?
b. Calculate those ratios identified in part a for FY 2017.
Show your computations.
18. c. Provide an overall assessment of the City of
Arborland's financial condition using all the information
provided, both financial and nonfinancial. Use information
from the prior years to form your assessment.
19. UOP ACC 460 Week 3 Exercise 12-15, Multiple Choice
Assignment NEW
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Complete the multiple choice questions in Exercise 12-15, p.
510:
ď‚· 1-10
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Multiple Choice. Choose the best answer.
a. Budgets of government entities:
a. Are integrated with the financial accounting system.
b. Enable governments to demonstrate compliance with
laws and to communicate performance effectiveness.
c. Are adopted by governments after required public
hearings.
d. All of the above.
b. Which of the following statements regarding budgets of
not-for-profit organizations is true?
a. Not-for-profit organization budgets are legal documents
reflecting plans for spending resources.
20. b. A not-for-profit entity may choose to prepare a budget to
demonstrate accountability to its resource providers, such
as donors and grantors.
c. The budgeting approaches used for governments
generally cannot be used by not-for-profit entities.
d. All of the above statements are true.
a. Heads of operating departments prepare budget requests.
b. The chief executive (mayor or city manager, as
appropriate) formally adopts the budget, thus giving it the
force of law.
c. One or more public budget hearings are held.
d. Budget officer and other central administrators review
and make adjustments to departmental requests.
a. The accounting system should provide the basis for
appropriate budgetary control.
b. Budgetary comparison schedules should be presented as
required supplementary information for the General Fund
and each major special revenue fund that has a legally
adopted budget.
c. Annual budgets should be adopted by each government.
d. All of the above.
a. Can be presented as a schedule within required
supplementary information (RSI) or as a statement in the
basic financial statements.
b. Must be a schedule included as part of RSI.
c. Continues to be a statement included in the basic financial
statements.
d. Is no longer required.
a. Incremental budgeting.
b. Zero-based budgeting.
c. Performance budgeting.
21. d. Planning-programming-budgeting.
a. Customer.
b. Internal business processes.
c. Economy and efficiency.
d. Learning and growth.
a. Must adhere to GASB SEA guidance.
b. Must adhere to GASB SEA guidance only if the SEA report is
part of the CAFR.
c. Must adhere to guidance provided by the Association of
Government Accountants (AGA) because GASB has not
issued standards addressing SEA.
d. May refer to guidance provided by the GASB, the AGA, or
other professional organizations.
a. Measures that relate the quantity or cost of resources used
to units of output.
b. Measures that relate to the amount of financial and
nonfinancial resources used in a program or process.
c. Measures that relate co
22. UOP ACC 460 Week 3 Team Simulation Assignment NEW
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Access the McGraw-Hill Connect simulation.
Each team member must complete the simulation activity. This
week you will complete Ch. 4, which can be found in the
Connect Guide.
Discuss, as a team, your experiences and key concepts learned.
Each team member will receive points, at the instructor's
discretion, for completing the simulation and contributing to
the discussion
Complete the City of Smithville problems using the Connect
Guide:
• Chapter 4: Recording Operating Transactions Affecting the
General Fund and Governmental Activities at the Government-
wide Level.
Submit a PDF version of the post-closing trial balance for 2016,
the pre-closing subsidiary ledgers, and pre-closing General
Fund trial balance for 2017.
Click the Assignment Files tab to submit your assignment.
23. UOP ACC 460 Week 4 Chapter 14-1, 14-4 NEW
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Complete questions 14-1 and 14-4 in approximately 30 to 90
words each.
Click the Assignment Files tab to submit your assignment.
14-1
Identify which level(s) of government regulate(s) NFP
organizations and identify the source of authority.
14-4
What are the distinguishing characteristics between a public
charity and a private foundation? What is a public support test
and how does it relate to public charities and private
foundations?
24. UOP ACC 460 Week 4 Exercise 13-14, Multiple Choice
Assignment NEW
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Complete the multiple choice questions in Exercise 13-14, p.
563:
ď‚· 1-10
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Multiple Choice. Choose the best answer.
a. Which of the following
organizations would be
considered a nongovernmental
not-for-profit organization?
a. An organization that
provides shelter for men
who have been victims of
domestic violence and has
been designated as a not-
for-profit organization by the
25. IRS. The board of trustees is
composed of county
commissioners, but in the
case of the dissolution of the
organization, any remaining
funds would be donated to
the United Way. Funding for
the organization comes
entirely from contributions.
b. An organization that
provides services to persons
who wish to learn English as
their second language. The
organization is incorporated
and is funded by fees
charged to the learners. All
profits are reinvested in the
organization to provide
further services. The
organization has applied for
not-for-profit status with the
IRS.
c. An organization classified by
the IRS as a not-for-profit
organization that employs
individuals with disabilities
in a workshop where the
workers make custom
stationery out of recycled
goods. The organization
receives cash and in-kind
contributions as well as the
proceeds from the sale of
the stationery. The
organization's board is
26. composed of local
businessmen and women.
d. An organization that
provides fund-raising
services for other not-for-
profit organizations. The
organization is funded by
fees for its services and was
incorporated by the former
chairperson of the local
United Way organization.
The organization distributes
40 percent of its profits to
local charities.
b. According to GAAP, all not-for-
profit organizations are required
to prepare
a. A statement of activities, a
statement of functional expense,
and a statement of cash flows
using accrual accounting.
b. A statement of activities, a
balance sheet, and a statement of
cash flows using accrual
accounting.
c. A statement of financial position,
a statement of activities, a
statement of cash flows and a
statement of functional expenses
using accrual accounting.
d. A statement of cash flows, a
statement of activities, and a
statement of financial position
27. using either cash basis or accrual
basis accounting.
e. Jane's Planes is an organization
that provides air transportation
for critically ill children. A friend
of Jane's Planes, Richard Bucks
donated a plane to be used over
its remaining life solely for
transportation of critically ill
children. In addition, he donated
a substantial amount of
investments that were to be used
strictly to generate income to
help fund the organization's
expenses. These donations
would be included in the
organization's net assets as:
Plane Investments
a. Permanently
restricted
b. Temporarily
restricted
c. Permanently
restricted
d. Temporarily
restricted
o Permanently
restricted
o Permanently
restricted
o Temporarily
restricted
o Temporarily
restricted
d. In a local NFP elementary
school's statement of cash flows,
a contribution restricted for use
on a new building project would
be reported as:
a. A financing activity.
28. b. A capital and related
financing activity.
c. An investing activity.
d. An operating activity.
e. A wealthy donor promised $1
million to the local art museum to
expand the size of its building,
contingent on the museum
obtaining a grant from the State
Endowment for the Arts of at
least $500,000. Upon completing
a signed agreement with the
donor, the museum should:
f. Record a debit to Contributions
Receivable—Temporarily
Restricted in the amount of
$1,000,000.
g. Record a debit to Contributions
Receivable—Temporarily
Restricted in the amount of
$500,000.
h. Not make a journal entry until the
conditions of the agreement have
been met.
i. Either a or c are permissible,
depending on the museum's
established policy.
j. Program revenue and supporting
services expense.
k. Contribution revenue and
supporting services expense.
l. Program revenue and program
expense.
m.Contribution revenue and a
program expense.
29. n. Special event revenue of $4,800
and special event expense of
$1,500.
o. Special event revenue of $4,800
and fund-raising expense of
$1,300.
p. Special event revenue of $2,300
and fund-raising expense of
$1,300.
q. Both a and b are correct.
r. Purpose, mission-related, and
benefit to the public.
s. Purpose, audience, and content.
t. Purpose, expand donor base, and
content.
u. Reasonable, improve financial
condition, and benefit to the
public.
v. A fund-raising cost.
w.A program cost.
x. Both a fund-raising and program
cost.
y. A management and general
expense.
z. The organization has variance
power.
aa. The organization elects to
consistently report such donor
gifts as contribution revenue.
bb. The beneficiary organization
requests a delay in receiving the
contribution from the
intermediary organization.
cc. All of the above are correct.
30. dd. Orlando Perez, president of a
local information systems
company, volunteered his time to
help develop software for Best
Friends, a local no-kill pet shelter.
The software will allow the
organization to track intake,
placement, and statistics of
animals in its three locations.
Without Mr. Perez's assistance,
Best Friends would have needed
to hire someone to develop this
software. Best Friends should
record the value of Mr. Perez's
time as:
ee. The Maryville Cultural Center
recently conducted a successful
talent show in which local talent
performed for a nominal prize.
The talent show is an ongoing
major event and is central to the
center's mission. The event
raised $4,800 in gross revenue.
Expenses related to the event
included $1,000 to rent an
auditorium, $1,200 to advertise
the event, $500 for trophies and
other awards for the winner and
the runners up, and $100 for
printing and mailing tickets. The
center believes there was no
monetary value received by
donors (attendees). To report this
event in its statement of
activities, the center will report:
31. ff. Many not-for-profit organizations
attempt to classify fund-raising
expenses as program services
expenses by making the activities
look educational in nature or
advocating for the mission of the
organization. For such expenses
to be reported as program
services expenses, they must
meet which of the following three
criteria:
gg. Save Our Beaches, a NFP
organization, prepared and
distributed a tri-fold flyer to
individuals and families at White
Sands Beach, a popular beach for
both residents and tourists. The
flyer provided information about
beach pollution and invited the
public to participate in the
organization's semi-annual beach
cleanup. In addition, one segment
of the flyer solicited contributions
to the organization to help fund
its activities. The cost of the flyer
and its distribution would be
considered:
hh. A particular organization
functions as an intermediary
between donors and other
beneficiary organizations. The
intermediary organization must
report contribution revenue from
donors if:
32. UOP ACC 460 Week 4 Team Assignment Not-for-Profit Financial
Reporting Paper NEW
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Analyze the financial statements and audit report of a not-for-
profit organization readily and publically available on an active
website.
Create a 700- to 1,050-word overview of one not-for-profit
organization in an area of interest to your team and review the
financial statements and audit report for the organization.
Address the following:
ď‚· Evaluate how the selected not-for-
profit's financial statements
conform to Financial Accounting
Standards Board (FASB) guidance
in Statement No. 117, Financial
Statements of Not-for-Profit
Organizations.
ď‚· Compare the organization's
reporting of pledges and
contributions to its reporting of
exchange transactions. How should
33. they be recorded and subsequently
reported in the financial
statements.
ď‚· Explain the impact if your not-for-
profit confers excess economic
benefits on disqualified persons.
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34. UOP ACC 460 Week 5 Ch. 16 Exercise 16-19 Revenue and
Related Transactions NEW
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Complete Exercise 16-19, a and b, p. 679.
Click the Assignment Files tab to submit your assignment.
Revenue and Related Transactions. During its current fiscal
year, Evanston General Hospital, a not-for-profit health care
organization, had the following revenue-related transactions
(amounts summarized for the year).
1. Services provided to inpatients and outpatients amounted to
$9,600,000, of which $450,000 was for charity care, $928,000
was paid by uninsured patients, and $8,222,000 was billed to
Medicare, Medicaid, and insurance companies.
2. Donated pharmaceuticals and medical supplies valued at
$265,000 were received and utilized as general expenses.
3. Medicare, Medicaid, and third-party payors (insurance
companies) approved and paid $5,365,000 of the $8,222,000
billed by the hospital during the year (see transaction 1).
35. 4. An unconditional contribution of $5,000,000 was received in
cash from a donor to construct a new facility for care of
Alzheimers patients. The full amount is expendable for that
purpose. No activity occurred on this project during the current
year.
5. A total of $965,000 was received from the following
activities/sources: cafeteria and gift shop sales, $710,000;
medical seminars, 125,000; unrestricted transfers from the
Evanston General Hospital Foundation, $75,000; and fees for
medical transcripts, $55,000.
6. Uncollectible accounts totaling $3,250 were written off. The
allowance for uncollectible receivables was increased by
$1,170.
Required
a. Record the preceding transactions in general journal form.
b. Prepare the unrestricted revenues, gains, and other support
section of Evanston General Hospital's statement of operations
for the current year, following the format in
36. UOP ACC 460 Week 5 Question 15-1 NEW
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week-5-question-15-1
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Complete Question 15-1, p. 632, in approximately 30 to 90
words.
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Identify the financial statements that must be prepared by a
private college or university and those that must be prepared
by a public college or university.
37. UOP ACC 460 Week 5 Team Key Concept Presentation NEW
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Create a slide presentation of 10 to 12 slides.
Address the following:
ď‚· Examine FASB financial reporting requirements for a
private college.
ď‚· Apply basics of GAAP pertaining to categorizing
restrictions on net assets.
ď‚· Evaluate whether the entity is subject to the
requirements of the Single Audit Act and the provisions
of Office of Management and Budget.
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38. UOP ACC 460 Week 4 Exercise 13-20 Recording Revenue and Related
Expense Transactions NEW
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ACC 460 Week 4 Exercise 13-20 Recording Revenue and Related Expense
Transactions NEW
Complete the following questions in Exercise 13-20, p. 570:
• 1-5
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Recording Revenue and Related Expense Transactions. The Shannon
Community Kitchen provides hot meals to homeless and low-income
individuals and families; it is the organization's only program. It is the
policy of the community kitchen to use temporarily restricted resources
for which the purpose has been met before unrestricted resources. The
39. Kitchen hadthe following revenue and expense transactions during the
2017 fiscal year.
1. Unrestricted cash donations of $25,000 were received. A local
philanthropist also contributed $3,000, which was to be used for the
purchase of Thanksgiving dinner foodstuffs.
2. A local grocery store provided fresh produce witha fair value of $100.
The produce was immediately used.
3. Volunteers from the local university contributed 100 hours to
preparation and serving of meals. The estimated fair value of their labor
was $750.
4. The Kitchen received a $5,000 federal grant for the purchase of
institutional kitchen appliances.
5. At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for
preparation of the Thanksgiving dinner.
Required
Make all necessary journal entries to record these transactions.
40. UOP ACC 460 Week 5 Team Problem 15-17 Private College
Transactions NEW
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ACC 460 Week 5 Team Problem 15-17 Private College Transactions NEW
Complete questions 15-17, a and b.
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Private College Transactions. Steiner College's statement of financial position for the
year ended June 30, 2016, is presented here. Steiner is a private college.
The following transaction information (amounts in thousands) pertains to the year
ended June 30, 2017.
1. During the year charges for tuition and fees were $244,500; scholarships were
$16,300; and tuition waivers for scholastic achievement were $5,100. After payment
was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for
students serving as teaching assistants for instruction were accrued.
2. The college received unrestricted cash contributions of $2,080, pledges to be
collected in 2018 of $550, and cash contributions to the endowments of $335. It also
collected $820 of Pledges Receivable that were unrestricted.
3. Collections on Tuition and Fees Receivable totaled $222,600
4. Net deposits returned to students totaled $10.
5. Expenses were incurred for:
Instruction $86,100
Academic support 23,300
Student services 37,700
Institutional support 28,500
41. 6. Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the
expenses were accrued, and the remaining expenses were paid. Expenses incurred
resulted in the release of $7,320 in temporarily restricted net assets.
7. The ending balance in Accounts Payable and Accrued Liabilities was $1,935.
8. Investment earnings received for the period were $3,960, of which $2,070 was
temporarily restricted.
9. Adjusting entries for the period were made to increase Allowance for Doubtful
Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to
instruction and 30 percent to academic support), to adjust tuition revenue for an
increase in unearned revenue of $10, and to recognize an increase in fair value of
investments of $4,700 ($790 was related to temporarily restricted net assets, $1,610
was related to permanently restricted net assets, the remainder was related to
unrestricted net assets).
10. Nominal accounts were closed.
Required
a. Prepare journal entries in good form to record the foregoing transactions for the
year ended June 30, 2017.
b. Prepare a statement of activities for the year ended June 30, 2017.