This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: (Journal entries for Private Purpose Trust Fund) Towry School District accepts donations that are ... (Read 136 times)

pragya sharda

  • Hero Member
  • *****
  • Posts: 566
on: Jul 5, 2018
(Journal entries for Private Purpose Trust Fund)
 
  Towry School District accepts donations that are used to provide awards to graduating seniors. Record the following transactions in the Towry Private Purpose Trust Fund - Awards Fund.
 
  Also, prepare a statement of changes in fiduciary net position for the Fund for the year ended December 31, 2013 . This is the first year of operation for the Towry Private Purpose Trust Fund - Awards Fund.
   a. Hannah Banana, noted philanthropist, donates marketable securities worth 600,000 to the District, stipulating that all earnings on the securities be used for awards to graduates.
   b. The District receives dividends on the securities in the amount of 15,000.
   c. The District makes various awards to graduating seniors in the amount of 20,000.
   d. When the District prepares financial statements at the end of the year, the marketable securities have a fair value of 590,000.

Question 2

Which of the following database types has dominance in organizations?
 a. relational
  b. object-oriented
  c. network
  d. hierarchical


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jazzlynnnnn

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jul 5, 2018
Answer to Question 1

a. Investments - marketable securities 600,000
Additions - donations 600,000

b. Cash 15,000
Additions - investment earnings 15,000

c. Deductions - awards to graduates 20,000
Cash 20,000

d. Deductions - net decrease in fair value of investments 10,000
Investments - marketable securities 10,000

Towry School District
Private Purpose Trust Fund - Awards Fund
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2013
Additions
Contributions - donations 600,000
Investment earnings:
Income from investments 15,000
Net decrease in fair value of investments 10,000
Net investment earnings 5,000
Total additions 605,000
Deductions
Awards 20,000
Change in net position 585,000
Net position - beginning of year 0
Net position - end of year 585,000

Answer to Question 2

A


pragya sharda

  • Member
  • Posts: 566
Reply 2 on: Jul 5, 2018
Wow, this really help

Mochi

  • Member
  • Posts: 300
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Raphael's mural, The School of Athens, depicts the early Greek philosophers engaged in ... Raphael's mural, The School of Athens, depicts the early Greek philosophers engaged in ...
Does everything in nature have a unique purpose (entelechy)? Does everything in nature have a unique purpose (entelechy)?
How to calculate the future value of a mutual fund How to calculate the future value of a mutual fund
High school students shopping at the mall High school students shopping at the mall
Marc Journal Marc Journal
Kindergarten school year book Kindergarten school year book
Video: Protein catabolism (Krebs cycle) and Protein anabolism (protein synthesis)

For a complete list of videos, visit our video library