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 149 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
Gracias!

apple

  • Member
  • Posts: 352
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Some of the fastest growing religions in America are non-Judeo-Christian religions. This photograph Some of the fastest growing religions in America are non-Judeo-Christian religions. This photograph
Charles Darwin may be dead and gone but a recent write-in campaign has pitted him against Republican Charles Darwin may be dead and gone but a recent write-in campaign has pitted him against Republican
In 1879 an army officer founded the Carlisle School in Pennsylvania to “civilize” young Indians. The In 1879 an army officer founded the Carlisle School in Pennsylvania to “civilize” young Indians. The
Should School Meals Align with the Dietary Guidelines for Americans? Should School Meals Align with the Dietary Guidelines for Americans?
Relationship between Trust and Investment Relationship between Trust and Investment
Tickets for the school play were $3 for students and $5 for all others. The box office sold 750 ... Tickets for the school play were $3 for students and $5 for all others. The box office sold 750 ...
Video: Muscular System Animation

For a complete list of videos, visit our video library