Question

In: Accounting

3: Following is the trial balance for Passaic Community College, a privately funded college, as of...

3: Following is the trial balance for Passaic Community College, a privately funded college, as of January 1, 2018 (in thousands):

Passaic Community

Dr

Cr

Cash

$900

Receivables

250

Investments

4,000

Buildings and equipment, net

15,500

Accrued liabilities

$800

Long-term debt

10,000

Unrestricted net assets

4,000

Temporarily restricted net assets

2,000

Permanently restricted net assets

_____

3,850

Total

$20,650

$20,650

Events for 2018 are as follows (in thousands):   

1. Tuition and fees are $7,000, of which $2,000 is waived for graduate teaching assistantships and $1,000 is covered by scholarships. $3,950 is collected in cash. All tuition and fees relate to 2018.

2. Operating expenses for salaries, utilities, research programs, etc. are $8,500, all paid in cash. Accrued liabilities of $650 were paid in cash. Depreciation on the buildings and equipment is $200.

3. An unrestricted state appropriation of $3,000 is received in cash.

4. Cash donations and gifts for equipment replacement are as follows:

           

Restricted to equipment replacement

$500

Restricted to research projects

300

5. $900 of donor-restricted cash is spent to replace equipment. $100 of donor-restricted cash is spent for research projects (included in Item 2 above).

6. $175 is spent to service the long-term debt ($100 for interest, and $75 for principal; the interest is not included in Item 2 above).

7. Investment income, received in cash, is $2,000, of which $300 is donor-restricted to research programs. Donor-restricted cash used for research programs is $250, included in Item 2 above. Investments have a fair value of $4,200 at year-end. Unrealized gains and losses are unrestricted.

Required:       

a. Prepare journal entries to record the transaction. Indicate whether each entry would affect unrestricted, temporarily restricted, or permanent restricted net assets.

b. Present Passaic Community College’s statement of activities for 2018.

c. Present Passaic Community College’s statement of financial position as of December 31, 2018.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Following is the trial balance for Prentiss College, a privately funded college, as of January 1,...
Following is the trial balance for Prentiss College, a privately funded college, as of January 1, 2018 (in thousands):              Dr Cr Cash $900 Receivables 250 Investments 4,000 Buildings and equipment, net 15,500 Accrued liabilities $800 Long-term debt 10,000 Unrestricted net assets 4,000 Temporarily restricted net assets 2,000 Permanently restricted net assets _____ 3,850 Total $20,650 $20,650 Events for 2018 are as follows (in thousands):              1. Tuition and fees are $7,000, of which $2,000 is waived for graduate teaching...
Following is the trial balance for Prentiss College, a privately funded college, as of January 1,...
Following is the trial balance for Prentiss College, a privately funded college, as of January 1, 2018 (in thousands):               Dr Cr Cash $900 Receivables 250 Investments 4,000 Buildings and equipment, net 15,500 Accrued liabilities $800 Long-term debt 10,000 Unrestricted net assets 4,000 Temporarily restricted net assets 2,000 Permanently restricted net assets _____ 3,850 Total $20,650 $20,650 Events for 2018 are as follows (in thousands):               1. Tuition and fees are $7,000, of which $2,000 is waived for graduate teaching...
1/ Can Foothill College (a publicly funded community college) discriminate in the hiring of its instructors...
1/ Can Foothill College (a publicly funded community college) discriminate in the hiring of its instructors based upon religion? Can Santa Clara University (a private, Catholic-affiliated university in Santa Clara, CA) do so? More generally, if an employer is sued for discrimination, what defenses against an allegation of discrimination does the employer have? ( the discussion about bona fide occupational qualifications) 2/ How might employers be proactive in avoiding employment discrimination claims? For instance, when Silicon Valley law firms lay...
1. True or False: If a researcher is privately funded, they additionally have to obtain approval...
1. True or False: If a researcher is privately funded, they additionally have to obtain approval through the U.S. Public Health Service. 2. True or False: Compared to marijuana, the problem with traditional epilepsy drugs is that they can shut off the body’s vital functions (breathing, heart rate) if you take too much.
Cycle Company had the following trial balance at 3/1/2021: Opening trial balance Account name Debit Credit...
Cycle Company had the following trial balance at 3/1/2021: Opening trial balance Account name Debit Credit Cash 100 Accounts receivable 450 Supplies 0 Equipment 600 Accumulated depreciation 70 Payables 0 Long-term debt 0 Contributed capital--common stock 400 Retained earnings 680 Dividends 0 Revenue 0 Selling Expense 0 Administrative Expense 0 Depreciation expense 0 Other expense 0 Total      1,150      1,150 4.3 Activity for the month of March Date Activity 3/1/2021 The company borrowed $1,000 on a two-year note, with...
Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the...
Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the Meadows Company on December 31, 2016: Debits Credits Accounts Payable $ 9,800 Accounts Receivable $ 19,000 Accrued Payables 7,100 Accumulated Depreciation 44,000 Additional Paid-in Capital 50,600 Cash 7,900 Common Stock, $5 par 29,600 Cost of Goods Sold 179,500 Current Portion of Long-Term Debt 6,200 Deferred Taxes Payable 12,500 Dividends Distributed 7,000 General Expenses 27,560 Income Tax Expense 12,340 Income Taxes Payable 7,500 Interest Expense...
3. PA11. 6.6 The following is the adjusted trial balance data for Emma’s Alterations as of...
3. PA11. 6.6 The following is the adjusted trial balance data for Emma’s Alterations as of December 31, 2019. DEBIT CREDIT Cash dr.600,538 Accounts Receivable dr.50,689 Equipment dr.199,430 Merchandise Inventory dr. 169,744 Accounts Payable cr. 234,893 Common Stock cr. 502,200 Sales cr. 393.426 Interest Revenue cr. 100,976 Rent Revenue cr.65,500 Sales Salaries Expense dr. 26,750 Office Supplies Expense dr. 4,903 Sales Discount dr. 61,347 Interest Expense dr. 55,432 Sales Returns and Allowances dr. 55,432 Cost of Goods Sold dr. 90,333...
3.         The following is the trial balance of Silk Store Sdn. Bhd. as at 31 December...
3.         The following is the trial balance of Silk Store Sdn. Bhd. as at 31 December Year 5.                                                                                                 Dr                                 Cr                                                                                                 RM                               RM             Bank                                                                             6,723             Debtors                                                                        18,910             Creditors                                                                                                           12,304             Stock as at 31 December Year 4                                    40,360             Buildings at cost                                                            100,000             Equipment at cost                                                         45,000             Profit and loss account as at 31 December Year 4                                               15,286             General reserve                                                                                                8,000             Foreign exchange reserve                                                                                 4,200...
3. On the basis of the following data taken from the Adjusted Trial Balance columns of...
3. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company, journalize the four closing entries. Cash $  30,000 Accounts Receivable 45,200 Supplies 5,000 Equipment 169,900 Accumulated Depreciation $  32,000 Accounts Payable 12,500 Capital Stock 71,600 Dividends 47,000 Fees Earned 510,000 Salary Expense 244,500 Rent Expense 48,000 Depreciation Expense 25,000 Supplies Expense 9,500 Miscellaneous Expense       2,000 $626,100 $626,100 Date Description Post Ref Debit Credit...
Lake Community College gives its faculty the option of receiving the balance of their contract at...
Lake Community College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20--. The faculty can receive one lump-sum payment instead of receiving the remaining seven biweekly pays over the summer. Use the data given below to complete the Payroll Register on May 17. No employee has reached the OASDI ceiling, and all employees are taking the lump-sum payment. The state withholding rate is 2.0% of total earnings;...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT