FP Homework Spring 2015 - Union Seminary
Question # 00049718
Posted By:
Updated on: 02/20/2015 08:31 AM Due on: 02/20/2015
1. Union Seminary uses the fund basis of accounting for internal record keeping. Presented below is the fully adjusted 12/31/2014 balance sheet for Union, prepared using funds and account groups. The following are fund descriptions:
Operating Fund - the fund used for transactions not falling within the definition of other funds. There are no restrictions on these resources.
Memorial Fund - Used to account for resources donated from outside parties for specific capital additions
Endowment Fund - Assets received from an outside donor for permanent investment, only the earnings may be expended.
Scholarship Fund - Cash set aside by the Seminary's governing board for use as scholarships and student aid.
Fixed Assets Account Group - A record of the Seminary's fixed assets and long-term debt.
Required: Prepare a Statement of Financial Position following the guidelines provided in FASB Statements 116 and 117 for private not-for-profits and assuming Union does not classify plant assets as temporarily restricted.
Operating
Memorial
Fund
Fund
Fixed
Assets
Endowmen Scholarshi
Account
t
p
Group
Fund
Fund
Total
Assets
Cash
60,000
Pledges
252,000
Rec. (net)
Investment
s
Land &
Bldg
Accum. Depr.
Total
312,000
Assets
4,500
18,000
15,900
220,000
220,000
610,000
22,500
320,000
80,400
270,000
610,000
(290,000)
220,000
15,900
(290,000)
890,400
Liabilities
Payroll
Taxes
Payable
Mortgage
Total
Liabilities
Operating
Fund
Memorial
Fund
Endowmen
t Fund
Scholarshi
p Fund
12,000
12,000
230,000
230,000
12,000
230,000
242,000
300,000
300,000
22,500
22,500
220,000
220,000
15,900
15,900
Net
Investment
in Property,
plant, and
Equipment
Total Fund
Balances
Total
Liabilities
& Fund
Balance
90,000
90,000
300,000
22,500
90,000
220,000
15,900
648,400
312,000
22,500
320,000
220,000
15,900
890,400
Operating Fund - the fund used for transactions not falling within the definition of other funds. There are no restrictions on these resources.
Memorial Fund - Used to account for resources donated from outside parties for specific capital additions
Endowment Fund - Assets received from an outside donor for permanent investment, only the earnings may be expended.
Scholarship Fund - Cash set aside by the Seminary's governing board for use as scholarships and student aid.
Fixed Assets Account Group - A record of the Seminary's fixed assets and long-term debt.
Required: Prepare a Statement of Financial Position following the guidelines provided in FASB Statements 116 and 117 for private not-for-profits and assuming Union does not classify plant assets as temporarily restricted.
Operating
Memorial
Fund
Fund
Fixed
Assets
Endowmen Scholarshi
Account
t
p
Group
Fund
Fund
Total
Assets
Cash
60,000
Pledges
252,000
Rec. (net)
Investment
s
Land &
Bldg
Accum. Depr.
Total
312,000
Assets
4,500
18,000
15,900
220,000
220,000
610,000
22,500
320,000
80,400
270,000
610,000
(290,000)
220,000
15,900
(290,000)
890,400
Liabilities
Payroll
Taxes
Payable
Mortgage
Total
Liabilities
Operating
Fund
Memorial
Fund
Endowmen
t Fund
Scholarshi
p Fund
12,000
12,000
230,000
230,000
12,000
230,000
242,000
300,000
300,000
22,500
22,500
220,000
220,000
15,900
15,900
Net
Investment
in Property,
plant, and
Equipment
Total Fund
Balances
Total
Liabilities
& Fund
Balance
90,000
90,000
300,000
22,500
90,000
220,000
15,900
648,400
312,000
22,500
320,000
220,000
15,900
890,400
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Rating:
/5
Solution: UMUC FP Homework Spring 2015 - Union Seminary