Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Unrestricted net assets journal entry

02/10/2021 Client: muhammad11 Deadline: 2 Day

The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 without donor restrictions and $300,000 with donor restrictions. The $300,000 is composed of $200,000 with purpose restrictions and $100,000 that must be held permanently.

The following transactions occurred during the year.

Charged students $1.2 million for tuition and fees.
Received a donation of equity investments that had cost the owner $100,000 but is worth $300,000 currently. According to the terms of the gift, 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 spent to acquire laboratory equipment.
Awarded scholarships to students in the amount of $100,000.
Paid salary expenses of $155,000 (teaching), $80,000 (research), $50,000 (administrative), and $40,000 (fundraising).
Learned that a tenured faculty member is contributing his services for this year and will not accept his $80,000 salary. His time is 70 percent teaching and 30 percent research.
Spent $200,000 of the money in (c) on laboratory equipment. The donor had made no specifications about the recording of the acquisition. The equipment is used 80 percent of the time for research and 20 percent of the time for teaching.
Learned that the investments in (b) are worth $345,000 at the end of the year.
Received cash dividends of $9,000 on the investments in (b).
Computed depreciation expense for the year on the equipment in (g) as $32,000.
The school’s board of trustees votes to set aside $100,000 of previously unrestricted cash for the future purchase of library books.
Received an unconditional promise of $10,000 halfway through the year. The school expects to collect the money in three years. The $10,000 future payment has a present value of $7,513 based on a reasonable annual interest rate of 10 percent.
Received an art object as a gift. It is worth $70,000. For financial reporting, it qualifies as work of art/museum piece. The school prefers not to record such gifts unless required.
Paid utilities and other general expenses of $89,000 (teaching), $45,000 (research), $43,000 (fundraising), and $50,000 (administrative).
Received free services from alumni who come to campus each week and put books on the shelves in the library. Over the course of the year, the school would have paid $103,000 to have this work done.
Near the end of the year, the school received a pledge of $40,000 to be collected in two years. It is judged to be conditional and has a present value of $31,200.
Required:

a. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions and round your answers to the nearest whole dollar amount.)

b. Determine the end-of-year balances for net assets without donor restrictions and net assets with donor restrictions by creating a statement of activities for the period. The school has two program services: education and research. It also has two supporting services: fundraising and administration. (Negative amounts should be indicated by a minus sign. Enter your answers in dollars not in millions and round your answers to the nearest whole dollar amount.)

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Writing Guru
Financial Hub
24/7 Assignment Help
Quick N Quality
Top Academic Tutor
Finance Professor
Writer Writer Name Offer Chat
Top Writing Guru

ONLINE

Top Writing Guru

Hello, I an ranked top 10 freelancers in academic and contents writing. I can write and updated your personal statement with great quality and free of plagiarism

$36 Chat With Writer
Financial Hub

ONLINE

Financial Hub

Give me a chance, i will do this with my best efforts

$45 Chat With Writer
24/7 Assignment Help

ONLINE

24/7 Assignment Help

You can award me any time as I am ready to start your project curiously. Waiting for your positive response. Thank you!

$47 Chat With Writer
Quick N Quality

ONLINE

Quick N Quality

Give me a chance, i will do this with my best efforts

$23 Chat With Writer
Top Academic Tutor

ONLINE

Top Academic Tutor

You can award me any time as I am ready to start your project curiously. Waiting for your positive response. Thank you!

$26 Chat With Writer
Finance Professor

ONLINE

Finance Professor

I have read your project details. I can do this within your deadline.

$20 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Slough bus station map - Challenges in integrated marketing communication ppt - 3 minute step test acsm - E hv practice problems - Foreshadowing in the cask of amontillado - Kerosene safety data sheet - Unit 6 Assignment - Abnormal situation management ppt - Ib business management extended essay - Chapter 7 - Application Security - Civil air patrol colorado - Mth 215 week 1 checkpoint - A sales invoice included the following information merchandise price - Falling weight deflectometer calibration - Four layers of a typical state court system - Use pareto analysis to investigate the following data - Coyote removal in texas - 520 dis - Community Health SLP 1 - ASAP - Problem 9 2a - 3 questions. need in 3 1/2 hours - Washing machine depreciation rate - Nursing metaparadigm diagram - Carrefour japan failure - How i met your mother poem - Csec english sba written report - New england journal of entrepreneurship - Developing Leadership Capabilities Project - Bank cheque commonwealth bank - Year 7 algebra test - 175 word - The opportunity cost of going to college is - Are You Looking For Software Engineering Assignment Help - Ross high school tranent - Stage 3 english units of work - Bge peak rewards thermostat blank - The peace of wild things by wendell berry theme - The crucible film analysis worksheet answers - DISCUSSION POST 2 - Marketing Management - The women of willendorf is which of the following - Hive wireless thermostat installation - Chaman biryani bhara kahu - Who is responsible for establishing a private company's internal control - 6516 1a street sw - Stealing carol ann duffy poem - Programming models and workloads for warehouse scale computers - COSO framework of internal controls - Responsibilities of advanced practice nursing staff - Https www archives gov files press exhibits dream speech pdf - Me talk pretty one day key points - American megatrends hard disk failure imminent - Quick lab limiting reactants in a recipe answers - Week 10 project care plan part 4 - Wayne kerr 3260b manual - Use work ethic in a sentence - 5590 serenity terrace pleasanton ca - Central tendency meaning psychology - Quiz- 20questions-need in 5hours - Csm certification material pdf - Maximum ratio combining ppt - Event debrief template free - 10 PAGES ANALYTICAL REFLECTION* OF A CURRENT WORK OF FICTION - Mcdonalds station observation checklist - Viaje al interior del cuerpo humano. - CASE STUDY - Big Data Visualization - Coastal concern action group - Give em the pickle 4 principles - Asdfghjkl qwertyuiop zxcvbnm game - Discussion - Route 121 bus schedule - Bbc bitesize balancing equations - Period of a tan graph - People Face Trade-Offs - Strayer university syllabus - Homework 2 sex linked genes - Electrical safety for non electrical workers ppt - What are the prime numbers between 1 and 49 - University of indiana plagiarism test - Games for past tense - Hsc atar subject scaling - Jtids mids uses which protocol - Gender stereotypes in othello - Bahamas way with words lyrics - Database systems design implementation and management chapter 3 answers - Adl care plan template - Followership - Power system analysis and control rmit - Morgans funeral home princeton ky - Cell organelle quiz pdf - Reflective Assignment - Example of gibbs reflective cycle - Ntcp diamond model project management - 2 c4h10 13 o2 8 co2 10 h2o - Cases in healthcare management buchbinder pdf - Stuffing box main engine - Joseph lim choon kiat