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Analysis of The Accounts of Jonimatt State College For The: Unlock Answers Here Solutiondone - Online

The document provides financial information for Jonimatt State College for the fiscal year ended June 30, 20X7. It details the college's earnings from endowments totaling $220,000, contributions received totaling $10,370,000 from various sources such as unrestricted and restricted funds, and restricted investment income earned totaling $523,000. It also lists restricted federal grants and state appropriations received, proceeds from equipment sales, depreciation amounts, bonds issued, debt payments made, and the beginning net position balance.

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200 views1 page

Analysis of The Accounts of Jonimatt State College For The: Unlock Answers Here Solutiondone - Online

The document provides financial information for Jonimatt State College for the fiscal year ended June 30, 20X7. It details the college's earnings from endowments totaling $220,000, contributions received totaling $10,370,000 from various sources such as unrestricted and restricted funds, and restricted investment income earned totaling $523,000. It also lists restricted federal grants and state appropriations received, proceeds from equipment sales, depreciation amounts, bonds issued, debt payments made, and the beginning net position balance.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Analysis of the accounts of Jonimatt State College for the

Analysis of the accounts of Jonimatt State College for the fiscal year ended June 30, 20X7,
provided the following information:RequiredAdditional Information1. Earnings of the
endowments included the following: Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . $
100,000Restricted for: Scholarships and fellowships . . . . . . . . . . . . . . . . 45,000 Plant
expansion . . . . . . . . . . . . . . . . . . . . . . . . 75,000 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
220,0002. Contributions received during fiscal year 20X7 were for these purposes:a.
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,950,000b. Scholarships and fellowships . . . . .
. . . . . . . . . . . . . . 320,000c. Specific academic programs . . . . . . . . . . . . . . . . . . . 1,800,000d.
Endowment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300,000e. Plant expansion . . . . . . . . . . . . . . .
. . . . . . . . . . 850,000f. Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000g. Life income trust
. . . . . . . . . . . . . . . . . . . . . . . . . 160,0003. Restricted investment income was earned for:a.
Scholarships and fellowships . . . . . . . . . . . . . . . . . . $195,000b. Specific academic programs . .
. . . . . . . . . . . . . . . . 250,000c. Plant expansion . . . . . . . . . . . . . . . . . . . . . . . . . 78,000d. Debt
service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,0004. Restricted federal grants and contracts of
$2,230,000 received during the year were restricted for specific operating purposes. State
appropriations of $340,000 restricted to specific academic programs and $500,000 restricted to
expansion of the business building also were received (and are included in the account
balances provided.)5. Proceeds of equipment sales during the year, $27,000, are unrestricted.
The cost of the assets sold was $140,000, and the related accumulated depreciation was
$104,000.6. Depreciation of plant facilities for the fiscal year was $800,000.7. The university
issued $4,000,000 of bonds at par to finance construction of a new chemistry building, but
construction had not begun at June 30, 20X7.8. $300,000 of long-term debt and $340,000 of
interest matured and were paid in fiscal year 20X7.9. Total net position at the beginning of the
year was $27,000,000.RequiredPrepare a Statement of Revenues, Expenses, and Changes in
Net Position for Jonimatt State College for the fiscal year ended June 30,20X7. View Solution:
Analysis of the accounts of Jonimatt State College for the
SOLUTION-- http://solutiondone.online/downloads/analysis-of-the-accounts-of-jonimatt-state-
college-for-the/

Unlock answers here solutiondone.online

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