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Accounting Expert Answers & Study Resources : Page 234

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14) Prepare journal entries to record the following transactions for a private, not-for-profit university. 1.Tuition and fees assessed total $10,000,000, 80% of which was collected by year-end; tuition scholarships were granted for $1,300,000, and $650,000 was expected to be uncollectible. 2.Revenues collected from sales and services by the university bookstore were $1,450,000. 3.Salaries.

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  • 14) Prepare journal entries to record the following transactions for
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4) Wilhelman University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1.Tuition bills were sent amounting to $4,000,000, with tuition waivers granted on that amount of $200,000. 2.State funding was received in the amount of $2,000,000. 3.The bookstore and cafeteria sales amounted to $1,600,000, and their cost of sales was $1,500,000..

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  • 4) Wilhelman University, a not-for-profit, nongovernmental university, had the following
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21) Revenues are increases in retained earnings from the delivery of goods or services. 22) The Cash Flow Statement is organized in terms of the organization's operating, investing, and financing activities. 23) Expenses are increases in retained earnings that result from operations. 24) For business purposes, dividend payments are classified as expenses. 25) Revenues.

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  • 21) Revenues increases in retained earnings from the delivery of
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12) General Hospital is a private, not-for-profit hospital. The following information is available about the operations. 1.Gross patient services charges totaled $3,700,000. 2.Included in the above revenues are: charity services, $360,000; contractual adjustments, $1,200,000; courtesy allowances, $20,000; and estimated uncollectible amounts, $250,000. 3.Premium fees receipts were $110,000. 4.Purchased $75,000 of hospital supplies on account,.

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  • 12) General Hospital a private, not-for-profit hospital. The following information
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31) Equipment would appear on the: A) income statement with the revenues B) balance sheet with the long-term assets C) balance sheet with the current assets D) income statement with the operating expenses 32) Depreciation is normally associated with which asset on the balance sheet? A) Land B) accounts receivable C) inventory D) equipment 33) Cash would appear on the: A).

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  • 31) Equipment would appear the: A) income statement with the revenues B)
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1.3  Understand financial statements and how to use them 1) Which of the following financial statements would a potential investor most likely use to evaluate a company's financial performance for the current period? A) balance sheet B) income statement C) cash flow statement D) retained earnings statement 2) Dividends appear on the: A) retained earnings statement B) income.

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  • 1.3  Understand financial statements and how to use them 1) Which
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18) Josh Drake died on May 1, 2011. He left his entire estate, with a fair value of $6,200,000 to his sole surviving family member, his daughter, DeeDee. Prior to any distribution of assets, Josh's estate reflected the following details: Funeral expenses$11,300 Executor's fees10,800 Estate liabilities84,000 Final medical expenses40,700 Required: Calculate the federal estate tax on Mr..

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  • 18) Josh Drake died May 1, 2011. He left his
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1.4  Explain the relationships among the financial statements 1) Which financial statement must be prepared before the others? A) income statement B) balance sheet C) cash flow statement D) retained earnings statement 2) The oldest organization of professional accountants in Canada is the: A) Canadian Institute of Chartered Accountants B) Securities and Exchange Commission C) Financial Accounting Standards Board D).

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  • 1.4  Explain the relationships among the financial statements 1) Which financial
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11) How do revenues for a period relate to the beginning and ending balances in retained earnings? A) Revenues will increase the beginning balance of retained earnings for the period. B) Revenues will decrease the beginning balance of retained earnings for the period. C) Revenues less expenses will either increase or decrease the.

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  • 11) How do revenues for a period relate to the
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21) The ending balance in retained earnings appears on the: A) balance sheet only B) balance sheet and statement of retained earnings C) statement of retained earnings only D) income statement 22) Cash dividends: A) decrease revenue on the income statement B) increase expenses on the income statement C) decrease retained earnings on the retained earnings statement D) decrease.

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  • 21) The ending balance in retained earnings appears the: A) balance
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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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  • 3) Southtown Community Hospital (SCH) shows the following balances its
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18) Match each of the following descriptions with the correct category for a private, not-for-profit hospital. Each term may be used more than once. Categories: A. Revenue B. Deduction from Revenue C. Expense D. Gains / Losses _____1. Courtesy allowances provided to hospital patients _____2. Premium fees _____3. Fees paid to the doctors _____4. Charges to patients for patient.

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  • 18) Match each of the following descriptions with the correct
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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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  • 19) Record the following transactions for Porter Hospital, a private,
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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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  • 9) The following information was taken from the accounts and
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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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  • 5) Albatross University, a not-for-profit, nongovernmental university, had the following
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1.5  Understand financial accounting standards 1) The accounting concept that maintains that each organization or section of an organization stands apart from other organizations and individuals is known as the: A) reliability principle B) going-concern assumption C) entity assumption D) monetary unit  assumption 2) The ________ assumption assumes that the organization will remain in operation long.

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  • 1.5  Understand financial accounting standards 1) The accounting concept that maintains
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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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  • 8) The following information was taken from the accounts and
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41) Purchases and sales of long-term assets are examples of: A) investing activities B) dividend activities C) financing activities D) operating activities 42) Decreases in shareholders' equity result from: A) owner investments B) a net loss during the period C) a net income during the period D) owner investments and a net loss during the period 43) The payment of.

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  • 41) Purchases and sales of long-term assets examples of: A) investing
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1.2  Apply the accounting equation to business organizations 1) The accounting equation can be stated as: A) Assets + Liabilities = Shareholders' equity B) Assets = Liabilities + Shareholders' equity C) Assets = Liabilities - Shareholders' equity D) Assets + Shareholders' equity = Liabilities 2) The owners' interest in the assets of a corporation is known.

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  • 1.2  Apply the accounting equation to business organizations 1) The accounting
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