This topic contains a solution. Click here to go to the answer

Author Question: (Journal entries for Private Purpose Trust Fund) Towry School District accepts donations that are ... (Read 142 times)

pragya sharda

  • Hero Member
  • *****
  • Posts: 566
(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
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


raili21

  • Member
  • Posts: 324
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

For a complete list of videos, visit our video library