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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