Prepare journal entries in good form to record

Assignment Help Cost Accounting

Reference no: EM132023655

Part 1

Key Concepts Presentation

Create a slide presentation of 12 slides addressing the following:.

• Examine FASB financial reporting requirements for a private college.

• Apply basics of GAAP pertaining to categorizing restrictions on net assets.

• Evaluate whether the entity is subject to the requirements of the Single Audit Act and the provisions of Office of Management and Budget

Part 2

Private College Transactions. Steiner College's statement of financial position for the year ended June 30, 2016, is presented here. Steiner is a private college.

The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017.

1. During the year charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100.

After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued.

2. The college received unrestricted cash contributions of $2,080, pledges to be collected in 2018 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted.

3. Collections on Tuition and Fees Receivable totaled $222,600

4. Net deposits returned to students totaled $10.

5. Expenses were incurred for:

Instruction $86,100

Academic support 23,300

Student services 37,700

Institutional support 28,500

Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in temporarily restricted net assets.

6. The ending balance in Accounts Payable and Accrued Liabilities was $1,935.

7. Investment earnings received for the period were $3,960, of which $2,070 was temporarily restricted.

8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to temporarily restricted net assets, $1,610 was related to permanently restricted net assets, the remainder was related to unrestricted net assets).

9. Nominal accounts were closed.

Required

• Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2017.

• Prepare a statement of activities for the year ended June 30, 2017.

• Prepare a statement of financial position for the year ended June 30, 2017

Attachment:- Key Concepts Presentation.rar

Reference no: EM132023655

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