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8) The following information was taken from the accounts and records of the Community Chest Foundation, a private, not-for-profit VHWO organization. All balances are as of December 31, 2011, unless otherwise noted. Unrestricted Support - Contributions$6,500,000 Unrestricted Support - Membership Dues700,000 Unrestricted Revenues - Investment Income63,000 Temporarily restricted gain on sale of investments20,000 Expenses -.
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11) At December 31, 2011, an Enterprise Fund has the following adjusted accounts outstanding: Insurance Expense$2,000 Depreciation Expense3,000 Supplies Expense10,000 Salaries Expense100,000 Service Revenues123,000 When preparing the closing entry for the temporary accounts at December 31, 2011, the Enterprise Fund's accountant will A) credit Retained Earnings $8,000. B) credit Net Cash, $8,000. C) credit Net Assets, Unrestricted $8,000. D) credit.
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3) Southtown Community Hospital (SCH) shows the following balances on its trial balance at June 30, 2011, their fiscal year end. SCH is a not-for-profit, nongovernmental hospital. $260,000 cash was spent on equipment from donations restricted for that purpose. Debits: Administrative services expense200,000 Contractual allowances1,200,000 Depreciation expense700,000 Employee discounts300,000 General services expense900,000 Loss on sale of fixed.
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9) Philiam Benedict dies on October 1, 2011, leaving his entire estate to his sole surviving niece, Muriel Finster. After all devise distributions and payments for estate expenses and liabilities, the fair value of Philiam's estate is $6,350,000. Required: Calculate the federal estate tax on Philiam's estate, assuming that federal estate taxes.
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17) The following information regarding the fiscal year ended September 30, 2011, was drawn from the accounts and records of the Mayberry County general fund: Revenues and other asset inflows: Taxes$12,000,000 Licenses and permits2,500,000 Intergovernmental revenues1,000,000 Capital lease for fixed asset1,200,000 Receipt of cash from terminated fund1,800,000 Expenditures and other asset outflows: General government expenditures7,500,000 Public safety expenditures2,000,000 Judicial system.
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1.5-3A proprietor may have to pay self-employment tax in addition to income tax. 1.5-4In an LLC, the business, not the owners, is responsible for the corporation’s debts. 1.5-5A proprietorship is created by: A)  electing a board of directors. B)  obtaining a state charter. C)  issuing shares of stock. D)  one individual deciding to start a business. 1.5-6In.
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19) Record the following transactions for Porter Hospital, a private, nonprofit hospital: 1.Gross patient services revenues: $25,000,000. Billed to patients. 2.Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3.Purchased equipment by issuing a 5-year note for $200,000. 4.Received cash donations restricted for a capital building.
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16) Prepare journal entries to record the following grant-related transactions of the municipal swimming pool, which is funded primarily by membership fees. 1.Received an operating grant in cash from the state for $200,000, to be used for life-saving and first-aid training. 2.Incurred and paid qualifying expenses on the state grant program by.
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Exercises 1) Avery died testate early in 2011. The following transactions occurred relating to Avery's estate. 1.Avery's estate included bonds with a fair (market) value of $120,000. On the date of Avery's death, there was $2,000 of accrued but unpaid interest. Two months after Avery's death, a check arrived in the amount.
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1.4-8Corporate ownership is a very popular type of ownership in the United States. Which of the following is a                             major reason that corporate ownership is popular?  A) Corporate shareholders have limited liability for the debts of the corporation.  B) Most corporations are small or medium-sized.  C) The life.
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Exercises 1) Will Wealth made three charitable donations in 2011. Each was for $500,000, however they were made to three different organizations as follows: 1.Will donated to a local voluntary health and welfare organization (VHWO), and indicated that the funds could be used as the VHO wanted. 2.Will donated to a local private,.
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11) Marshfield Hospital is a private, not-for-profit hospital. The following transactions occurred: 1.Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $180,000. The cash gifts were used in the current year in accordance with restrictions. 2.Unrestricted pledges of $800,000 were received. Ten percent of.
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15) A private, not-for-profit university received donations of $1,000,000 cash in 2011 that were restricted to certain research projects on sustainability, with an emphasis on reducing the campus waste. The university incurred and paid $450,000 of expenses on this research in 2011. In 2011, an alumnus contributed a $700,000 endowment for.
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9) The following information was taken from the accounts and records of the Helping Hands Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of June 30, 2011, unless otherwise noted. Unrestricted Support - Contributions$2,000,000 Unrestricted Support - Membership Dues640,000 Unrestricted Revenues - Investment Income80,000 Temporarily restricted gain on sale.
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15) Middlefield County incurred the following transactions during 2011: 1.The county authorized a new general obligation bond issue of $5 million par to construct an office building with a contract price of $4,975,000. The bonds were issued for $4,980,000. 2.The county levied real property taxes of $10,000,000. Eighty-five percent of the net.
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11) Voluntary health and welfare organizations classify fund-raising costs as A) costs of services sold. B) program services. C) auxiliary expenses. D) supporting services. 12) Voluntary health and welfare organizations A) may not have paid executives or staff. B) are governed by separate GASB statements. C) use fund accounting, following the rules for proprietary fund reporting. D) are supported.
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5) Albatross University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1.Tuition bills were sent amounting to $8,000,000, with 70% collected before the end of the fiscal year; tuition waivers were granted on the total amount of $400,000, and $220,000 was expected to be uncollectible. 2.Cafeteria sales, all cash, were.
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18) The four cash flow categories required in an Enterprise Fund's Statement of Cash Flows are listed below and assigned a letter code. A)Cash flows from operating activities B)Cash flows from noncapital financing activities C)Cash flows from capital and related financing activities D)Cash flows from investing activities Required: Use the correct letter code to indicate where.
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1.3-10The Sarbanes-Oxley Act (“SOX”) made it a criminal offense to: A)steal shareholders’ money. B)default on loans from creditors. C)declare bankruptcy. D)falsify financial information. 1.3-11Which of the following organizations requires publicly owned companies to be audited by independent                                           accountants (CPAs)? A)SEC B)PCAOB C)FASB D)AICPA 1.3-12Which of the following organizations or groups issue an opinion on whether a company’s.
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1.7-6Assets are $270,000 and owner’s equity is $90,000. Liabilities will be:  A) $ 60,000.  B) $360,000.  C) $270,000.  D) $180,000.  1.7-7A business performs services for its customers. Payment is expected to be received next month. How                                           does the performance of services affect the accounting equation? A) Liabilities.
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Multiple Choice Questions 1) Which of the following is not true? A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit. B) A not-for-profit entity may be governmental or non-governmental. C) A not-for-profit entity may possess ownership interests like a corporation. D) A not-for-profit entity receives resources from.
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1.2-12Which of the following are likely to be users of financial accounting information? A)  Taxing authorities B)   Creditors C)   Potential investors D)  All of the above 1.3-1The AICPA's Code of Professional Conduct for Accountants provides guidance to CPAs in the                                                         performance of their work.  1.3-2GAAP refer to the set of accounting.
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Exercises 1) The City's municipal golf course had the following transactions. 1.Received a beautification(operating) grant from the state for $600,000. Received cash of $600,000. 2.Incurred and paid qualifying expenses under the state grant program in (1) above of $280,000. 3.Incurred and paid construction costs on an uncompleted clubhouse for $1,200,000. 4.Received $1,000,000 cash from a.
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6) Thoroughgood County has a municipal golf course and tennis club which is funded by the membership fees it charges. The club also has 6% bonds outstanding amounting to $20,000,000 on which it pays interest semi-annually. The club had the following transactions. 1.An addition to the golf clubhouse was added for.
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Multiple Choice Questions 1) What basis of accounting is used by proprietary funds? A) Modified accrual accounting B) Accrual accounting C) Cash basis accounting D) Fair value accounting 2) Enterprise funds are accounted for in a manner similar to A) internal service funds. B) capital project funds. C) special revenue funds. D) debt service funds. 3) On January 1, 2011, the.
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13) Childrens Hospital is a private, not-for-profit hospital. The following information is available about the operations. 1.Gross patient services charges totaled $6,400,000. 2.Included in the above revenues are: charity services, $210,000; contractual adjustments, $2,400,000; and courtesy allowances, $37,000. 3.Received a donation of marketable securities with a fair value of $165,000 for the purchase.
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7) The Trasque Hospital is a nongovernmental, not-for-profit hospital. During 2011, they had the following transactions. 1.Trasque's standard charges for services rendered amounted to $550,000. Contractual adjustments on those amounts with third-party payors amounted to $230,000. Bad debts on the remaining balance are estimated to be 10%. 2.The hospital received a cash.
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Multiple Choice Questions 1) Which of the following phrases is frequently used to refer to estate or trust accounting? A) Non-profit accounting B) Testamentary accounting C) Fiduciary accounting D) All of the above phrases are used to refer to estate or trust accounting. 2) In reference to accounting for trusts or estates, which of the following.
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3) Willborough County had the following transactions in 2012. 1.A central motor pool was established with a $200,000 nonreciprocal transfer from the General Fund. 2.The water and sewer authority, which provides services to residents for a fee, issued a bond offering at $750,000 par. Bonds proceeds are restricted to renovating the treatment.
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1.5-12A relatively low amount of government regulation is a key advantage of a: A)partnership. B)not-for-profit. C)corporation. D)proprietorship. 1.5-13One beneficial characteristic of a proprietorship is: A)that the owner also manages the business. B)the owner appoints a board of directors to manage the business. C)the owner’s interest is separate from the manager’s interest. D)the owner does not need to be involved.
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11) Under the Uniform Probate Code, the personal representative must publish for what time period a notice in a newspaper of general circulation in the county in which the decedent resided? A) For one week B) For two weeks C) For three weeks D) For five weeks 12) If estate assets are insufficient to pay.
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1.6-9Which of the following concepts (or principles) require an assumption that the entity will remain in                                           operation for the foreseeable future?  A) Entity concept  B) Faithful representation principle  C) Going-concern concept  D) Cost principle  1.6-10Bill Rogers has three different businesses. He has only one bank account for.
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1.2-2Business owners use accounting information to set goals, evaluate progress toward those goals, and take                                           corrective action when needed.  1.2-3Outside investors would ordinarily use financial accounting information to decide whether or not to invest                             in a business.  1.2.4An investor is someone who loans money to.
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10) Journalize the following utility transactions in the Quest County Enterprise Fund: 1.Billings to external customers $1,600,000; billings to Quest County governmental funds $130,000. 2.Collected refundable deposits from new customers $10,000. 3.Collected 95% of all billings by fiscal year-end. 4.Refunded $4,000 in deposits to former customers. 5.Unbilled services to outside customers at year-end $14,000. 11) Prepare.
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13) Silvia Peacock has been appointed to serve as the executor of the estate of Mr. Mickey Babay, who passed away at the age of 104 on April 5, 2011. On April 5, 2011, Mr. Babay's assets consisted of the following: Asset Book Value Fair Value Cash $40,000 $40,000 Mutual fund investment 170,000 170,000 Selonoid Incorporated common stock 22,000 28,000 Ford Mustang 24,000 16,000 Condo in.
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19) The unadjusted trial balance for the general fund of the City of Jordan at June 30, 2011 is as follows: Debits Accounts receivable$90,000 Cash110,000 Due from agency fund19,000 Encumbrances18,000 Estimated revenues1,250,000 Expenditures1,090,000 Taxes receivable175,000 Credits Allowance for doubtful accounts15,000 Allowance for uncollectible taxes35,000 Appropriations1,180,000 Due to internal service fund51,000 Fund balance - unassigned52,000 Reserve for encumbrances18,000 Revenues1,130,000 Taxes received in advance22,000 Vouchers payable249,000 Supplies on hand at June.
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1.1-1Accounting is the information system that measures business activity, processes the data into reports, and                                           communicates the results to decisions makers.  1.1-2Accounting is "the language of business."  1.1-3A debt that a business owes to an outside party is called: A)  an asset. B)  a liability. C)  stockholders’ equity. D)  revenue. 1.1-4There are.
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7) An adjusted trial balance is provided below for the Dade County copy services department at June 30, 2011. Cash$ 21,000 Due from Enterprise Fund6,000 Due from Debt Service Fund2,000 Supplies inventory5,000 Supplies used3,000 Equipment32,000 Salary expense25,000 Utility expense9,000 Depreciation expense6,000 Operating transfer to General Fund  4,000 $113,000 Accumulated depreciation $ 24,000 Accounts payable2,000 Advance from General Fund (not for capital assets)10,000 Capital Contribution from General.
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17) A private, not-for-profit university received donations of $800,000 in 2011 that were restricted to capital improvements of the football stadium. The university spent $670,000 on capital improvements for the stadium in 2011 and recorded depreciation of $130,000. In 2011, an alumnus contributed a $1,500,000 endowment for football scholarships with all.
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14) Journalize the following municipal zoo transactions in the Lackluster County Enterprise Fund: 1.The zoo issued $1,000,000 of 5% revenue bonds at 99 on July 1, 2011 (an interest payment date). The bond proceeds are to be used for a new polar bear exhibit and the issue will mature in 20.
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