Free - Learn College, a private not – for- profif college, received tne following contributions during 2020: 1. P625,000 from alumni for construction of a new wing on the science building to be constructed 2021. II. P125,000 from a donor who stipulated that the contributions be invested indefinitely and that th earnings be used for scholarships. As of December 31, 2020, earnings from investment amounte P6,250. For the year ended December 31, 2020, what amount of these contributions should be reported as tempor estricted revenues on the statement of activities? a. P6,250 b. P631,250 c. P625,000 d. P756,250
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- Catherine College, a private not-for-profit college, received the following contributions during 2017: I. P5,000,000 from alumni for construction of a new wing on the science building to be constructed in 2018. II. P 1,000,000 from a donor who stipulated that the contribution be invested indefinitely and that the earnings be used for scholarships. As of December 31, 2017, earnings from Investments amounted to P50,000. Page 13 For the year ended December 31, 2017, what amount of these contributions should be reported as temporarily restricted revenues on the statement of activities? P 50,000 b. P 5,050,000 c. P5,000,000 d. P6,050,000 a.The Alumni Association of a university desires to award 260000 dollars scholarship annually to deserving students for as long as its scholarship fund shall last. The fund was started on July 1, 2018 by a donor in the amount 1,300,000 dollars . The Alumni Association invested this sum at that time at 8% per annum and plans on adding an amount of 12,000 per year to fund from its dues starting July 1, 2019 for as long as awards are made. For how many years starting July 1, 2019 can scholarship be awarded?During the year, Private College received the following: An unrestricted $10,000 pledge to be paid the following year. A $70,000 cash gift restricted for scholarships. A notice from a recent graduate that the college is named as a beneficiary of $25,000 in that graduate's will. What amount of contribution revenue should Private College report in its statement of activities? A.) $10,000 B.) $70,000 C.) $105,000 D.) $80,000
- Etling Center for State Government Policy, a nonprofit organization, receives a cash contribution with donor restrictions of $100,000 in fiscal year ended December 31, 2021. Of this amount, $40,000 of restrictions are satisfied in fiscal year ended December 31, 2022. What journal entry would be recorded in 2022 to recognize the satisfaction of the restrictions?For the year ended June 30, 20X9, a university assessed its students a total of $4,000,000 for tuition and fees. Included in this amount were $300,000 of tuition remissions awarded to graduate teaching assistants and $150,000 of scholarships awarded to undergraduate students. Tuition and fees totaling $3,550,000 were collected during the year ended June 30, 20X9. What amount should be reported in the fund without donor restrictions as net revenue from tuition and fees for the year ended June 30, 20X9?1. A donor contributed $100,000 in cash to Goodwill Industries in 2020. The donor specified that the contribution be held as a permanent endowment, and income from investment of the contribution be used for job training programs. Goodwill Industries invested the $100,000 in securities in 2020. During 2021, investment income of $3,000 was received in cash, and $2,500 was used for job training programs. How does Goodwill Industries report this on its 2021 statement of activities? Select one: A. $3,000 investment income increases net assets without donor restrictions; $2,500 expense decreases net assets without donor restrictions. B. $3,000 investment income increases net assets with donor restrictions; $2,500 net assets released from use restrictions decreases net assets with donor restrictions and increases net assets without donor restrictions; $2,500 expense reduces net assets without donor restrictions. C. $3,000 investment income increases net assets without donor restrictions;…
- The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000are to be made annually, begining on April 1, 2021. The city has a calander year as its fiscal year. During the year ended December 31, 2020, the following transactions occured related to the City of Sandwhich Swimming Pool. 1. The amounts were received from the City General Fund and the Fist National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide the working capital. 3. The purchase of the pool was recorded. Based on the appraisal, it was decided to allocate $100,000 to the land, $200,000 to imporvements other then buildings ( the pool), and…The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000are to be made annually, begining on April 1, 2021. The city has a calander year as its fiscal year. During the year ended December 31, 2020, the following transactions occured related to the City of Sandwhich Swimming Pool. 1. The amounts were received from the City General Fund and the Fist National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide the working capital. 3. The purchase of the pool was recorded. Based on the appraisal, it was decided to allocate $100,000 to the land, $200,000 to imporvements other then buildings ( the pool), and…The city of Sandwhich purchased a swimming pool from a private operator as of April 1, 2020 for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000are to be made annually, begining on April 1, 2021. The city has a calander year as its fiscal year. During the year ended December 31, 2020, the following transactions occured related to the City of Sandwhich Swimming Pool. 1. The amounts were received from the City General Fund and the Fist National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide the working capital. 3. The purchase of the pool was recorded. Based on the appraisal, it was decided to allocate $100,000 to the land, $200,000 to imporvements other then buildings ( the pool), and…
- Record journal entries for the following transactions for Sultan Private School during the year ended July 31, 2020. Cash contributions were received as follows: AED792,000 for any purpose desired by the school AED233,000 for salary supplements for school faculty AED458,000 to be used during the next fiscal year in any manner desired by the school AED576,000 for the construction of a new auditorium and AED300,000 to be invested permanently, with the income to be used as desired by the school . The school policy is to record all restricted gifts as temporarily restricted and then reclassify when the restriction is lifted. The school expended AED338,000 of the AED792,000 mentioned in (1a) for school furniture. The school expended AED124,000 for salary supplements as directed by the donor in (1b). The AED458,000 in (1c) was retained for use next year, as directed by the donor. AED689,000 was expended for the construction of the new auditorium. The AED300,000 mentioned in (1e) was…In January 2022, a private foundation agrees to match all private cash contributions up to $20 million received by a city-owned museum during its 2022 fund drive. During 2022, the city receives $14 million in private cash contributions for the museum. Therefore, the foundation pays the following to the city: • $8 million in 2022. • $3 million in January, 2023. • $2 million in February, 2023. • $1 million in March, 2023.The chairman and Board of Directors of the UP desire to award a P3,000 scholarship annually to deserving students for as long as its scholarship fund last. The fund was started September 1, 2007 by a donor in the amount of P18,000. UP invested this amount at that time at 8% per annum, and plans on adding P600 each year to the fund from its dues starting September 2008 for as long as awards are made. a. Draw the cash flow diagram. b. For how many years starting September1, 2008 can scholarship be awarded? c. What will be the balance in the fund after the last award is made? Show the formula and complete solution