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PROBLEM 19-7Investment PoolThree funds of the Leukemia Foundation, a nonprofit welfare organization, began an investment pool...
PROBLEM 19-7Investment PoolThree funds of the Leukemia Foundation, a nonprofit welfare organization, began an investment pool on January 1, 2016. The costs and fair market values on this date were as follows:MarketCostValueRestricted fund$55,000$70,000Lambert endowment fund215,000210,000Plant fund200,000220,000Total$470,000$500,000During 2016 the investment pool reinvested $20,000 in realized gains and received interest of $15,000 and dividends of $10,000. Interest and dividend income was distributed to the respective funds. The Plant Fund withdrew from the investment pool on December 31, 2016, when the total current market value was $540,000. It distributed securities in the amount of its percentage share. On January 3, 2017, the Fargot Annuity Fund entered the investment pool with investments costing$100,000 and having a current market value of $117,600. During 2017 the pool received interest of $25,000 and dividends of $15,000, which were distributed to the participating funds. Realized gains of $30,000 were rein-vested in the pool.
Required:
A. Calculate the equity percentages of the contributing funds in the investment pool at January 1, 2016, and January 3, 2017.
B.Using the format shown below, prepare entries necessary on the records of the funds that contributed securities to the investment pool to account for the earnings of the investment pool in 2016 and 2017.DateFundJournal EntryLO11
Solutions
ekkarill92 answered 2 years agoRelated Solutions
PROBLEM 19-7 Investment Pool Three funds of the Leukemia Foundation, a nonprofit welfare organization, began an...
PROBLEM 19-7
Investment Pool
Three funds of the Leukemia
Foundation, a nonprofit welfare organization, began an investment
pool on
January 1, 2016. The costs and
fair market values on this date were as follows:
Market
Cost Value
Restricted fund $ 55,000 $
70,000
Lambert endowment fund 215,000
210,000
Plant fund 200,000
220,000
Total $470,000 $500,000
During 2016 the investment
pool reinvested $20,000 in realized gains and received interest of
$15,000 and dividends
of $10,000. Interest and
dividend income was distributed...
Problem 11-19 Dropping or Retaining a Segment [LO11-2] Jackson County Senior Services is a nonprofit organization...
Problem 11-19 Dropping or Retaining a Segment [LO11-2]
Jackson County Senior Services is a nonprofit organization
devoted to providing essential services to seniors who live in
their own homes within the Jackson County area. Three services are
provided for seniors—home nursing, Meals On Wheels, and
housekeeping. Data on revenue and expenses for the past year
follow:
Total
Home
Nursing
Meals On
Wheels
House-
keeping
Revenues
$
933,000
$
268,000
$
410,000
$
255,000
Variable expenses
469,000
115,000
197,000
157,000
Contribution...
Problem 11-19 Dropping or Retaining a Segment [LO11-2] Jackson County Senior Services is a nonprofit organization...
Problem 11-19 Dropping or Retaining a Segment [LO11-2]
Jackson County Senior Services is a nonprofit organization
devoted to providing essential services to seniors who live in
their own homes within the Jackson County area. Three services are
provided for seniors—home nursing, Meals On Wheels, and
housekeeping. Data on revenue and expenses for the past year
follow:
Total
Home Nursing
Meals On Wheels
House-
keeping
Revenues
$
933,000
$
269,000
$
409,000
$
255,000
Variable expenses
473,000
111,000
203,000
159,000
Contribution...
Problem 11-19 Dropping or Retaining a Segment [LO11-2] Jackson County Senior Services is a nonprofit organization...
Problem 11-19 Dropping or Retaining a Segment [LO11-2]
Jackson County Senior Services is a nonprofit organization
devoted to providing essential services to seniors who live in
their own homes within the Jackson County area. Three services are
provided for seniors—home nursing, Meals On Wheels, and
housekeeping. Data on revenue and expenses for the past year
follow:
Total
Home Nursing
Meals On Wheels
House-
keeping
Revenues
$
919,000
$
265,000
$
402,000
$
252,000
Variable expenses
477,000
119,000
207,000
151,000
Contribution...
Problem 12-19 Dropping or Retaining a Segment [LO12-2] Jackson County Senior Services is a nonprofit organization...
Problem 12-19 Dropping or Retaining a Segment [LO12-2] Jackson
County Senior Services is a nonprofit organization devoted to
providing essential services to seniors who live in their own homes
within the Jackson County area. Three services are provided for
seniors—home nursing, Meals On Wheels, and housekeeping. Data on
revenue and expenses for the past year follow: Total Home Nursing
Meals On Wheels House- keeping Revenues $ 935,000 $ 269,000 $
409,000 $ 257,000 Variable expenses 469,000 116,000 199,000 154,000
Contribution...
Problem 12-19 Dropping or Retaining a Segment [LO12-2] Jackson County Senior Services is a nonprofit organization...
Problem 12-19 Dropping or Retaining a Segment [LO12-2] Jackson
County Senior Services is a nonprofit organization devoted to
providing essential services to seniors who live in their own homes
within the Jackson County area. Three services are provided for
seniors—home nursing, Meals On Wheels, and housekeeping. Data on
revenue and expenses for the past year follow: Total Home Nursing
Meals On Wheels House- keeping Revenues $ 922,000 $ 269,000 $
402,000 $ 251,000 Variable expenses 471,000 116,000 203,000 152,000
Contribution...
Problem 10-19A Dropping or Retaining a Segment [LO10-2] Jackson County Senior Services is a nonprofit organization...
Problem 10-19A Dropping or Retaining a Segment
[LO10-2]
Jackson County Senior Services is a nonprofit organization
devoted to providing essential services to seniors who live in
their own homes within the Jackson County area. Three services are
provided for seniors—home nursing, Meals On Wheels, and
housekeeping. Data on revenue and expenses for the past year
follow:
Total
Home Nursing
Meals On Wheels
House-
keeping
Revenues
$917,000
$261,000
$403,000
$253,000
Variable expenses
465,000
120,000
192,000
153,000
__________________________________________
Contribution margin
452,000
141,000 ...
PROBLEM 19-2 Various Funds—Hospital On January 1, 2015, a new Board of Directors was elected for...
PROBLEM 19-2
Various Funds—Hospital
On January 1, 2015, a new
Board of Directors was elected for Bradley Hospital. The new board
switched to a
different accountant. After
reviewing the hospital’s books, the accountant decided that the
accounts should be
adjusted. Effective January 1,
2015, the board decided that
1. Separate funds should be
established for the General Fund, the Bradley Endowment Fund, and
the Plant
Replacement and Expansion Fund
(the old balances will be reversed to eliminate them).
2. The...
SUPPLEMENTAL PROBLEM 19-1 (req. 1, 2, 3) International Roofing Systems (IRS) Company began operations several years...
SUPPLEMENTAL PROBLEM 19-1 (req. 1, 2, 3)
International Roofing Systems (IRS) Company began operations
several years ago. At the end of 2017, the only existing temporary
differences were the difference described in (e) and (f) below
(hint: this creates balances at the end of 2017 in the deferred tax
balance sheet accounts). In addition, there are four other tax
differences arising in 2018 and 2019. These differences are as
follows:
(a) Interest revenue earned on an investment in
tax-exempt municipal bonds...
Problem 16-19 Using net present value and internal rate of return to evaluate investment opportunities LO...
Problem 16-19 Using net present value and internal rate of
return to evaluate investment opportunities LO 16-2, 16-3
Dwight Donovan, the president of Vernon Enterprises, is
considering two investment opportunities. Because of limited
resources, he will be able to invest in only one of them. Project A
is to purchase a machine that will enable factory automation; the
machine is expected to have a useful life of four years and no
salvage value. Project B supports a training program that...
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