Student Name:
Class:
a. 160,000
160,000 «- Correct!
b. 80,000
80,000 «- Correct!
c. 25,000
25,000 «- Correct!
25,000
25,000 «- Correct!
d. 120,000 «- Correct!
480,000 «- Correct!
600,000 «- Correct!
e. 38,000
38,000 «- Correct!
f. 15,000
15,000 «- Correct!
g. 20,000
20,000 «- Correct!
h. 25,000
25,000 «- Correct!
i. 172,000 «- Correct!
Equipment
Gain on Sale of Investments – Unrestricted Net Assets
Cash
25,000
25,000 «- Correct!
j. 12,600 «- Correct!
98,000 «- Correct!
9,000 «- Correct!
12,600 «- Correct!
89,000 «- Correct!
Allowance for Reduced Charges
Contractual Adjustment
Reclassification – Temporarily Restricted Net Assets
Cash
Inventory of Medicines
Supplies Expense
Cash
Inventory of Medicines
Allowance for Uncollectible Accounts
Provision for Bad Debts
Contributed Support – Temporarily Restricted Net Assets
Contributed Support – Unrestricted Net Assets
Allowance for Uncollectible Pledges
Pledges Receivable (present value)
Cash
General Journal
Local Not-for-Profit Health Care Entity
Cash
Interest Revenue – Unrestricted Net Assets (Internally restricted)
Cash
Contributed Support – Permanently Restricted Net Assets
Cash
Accumulated Depreciation
Depreciation Expense
Patient Service Revenues
Instructor
Reclassification – Unrestricted Net Assets
Reclassification – Temporarily Restricted Net Assets
Problem 18-41
McGraw-Hill
Investments – Internally Restricted
Accounts Receivable – Third Party Payors
Accounts Receivable – Patients
Reclassification – Unrestricted Net Assets
Student Name:
Class:
Instructor
Problem 18-41
McGraw-Hill
Temporarily Permanently
Unrestricted Restricted Restricted
Net Assets Net Assets Net Assets
a. – – –
b. – – 80,000
c. 25,000 (25,000) –
d. 600,000 – –
e. (38,000) – –
f. 15,000 – –
g. (20,000) – –
(30,000) – –
h. (25,000) – –
i. 12,000 – –
25,000 (25,000) –
j. 12,600 89,000 –
576,600 39,000 80,000
Correct! Correct! Correct!
Donation – Income for Salaries
Announced equipment acquisition plan; invested funds
Interest
Patient Services
Contractual Adjustment
Bad Debts
Depreciation
Stipulation Met – Reclassification
Increase (Decrease) in Net Assets
Pledges
Stipulation Met – Reclassification
Gain on investment
Supplies Expense
Calculation of Changes in Net Assets
Local Not-for-profit Health Care Entity
Charged patients
Investments from (a.) were sold
Medications from (c.) were consumed
Expended restricted funds received previous year for medicines
Given P18-41:
Present value of the receivable
Pledges estimated as uncollectible
Pledges paid immediately
Unrestricted pledges received
Equipment purchased
Local Private Not-for-profit Health Care Entity:
Previously donated cash stipulated to be used for plant assets
Received donation stipulated to supplement nursing salaries
Announced equipment acquisition plan; invested previously unrestricted cash
Contractual adjustments expected by third-party payors
Estimated as uncollectible accounts
Received interest income on investments from (a.)
calculated depreciation expense
Portion to be paid by third-party payors
Student Name:
Class:
UNIVERSITY OF DANVILLE
General Journal
a. 1,200,000
1,200,000 «- Correct!
b. 300,000
300,000 «– Correct!
c. 700,000
700,000 «– Correct!
d. 100,000
100,000 «– Correct!
e. 310,000
310,000 «– Correct!
f. 80,000
80,000 «– Correct!
g. 200,000
200,000 «– Correct!
200,000
200,000 «– Correct!
h. 30,000
30,000 «– Correct!
i. 9,000
9,000 «– Correct!
l. 7,000
7,000 «– Correct!
m. –
– «- Correct!
n. 212,000
212,000 «– Correct!
No entry
Cash
Depreciation Expense
Cash-Internally Restricted
Accumulated Depreciation
Salary Expenses
Investments
Unrestricted Net Assets-Reclassification
Temporarily Restricted Net Assets-Reclassification
Cash
Equipment
Pledge Receivable
Contributions-Permanently Restricted Net Assets
Investments
Tuition Revenues
Tuition Receivable
Contributions-Temporarily Restricted Net Assets
Cash
Cash
Salary Expenses
Tuition Receivable
Scholarships-Financial Aid
Contributed Support-Unrestricted Net Assets
Dividend Revenue-Unrestricted Net Assets
Cash
Unrealized Gain on Investments-Permanently Restricted Net Assets
Problem 18-42
McGraw-Hill
Instructor
Contributions-Temporarily Restricted Net Assets
Cash
Utilities and Other Expenses
No entry
Student Name:
Class:
Problem 18-42
McGraw-Hill
Instructor
Temporarily Permanently
Unrestricted Restricted Restricted
Net Assets Net Assets Net Assets Total
1,200,000 –
(100,000) 1,100,000 1,100,000
30,000 30,000
9,000 9,000
707,000 300,000 1,007,000
80,000 80,000
1,189,000 707,000 330,000 2,226,000
200,000 (200,000) –
1,389,000 507,000 330,000 2,226,000
390,000 390,000
32,000 32,000
212,000 212,000
634,000 634,000
755,000 507,000 330,000 1,592,000
400,000 200,000 100,000 700,000
1,155,000 707,000 430,000 2,292,000
Correct! Correct! Correct! Correct!
Net Assets-End of Year
Net Assets-Beginning of Year
Increase in Net Assets
Total Expenses
Operating Expenses:
Totals
Net Assets Released from Restriction
Tuition
Revenues and Gains:
Statement of Activities
UNIVERSITY OF DANVILLE
Salaries
Depreciation
Total Revenues, Gains, and Contributions
Contributions:
Scholarships
Cash and Other Assets
Dividend Revenue
Utilities and Other Expenses
Unrealized Gain on Investments
Services
700,000$
400,000
200,000
100,000
a. 1,200,000$
b. 100,000$
300,000$
c. 700,000$
d. 100,000$
e. 310,000$
f. 80,000$
g. 200,000$
h. 330,000$
i. 9,000$
j. 32,000$
k. 100,000$
l. 10,000$
7,000$
m. 70,000$
n. 212,000$
o. 103,000$
UNIVERSITY OF DANVILLE
Transactions occurring during the year:
Unrestricted
Total net assets
Current year net assets:
Cash donated for laboratory equipment
Value at time of gift
Investments must be held forever but dividends can be spent
Donation of investments – cost to owner
Tuition charged
Given P18-42:
Depreciation expense computed
Dividends received from investments from (b.)
Value of services donated to library
Utilities and other expenses paid
Value of art object received as gift
Present value of this money
Money promised to school in 3 years
Unrestricted cash set aside for purchase of library books
Investments from (b.) valued at year end
Permanently restricted
Temporarily restricted
Money from (c.) spend on laboratory equipment
Faculty member contributes services
Salary expenses paid
Scholarships given to students
Student Name:
Class:
20,000
20,000 «- Correct!
100,000 «- Correct!
4,000 «- Correct!
104,000 «- Correct!
180,000
180,000 «- Correct!
90,000
90,000 «- Correct!
15,000
15,000 «- Correct!
12,000
50,000
50,000 «- Correct!
30,000
30,000 «- Correct!
30,000
30,000 «- Correct!
Contributions Receivable
Cash
Utilities expense
Advertising expense
Rent expense
149,000 «- Correct!
6,000
6,000 «- Correct!
40,000
40,000 «- Correct!
Cash
Interest expense
Contributed Support-Temporarily restricted
Land, Buildings & Equipment
Cash
Note Payable
Contributions Receivable
Contributions Receivable
Allowance for uncollectible Pledges
Cash
Investment revenue-Unrestricted net assets
Cash
Membership revenue-Unrestricted net assets
Cash
Contributed Support – Interest-unrestricted net assets
Cash
Reclassification-Unrestricted net assets
Reclassification-Temporarily restricted net assets
Cash
Salary Expense
Contributions revenue-Unrestricted net assets
Cash
Reclassification-Temporarily restricted net assets
Contributed Support-Temporarily restricted net assets
Contributed Support – Interest-temporarily restricted net assets
Land, Buildings & Equipment
Depreciation expense
Contributions Receivable
Reclassification-Unrestricted net assets
McGraw-Hill
Instructor
Problem 18-46
Temporarily Permanently
Unrestricted Restricted Restricted
Net Assets Net Assets Net Assets
180,000$ 161,000$
20,000 6,000
30,000
30,000
260,000$ 167,000$ –
65,000 (65,000)
325,000$ 102,000$ –
(12,000)$
(90,000)
(15,000)
(16,000)
(40,000)
(15,000)
(188,000)$ – –
Net assets at end of year
Net assets at beginning of year
released from restriction over expenses
Correct! Correct! Correct!
Contributions receivable (net)
NET ASSETS
LIABILITIES
Notes payable
Investments
Land, buildings, and equipment (net)
Total assets
Cash
537,000$
202,000
300,000 1,039,000$
Correct!
Permanently restricted
Temporarily restricted
Unrestricted
Membership revenue
Contributions – interest
Contributed support
Net assets released from restriction
Total support and revenues
Investment revenue
Total support, revenues, and net assets released from restriction
Total expenses
Interest
Depreciation
Utilities
Advertising
Salary
Rent
General and administrative
Expenses:
December 31, 2017
Statement of Financial Position
WATSON FOUNDATION
For the Year Ending December 31, 2017
Statement of Activities
WATSON FOUNDATION
ASSETS
100,000$
200,000$
300,000$
200,000$
400,000$
100,000$
50%
300,000$
20,000$
100,000$
4,000$
180,000$
90,000$
15,000$
12,000$
500,000$
450,000$
50,000$
30,000$
30,000$
12,000$
15,000$
16,000$
15,000$
Depreciation computed
Interest recognized for the year
Present value of Pledge
Investments
Contributions receivable (net)
Cash
Beginning balances:
WATSON FOUNDATION
Land, buildings and equipment
Salaries paid
Unrestricted cash gifts received
Contributions written off as uncollectible
Cash received on contributions
Interest computed on the contributions receivable
Transactions occurring during the year:
Permanently restricted net assets
Portion to be used for new building
Temporarily restricted net assets
Unrestricted net assets
Portion of salaries paid from restricted funds
Given P18-46:
Advertising paid
Rent paid
Interest paid on note signed to acquire building
Utilities paid
Income generated by permanently restricted net assets
Membership dues collected
Remainder paid for with restricted funds
Long-term note signed for purchase
Building purchased
Cash gift received to be given to another organization