State University received two contributions during the year that must be used to provide scholarships. Contribution A for $ 10,000 was collected during the year, and $ 8,000 was spent on scholarships. Contribution B is a pledge for $ 30,000 to be received next fiscal year. What amount of contribution revenue should the university report in its statement of activities?
Question 6
On January 2, City of Walton issued $ 500,000, 10-year, 7 % general obligation bonds. Interest is payable annually, beginning January 2 of the following year. What amount of bond interest is Walton required to report in the statement of revenue, expenditures, and changes in fund balance of its governmental funds at the close of this fiscal year, September 30?
Question 7
Hospital, Inc., a not-for-profit organization with no governmental affiliation, reported the following in its accounts for the current year ended December 31: What amount would the hospital report as net patient service revenue in its statement of operations for the current year ended December 31?
Question 8
The encumbrance account of a governmental unit is debited when
Question 9