ACC 380 Week 4 Problem 8 10, 9 5, and 10 8
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ACC 380 Week 4 Problem 8-10, 9-5, and 10-8
Government-Wide Statements, Net Assets, & Journals. Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting computations and explanations.
Part One.
Review the financial information pertaining to the City of South Pittsburgh in problem 8-10 on page 257 of your text. Prepare, in journal form, worksheet adjustments for each of the situations outlined.
Part Two:
Review the financial information pertaining to Southern State University in problem 9-5 on pages 294 and 295 of your text. Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012.
Part Three:
Review the financial transactions pertaining to the Cancer Research Center in problem 10-8 on pages 326 and 327.
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On the books of Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5% on an annual basis. The appropriate discount factor is 4.33.
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Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.
- Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.