Accounting Assignments | Online Homework Help

Chapter 13

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Exercise 13-3:

Although universities may be characterized by transactions not typically engaged in by other types of entities, most can be accounted for within the framework applicable to not-for-profit organizations in general.

Windom College, a not-for-profit institution, engaged in the following transactions during its fiscal year ending June 30, 2020. Prepare appropriate journal entries, indicating the types of funds (by restrictiveness) in which they would be recorded.

1.The college collected $86,400,000 in student tuition. Of this amount $6,000,000 was applicable to the summer semester, which ran from June 1 to August 30, and $400,000 was applicable to the fall semester that began the following September.

2.It received a contribution of $1,000,000 in stocks and bonds to establish an endowed chair in chemistry. Income from the chair must be used to supplement the salary of a professor of chemistry.

3.During the year, the chemistry chair endowment earned interest and dividends of $50,000, all of which was used to supplement the salary of the chair holder.

4.The fair value of the investments of the chemistry chair endowment declined by $80,000.

5.Using funds restricted for this purpose, the college purchased $150,000 of equipment for intercollegiate athletics. Intercollegiate athletics is accounted for as an auxiliary enterprise. The college charged depreciation of $30,000.

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6.The annual alumni campaign yielded $1,800,000 in pledges. The college estimated that 2 percent would be uncollectible. During the year the college collected $1,500,000 on the pledges.

Problem 13-4 (Questions 1 through 5):

Pledges must be distinguished by the extent to which they are restricted.

A private college receives the following pledges of support.

1.As part of its annual fund drive, alumni and friends of the college pledge $8 million. The college estimates that about 15 percent of the pledges will prove uncollectible.

2.A CPA firm promises to establish an endowed chair in the accounting department by donating $500,000. The chair agreement will provide that the funds be used to purchase investment grade securities and that the income from the securities be used to supplement the salary of the chair holder and support his or her academic activities.

3.A private foundation promises to donate $100,000 to be used to support a major revision of the college’s accounting curriculum.

4.An alumnus pledges $25,000 to the college’s loan fund, which is used to make loans to students requiring financial assistance.

5.The college is seeking support for construction of a new athletic fieldhouse. A local real estate investor promises to donate 10 acres of land on which a fieldhouse could be built if the college is able to raise the funds required to construct the building. The land has a market value of $1 million.

Indicate the category of net assets (with donor restrictions or without donor restrictions) in which each of the contributions should be recorded and the amount of revenue, if any, that should be recognized when the pledge was made. Briefly explain your response.

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