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Author Question: (Journal entries for Private Purpose Trust Fund) Towry School District accepts donations that are ... (Read 86 times)

pragya sharda

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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


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jazzlynnnnn

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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

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

Perkypinki

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Reply 3 on: Yesterday
Excellent

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