Question

In: Accounting

Presented below is the preclosing trial balance for the Scholarship fund, a private-purpose trust fund of...

Presented below is the preclosing trial balance for the Scholarship fund, a private-purpose trust fund of the Algonquin School District.

Trial Balance-December 31, 2020 Debits Credits

Accounts payable $ 3,000

Accrued Interest Receivable $ 1,210

Administrative Expense 7,170

Cash 62,920

Increase in Fair value of Investments 5,300

Distributions-Scholarships 73,000

Interest Income 86,000

Investment in Bonds 1,452,000

Net position Restricted for Scholarship 1,502,000

Total $ 1,596,300 $ 1,596,300

Required:

Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for year ended December 31, 2020.

Solutions

Expert Solution

I have provided a very simple flow anser for this. Enjoy it.

Thanks

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of...
Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance—December 31, 2017 Debits Credits Accounts Payable $ 3,300 Accrued Interest Receivable $ 1,330 Administrative Expense 7,880 Cash 69,890 Increase in Fair Value of Investments 5,800 Distributions—Scholarships 80,000 Interest Income 95,000 Investment in Bonds 1,604,000 Net Position—Restricted for Scholarships 1,659,000 $ 1,763,100 $ 1,763,100 Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position...
The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January...
The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2017: Debits Credits Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,500 Accrued Interest Receivable . . . . . . . . . . . . . . . . . . 7,500 Investments...
What is a private-purpose trust fund? There are two types of assets that can be held...
What is a private-purpose trust fund? There are two types of assets that can be held by a private-purpose trust; what are the two types of assets and how do the asset types compare to governmental permanent fund assets?
What is the difference between Permanent Funds and Private Purpose Trust Funds? The General Fund is...
What is the difference between Permanent Funds and Private Purpose Trust Funds? The General Fund is always considered to be a major fund. When are other governmental funds considered major? What is a bond refunding and why do governments refund bonds? What is the difference between a current refunding and advance refunding? cite source
Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of...
Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of December 31, 2018, for Oliver’s Place, a nonprofit. Prepare a statement of activities for the year ended December 31, 2018; also prepare a statement of financial position as of December 31, 2018. Oliver’s Place Preclosing Trial Balances December 31, 2018 Unrestricted Current Fund Debit Credit Cash $11,000 Contributions receivable 20,000 Investments 22,000 Allowance for uncollectible contributions $5,000 Contributions revenue—Support without donor restrictions 115,000 Contributed...
Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of...
Preparation of financial statements for a nonprofit Following are the preclosing fund trial balances as of December 31, 2018, for Oliver’s Place, a nonprofit. Prepare a statement of activities for the year ended December 31, 2018; also prepare a statement of financial position as of December 31, 2018. Oliver’s Place Preclosing Trial Balances December 31, 2018 Unrestricted Current Fund Debit Credit Cash $11,000 Contributions receivable 20,000 Investments 22,000 Allowance for uncollectible contributions $5,000 Contributions revenue—Support without donor restrictions 115,000 Contributed...
Chapter 7 – Fiduciary Funds 7–C. Part 1. Private Purpose Trust Fund Transactions The City of...
Chapter 7 – Fiduciary Funds 7–C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2017: Debits Credits Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,500 Accrued Interest Receivable . . . . . . ....
trial balance is presented below for November 30, 2018. COOKIE CREATIONS Trial Balance November 30, 2018...
trial balance is presented below for November 30, 2018. COOKIE CREATIONS Trial Balance November 30, 2018 Debit Credit Cash $245 Supplies 125 Prepaid Insurance 1,320 Equipment 1,200 Unearned Service Revenue $30 Notes Payable 2,000 Common Stock 800 Service Revenue 125 Advertising Expense 65      $2,955 $2,955 It is the end of November and Natalie has been in touch with her grandmother. Her grandmother asked Natalie how well things went in her first month of business. Natalie, too, would like to...
Selected worksheet data for jane Freeman Company presented below: Trial Balance Adjusted Trial Balance Dr Cr...
Selected worksheet data for jane Freeman Company presented below: Trial Balance Adjusted Trial Balance Dr Cr Dr Cr Account Receivable ? 34000 Prepaid Insurance 26000 18000 Supplies 7000 ? Accumulated Depreciation 12000 ? Salaries payable ? 5000 Service Revenue 88000 95000 Insurance Expenses ? Depreciation Expenses 10000 Supplies Expenses 4000 Salaries Expenses ? 49000 Instructions: A)Fill in the missing amounts Trial Balance Adjusted Trial balance Dr Cr Dr Cr Account Receivable ? 34000 Prepaid Insurance 26000 18000 Supplies 7000 ?...
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.    Debit   ...
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.    Debit       Credit    Cash 295,000 Sales Revenue $12,150,000 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200,000 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144,000 Accounts Receivable 652,000 Accumulated Depreciation–Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT