Assignment Week 4
Review the financial information pertaining to the City of South Pittsburgh in problem 8-10 on page 257 of your text. Prepare, in journal form, worksheet adjustments for each of the situations outlined.
Review the financial information pertaining to Southern State University in problem 9-5 on pages 294 and 295 of your text. Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012.
Review the financial transactions pertaining to the Cancer Research Center in problem 10-8 on pages 326 and 327. On the books of Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5% on an annual basis. The appropriate discount factor is 4.33.
Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.
Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.
Below is the detailed info that you were asking for
8–10. The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations:
1. Deferred property taxes of $89,000 at the end of the previous fiscal year were recognized as property tax revenue in the current year’s Statement of Revenues, Expenditures, and Changes in Fund Balance.
2. The City levied property taxes for the current fiscal year in the amount of $10,000,000. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was estimated that $300,000 of that amount would be collected during the 60-day period after the end of the fiscal year and that $100,000 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting.
3. In addition to the expenditures recognized under modified accrual accounting, the City computed that $250,000 should be accrued for compensated absences and charged to public safety.
4. The City’s actuary estimated that the annual required contribution (ARC) under the City’s public safety employees pension plan is $229,000 for the current year. The City, however, only provided $207,000 to the pension plan during the current year.
5. In the Statement of Revenues, Expenditures, and Changes in Fund Balances, General Fund transfers out included $500,000 to a debt service fund, $600,000 to a special revenue fund, and $900,000 to an enterprise fund.
9-5 Southern State University had the following account balances as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts have a “normal” balance:
Accounts receivable $ 325,000
Accounts payable 265,000
Cash and cash equivalents 154,000
Deferred revenue—current 220,000
Endowment investments 6,123,000
General obligation bonds payable (related to capital acquisition) 1,250,000
Short-term investments—unrestricted 1,444,000
Net assets—restricted—nonexpendable 6,123,000
Restricted cash and cash equivalents 92,000
Capital assets, net of depreciation 7,226,000
Revenue bonds payable (related to capital acquisition) 2,200,000
Long-term investments 1,683,000
Long-term liabilities—current portion (related to capital acquisition) 200,000
Net assets—restricted—expendable 1,775,000
Net assets—invested in capital assets, net of related debt ?
Net assets—unrestricted ?
Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012.
10-8 On January 1, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization as a salary supplement for a well-known researcher. On December 31, 2012, the first payment of $30,000 was received and paid to the researcher.
1. On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5 percent on an annual basis. The appropriate discount factor is 4.33.
2. Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.
3. Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.
We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.Read more
The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.Read more
The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.Read more
By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.Read more