USJR Private University Statement of Activities

Chapter 22
Problem I
(1) a
Recognized in period received.
(2)
Recognized in period received. Restriction is released when expenses are incurred.
(3)
Recognized in period made.
(4)
Recorded at present value at time promise to give is received.
(5)
Endowment principal cannot be spent. Earnings are unrestricted.
(6)
(7)
Recognized in period received. Restriction released either (1) when asset is placed
in service or (2) over its useful life.
Recognized when conditions are met.
(8)
Recorded at fair value when received.
(9)
Donated services of a skilled nature that would otherwise be purchased.
(10)
Not skilled services. May be footnoted.
(11)
Recognized in period received. Restriction is released when time restriction is

satisfied.
(12)
Recognized in period received. Restriction is released when expenses are incurred.
(13)
Recognized revenue as expenses are incurred for research project.
(14)
Recognized in period received. Restriction is released either (1) when asset is placed
in service or (2) over useful life of asset.
(15)
a, b, or f (If collection is displayed to the public or otherwise held for exhibit, the university
is not required to recognize contributions as revenue.)
Problem II
(a) Cash......................................................................................................
RevenuesTemporarily Restricted Contributions .................
(b) Expenses...............................................................................................
Cash ...............................................................................................
Reclassifications OutTemporarily Restricted
Satisfaction of Program Restrictions.........................................
Reclassifications InUnrestricted
Satisfaction of Program Restrictions ...........................
(c) Reclassifications OutTemporarily Restricted
Satisfaction of Program Restrictions.........................................
Reclassifications InPermanently Restricted
Satisfaction of Program Restrictions ...........................
200,000
110,000
200,000
110,000
110,000
110,000
90,000
90,000
Permanently Restricted Net AssetsMandatory

Transfer-Out ..................................................................................
Due to Endowment Fund ....................................................
90,000
90,000
Note to Instructor: The following entry would be made in the endowment fund:
Due from Restricted Current Fund ..................................................
Permanently Restricted Net AssetsMandatory
Transfer-In ...............................................................................
90,000
(d) Cash......................................................................................................
RevenuesTemporarily Restricted Contributions .................
15,000
Problem III
(1) (a) Cash .......................................................................................................
RevenuesTemporarily Restricted Contributions...................
RevenuesPermanently Restricted Contributions.................
90,000
90,000
Endowment Investments ....................................................................

Cash.................................................................................................
45,000
(b) Cash .......................................................................................................

Accounts Receivable .........................................................................
Deferred Revenues..............................................................................
RevenuesStudent Tuition and Fees ........................................
1,686,000
148,000
66,000
Cash .......................................................................................................
Deferred Revenues .......................................................................
158,000
(c) Cash .......................................................................................................

Allowance for Uncollectible Tuition and Fees ................................
Accounts Receivable...................................................................
308,000
12,000
ExpensesInstitutional Support (Provision for Uncollectible

Tuition and Fees) ...........................................................................
Allowance for Uncollectible Tuition and Fees ..................
9,000
(d) Cash .......................................................................................................

RevenuesUnrestricted Investment Income ..........................
6,000
(e) Cash .......................................................................................................

State Appropriations Receivable...............................................
75,000
State Appropriations Receivable .....................................................

RevenuesState Government Appropriations ......................
40,000
Cash .......................................................................................................
(g) Cash .......................................................................................................
Investments.....................................................................................
RevenuesTemporarily Restricted Gain on the Sale of
Investments..............................................................................
RevenuesTemporarily Restricted Investment Income ........
(h) ExpensesInstruction..........................................................................
30,000
(f)
24,000
500,000
15,000
45,000
45,000
45,000
1,900,000
158,000
320,000
9,000
6,000
75,000
40,000
30,000
21,000
1,100
1,900
(i)
ExpensesResearch ...........................................................................
ExpensesInstitutional Support.........................................................
ExpensesStudent Aid .......................................................................
ExpensesStudent Services...............................................................
ExpensesOperation and Maintenance of Plant ........................
Accounts Payable ........................................................................
Cash.................................................................................................
400,000
100,000
100,000
200,000
500,000
ExpensesResearch ...........................................................................
Cash.................................................................................................
13,000
Reclassifications OutTemporarily RestrictedSatisfaction

of Program Restrictions ................................................................
Reclassifications InUnrestrictedSatisfaction of
Program Restrictions .........................................................
(2)
13,000
13,000
13,000
(j)
Accounts Payable ...............................................................................

Cash.................................................................................................
40,000
(k)
Cash .......................................................................................................
RevenuesTemporarily Restricted Endowment Income ......
7,000
(l)
Cash .......................................................................................................
Pledges Receivable ............................................................................
RevenuesUnrestricted Contributions .....................................
16,000
14,000
ExpensesInstitutional Support Provision for Uncollectible

Contributions..................................................................................
Allowance for Uncollectible Contributions .......................
60,000
1,740,000
2,000
40,000
7,000
30,000
2,000
USJR Private University

Statement of Activities
For Year Ended June 30, 20x9
Unrestricted
Changes in net assets:

Revenues and gains:
Tuition and fees.................................................
Contributions .....................................................
Government appropriations, grants, and
contracts.......................................................
Endowment income ........................................
Net realized gains on investments ................
Other investment income...............................
Total revenues and gains ..........................
Net assets released from restrictions:
Satisfaction of program restrictions....................
Total revenues and gains and other support...
Expenses and losses:
Instruction................................................................
Research .................................................................
P1,900,000
30,000
Temporarily Permanently
Restricted
Restricted
Total
P45,000
P1,900,000
150,000
6,000
P1,976,000
7,000
1,100
1,900
P 85,000
P45,000
40,000
7,000
1,100
7,900
P2,106,000
13,000
P1,989,000
(13,000)
P 72,000
P45,000
0
P2,106,000
40,000
P 500,000
413,000
P 75,000
P 500,000
413,000
Institutional support ...............................................

Student aid .............................................................
Operation and maintenance of plant..............
Student services .....................................................
Total expenses and losses ...............................
Increase (decrease) in net assets ......................
Net assets at beginning of year ................................
Net assets at end of year............................................
111,000
100,000
500,000
200,000
P1,824,000
P 165,000
487,000
P 652,000
P
0
P 72,000
40,000
P112,000
P
0
P45,000
50,000
P95,000
111,000
100,000
500,000
200,000
P1,824,000
P 282,000
577,000
P 859,000
Problem IV
(1) Journal entries:
(a) Cash .......................................................................................................
Bonds Payable...............................................................................
20,000,000
Cash .......................................................................................................
5,000,000
(b) Construction in Progress .....................................................................

Cash.................................................................................................
7,000,000
(c) ExpensesOperation and Maintenance of Plant

(Interest Expense)..........................................................................
Cash..........................................................................................
(d) Building...................................................................................................
Construction in Progress...............................................................
Cash.................................................................................................
Retained PercentageLiability to Contractor .......................
Reclassifications OutTemporarily RestrictedSatisfaction of
Plant Restrictions............................................................................
Reclassifications InUnrestrictedSatisfaction of Plant
Restrictions ..........................................................................
(e) Mortgage Payable ..............................................................................
ExpensesOperation and Maintenance of Plant
(Interest Expense)..........................................................................
Cash..........................................................................................
(f)
800,000
25,000,000
7,000,000
800,000
7,000,000
16,000,000
2,000,000
5,000,000
2,000,000
800,000
200,000
350,000
(g) Contributions Receivable...................................................................

200,000
(h) Investments ...........................................................................................

5,000,000
5,000,000
Land........................................................................................................
Building...................................................................................................
Mortgage Payable .......................................................................
RevenuesUnrestricted Contributions .....................................
ExpensesInstitutional Support (Provision for Uncollectible

Contributions) ................................................................................
Allowance for Uncollectible Contributions .......................
20,000,000
20,000
500,000
2,800,000
90,000
460,000
200,000
20,000
500,000
(i)
Cash .......................................................................................................
RevenuesTemporarily Restricted Investment Income ........
(j)
ExpensesOperation and Maintenance of Plant

(Depreciation Expense) ...............................................................
Accumulated Depreciation.................................................
(2)
USLS Private University

For Period Ended June 30, 20xx

Revenues and gains:
Contributions ...................................................
Other investment earnings ...........................
Total unrestricted revenues and gains..
Satisfaction of plant acquisition restrictions ...
Total revenues and gains and other support
10,000
10,000
25,000
Unrestricted
Temporarily
Restricted
P 460,000
0
P 460,000
P 5,700,000
10,000
P 5,710,000
5,000,000
(5,000,000)*
P5,460,000 P
710,000
25,000
Permanently
Restricted
Total
P6,160,000
10,000
0 P6,170,000
0
0 P6,170,000
Expenses:
Operations and maintenance of plant ..........
Institutional support .............................................
Total expenses ................................................
P1,625,000
20,000
P1,645,000
P1,625,000
20,000
P1,645,000
Increase (decrease) in net assets .........
P3,815,000
710,000
P4,525,000
*Note to Instructor: The reclassification amount would total P25,000 if USLSs policy is to release
the restrictions over the life of the assets rather than when placed into operation.
Problem V
(1) Closing entries:
Each asset
class is closed
separately.
RevenuesTuition and Fees ...................................................... 1,500,000

RevenuesGovernment Appropriations ................................
800,000
RevenuesUnrestricted Contributions ....................................
265,000
RevenuesUnrestricted Other Investment Income ..............
250,000
Reclassifications InUnrestrictedSatisfaction of
Program Restrictions ...............................................................
75,000
Reclassifications InUnrestrictedSatisfaction of Plant
Acquisition Restrictions...........................................................
250,000
Reclassifications InUnrestrictedExpiration of Time
Restrictions................................................................................
50,000
Unrestricted Net Assets ............................................................
305,000
ExpensesResearch ..............................................................
ExpensesInstruction .............................................................
ExpensesAcademic Support.............................................
ExpensesStudent Services..................................................
ExpensesInstructional Support ..........................................
840,000
1,230,000
250,000
200,000
225,000
ExpensesOperation and Maintenance of Plant ...........

ExpensesStudent Aid ..........................................................
400,000
350,000
RevenuesSales and Services of Auxiliary Enterprises500,000

ExpensesAuxiliary
Enterprises............................................................................
Unrestricted Net Assets .......................................................
475,000
25,000
RevenuesTemporarily Restricted Contributions ..................

RevenuesTemporarily Restricted Endowment
Income ......................................................................................
RevenuesTemporarily Restricted Net Realized Gains
on Endowment ........................................................................
Temporarily Restricted Net Assets ..........................................
Satisfaction of Program Restrictions ...............................
Expiration of Time Restrictions ..........................................
Satisfaction of Equipment Acquisition Restrictions ......
RevenuesPermanently Restricted
Contributions............................................................................
Permanently Restricted Net Assets ...............................
(2)
15,000
25,000
135,000
75,000
50,000
250,000
500,000
500,000
University of Cebu
For Year Ended December 31, 20x8
Unrestricted

Revenues and gains:
Tuition and fees .................................................... P1,500,000
Contributions.........................................................
265,000
Government appropriations, grants, and
contracts ..........................................................
800,000
Investment income on endowment ................
Net realized gains on endowment investments
Other investment income .............................
250,000
Sales and services of auxiliary enterprises .......
500,000
Total revenues and gains .............................. P3,315,000
Satisfaction of program restrictions ....................... P 75,000
Satisfaction of equipment acquisition restrictions
Satisfaction of time restrictions ...............................
50,000
Total net assets released from restrictions ....... P 375,000
Total revenues and gains and other support
Expenses:
200,000
Temporarily Permanently
Restricted
Restricted
P 200,000
15,000
P 240,000
P 500,000
25,000
P 500,000
Total
P1,500,000
965,000
800,000
15,000
250,000
500,000
P4,055,000
25,000
P (75,000)
P
0
250,000
(250,000)
0
(50,000)
0
P(375,000)
P
0
P3,690,000 P(135,000)P
500,000 P4,055,0
Research .....................................................................
Instruction ...................................................................
Academic support....................................................
Student services.........................................................
Institutional support...................................................
Operation and maintenance of plant .................
Student aid .................................................................
Auxiliary enterprises...................................................
Total expenses ......................................................
Increase (decrease) in net assets................
Net assets, January 1, 20x8...........................................
Net assets, December 31, 20x8..................................
Problem VI
P 840,000
1,230,000
250,000
200,000
225,000
400,000
350,000
475,000
P3,970,000
P (280,000)
P
0 P
0
P(135,000) P 500,000
P 840,000
1,230,000
250,000
200,000
225,000
400,000
350,000
475,000
P3,970,000
P 85,000
675,000
P 395,000
975,000
P 840,000
4,150,000
P4,235,000
2,500,000
P3,000,000
University of Cebu
Statement of Financial Position
December 31, 20x8
Assets:
Cash ..............................................................................................................................
Accounts receivable .................................................................................................
Contributions receivable ..........................................................................................
Inventory of supplies ..................................................................................................
Student loans receivable ..........................................................................................
Land, buildings, and equipment (net) ...................................................................
Endowment investments...........................................................................................
Total assets........................................................................................................
Liabilities:
Accounts payable .....................................................................................................
Amounts held on behalf of others ..........................................................................
Long-term debt...........................................................................................................
U.S. government grants refundable .......................................................................
Total liabilities ...................................................................................................
Net assets:
Unrestricted .............................................................................................................
Temporarily restricted ............................................................................................
Permanently restricted...........................................................................................
Total net assets .................................................................................................
395,000
840,000
3,000,000
P4,235,000
Total liabilities and net assets ..........................................................................................
P5,365,000
255,000
625,000
85,000
75,000
300,000
1,000,000
3,025,000
P5,365,000
220,000
250,000
560,000
100,000
P1,130,000
Problem VII
(1) Patient service revenues include charges to patients for routine services, nursing services,
and professional services.
Other operating revenues include revenues from services other than health care provided
to patients as well as from sales and services to persons other than patients.
Nonoperating revenues are primarily from gifts, grants, and investment income and gains
that are peripheral or incidental to the major operation of the hospital.
(2)
a. OO
d. PS
g. OO
j.
PS
b. N
c. PS
e. N
f. N
h. PS
i. OO
k.
Problem VIII
(1) Accounts Receivable ................................................................................
Patient Service Revenues...................................................................
To record billings.
1,010,000
(2) Inventory.......................................................................................................
Other Operating RevenuesUnrestricted (contributions) ..........
To record donation of drugs from doctor.
12,000
(3) Cash ..............................................................................................................

Other Operating RevenuesUnrestricted......................................
To record cash revenues.
28,800
(4) Charity Services...........................................................................................

To record charity allowance.
13,000
(5) Contractual Adjustments ..........................................................................

To record adjustments for Medicare charges.
68,000
(6) Provision for Bad Debts ..............................................................................

Allowance for Uncollectible Receivables .......................................
To record increase in allowance.
26,000
Problem IX
(1) Accounts Receivable ................................................................................
Revenues ...............................................................................................
8,500,000
Contractual Adjustments ..........................................................................

Allowance for Contractual Adjustments.........................................
3,700,000
Cash ..............................................................................................................
Allowance for Contractual Adjustments ...............................................
4,460,000
340,000
3,700,000
Cash ..............................................................................................................
Contractual Adjustments ...................................................................
250,000

Cash .......................................................................................................
90,000
1,010,000
12,000
28,800
13,000
68,000
26,000
8,500,000
3,700,000
8,500,000
250,000
90,000
(2) Net patient service revenues = P4,620,000 (P8,500,000 P3,700,000 P340,000 + P250,000
P90,000)
(3) Net cash flow from transactions with Medicare = P4,620,000 (P4,460,000 + P250,000
P90,000)
(4) Assuming the P90,000 payment back to Medicare was in settlement, the revenue account
will be closed along with the contra-revenue account Contractual Adjustments. The net
amount will appear on the financial statements.
Problem X
Pure Air Rehabilitation Hospital

For Period Ended December 31, 20x9
Patient service revenues (net of $26,000

contractual adjustments) ....................................
Other operating revenues:
Seminar income ....................................................
Child day care income........................................
Parking fees ............................................................
Total other operating revenue ......................
Total operating revenues..........................................
Unrestricted
Temporarily
Restricted
Permanently
Restricted
Total
P 714,000
P 714,000
P 23,000
15,000
4,500
P 42,500
P 756,500
Operating expenses:
Nursing services .....................................................
Professional fees ....................................................
General and administrative ................................
Depreciation expense .........................................
Interest expense ....................................................
Repairs and maintenance ..................................
Provision for uncollectibles ..................................
Total operating expenses ...............................
P 230,000
340,000
150,000
90,000
13,000
110,000
14,000
P 947,000
P 230,000
340,000
150,000
90,000
13,000
110,000
14,000
P 947,000
Loss from operations ..................................................
P(190,500)
P (190,500)
Nonoperating revenue:
Interest income......................................................
Contributions ..........................................................
Endowment income .............................................
Gains on sale of endowments............................
Total nonoperating revenue..........................
Change in net assets .................................................
Net assets, January 1, 20X9 ......................................
Net assets, December 31, 20X9 ...............................
3,000
3,000
P(187,500)
800,000
P 612,500
23,000
15,000
4,500
P 42,500
P 756,500
P 18,000
120,000
56,000
P194,000
P194,000
755,000
P949,000
P
0
0
3,000
18,000
120,000
56,000
P 197,000
0
750,000
P750,000
P
6,500
2,305,000
P2,311,500
P
P
P
Problem XI
Requirement:
1. Prepare statement of activities for the year ended June 30, 20x8.
2. Prepare statement of financial position as of June 30, 20x8
(1)
Adventist Hospital
For Year Ended June 30, 20x8
Unrestricted
TemporarilyPermanently
Restricted Restricted
Total
Public support and revenue:

Public support:
Contributions ............................................................... P300,000
Annual auction proceeds (net of P11,000 expense) 31,000
Total public support ................................................ P331,000
Revenues:
Membership dues.......................................................
Program service fees .................................................
Investment income ....................................................
Endowment income ..................................................
Total revenue ...........................................................
Satisfaction of program restrictions ............................
Total public support, revenue, and other support......
Expenses:
Program services:
Blind children ...............................................................
Deaf children...............................................................
Supporting services:
Management and general ......................................
Fund raising..................................................................
Total expenses ...................................................................
Change in net assets ........................................................
Net assets, July 1, 20x7......................................................
Net assets, June 30, 20x8 .................................................
P 25,000
30,000
10,000
P15,000
P15,000
P315,000
31,000
P346,000
P 65,000
P20,000
P20,000
P 25,000
30,000
10,000
20,000
P 85,000
P 5,000
P401,000
P (5,000)
P30,000
P
0
P431,000
P150,000
120,000
P150,000
120,000
51,000*
9,000
P330,000
P 71,000
38,000
P109,000
51,000
9,000
P330,000
P101,000
291,000
P392,000
P
0
P30,000
3,000
P33,000
P
0
P
0
250,000
P250,000
*P49,000 + P2,000 provision for uncollectible pledges

(2)
Adventist Hospital
Statement of Financial Position
June 30, 20x8
Assets:
Cash .......................................................................................................................
Pledges receivable (net of P3,000 allowance) .............................................
Bequest receivable .............................................................................................
Accrued interest receivable .............................................................................
Long-term investments .......................................................................................
Endowment investments ....................................................................................
Total assets .....................................................................................................
Liabilities:
Accounts payable and accrued expenses ...................................................
Refundable deposits ...........................................................................................
Total liabilities .................................................................................................
Net assets:
Unrestricted...........................................................................................................
Temporarily restricted .........................................................................................
Permanently restricted .......................................................................................
P 40,000
9,000
5,000
1,000
140,000
250,000
P445,000
P 51,000
2,000
P 53,000
P109,000
33,000
250,000
Total net assets ..............................................................................................
P392,000
Total liabilities and net assets ...................................................................................
P445,000
Multiple Choice Problems

1.
c 21. a
41. c
2.
a 22. a
42. d
3.
c 23. d
43. a
4.
a 24. a
44. b
5.
b 25. c
45. d
6.
a 26. d
46. c
7.
c 27. b
47. c
8.
d 28. d
48. b
9.
c 29. a
49. c
10. d 30. c
50. c
11. b 31. a
51. d
12. a 32. b
52. c
13. b 33. b
53. c
14. c 34. b
54. b
15 b 35
c
55 a
16. d 36. a
56. d
17. b 37. d
57. c
18. b 38. a
58. c
19. c 39. b
59. b
20. d 40. a
60. a
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75
76.
77.
78.
79.
80.
b
c
d
b
a
c
b
c
d
c
b
c
b
a
b
a
b
c
c
a
81.
82.
83.
84.
85.
86.
87.
88.
89.
90.
91.
92.
93.
94.
95
96.
97.
98.
99.
100.
a
a
b
a
b
d
b
a
d
b
a
a
c
d
d
d
a
c
b
b
101.
102.
103.
104.
105.
106.
107.
108.
109.
110.
111.
112.
113.
114.
115.
116.
117.
118.
119.
120.
d
a
b
d
b
a
a
b
d
a
b
c
d
b
c
c
c
b
d
d
121.
122.
123.
124.
125.
126.
127.
128.
129.
130.
131.
132.
133.
134.
135.
136.
137.
138.
139.
140.
c
a
c
c
c
c
c
a
c
b
b
c
b
a
d
a
c
d
b
b
141.
142.
143.
144.
145.
146.
147.
148.
149.
150.
151.
152.
153.
154.
155.
156.
157.
158.
159.
160.
c
b
d
a
d
c
b
c
a
c
d
e
d
b
d
b
b
c
b
a
161.
162.
163.
164.
165.
166.
167.
168.
169.
170.
171.
172.
173.
174.
175.
176.
177.
178.
c
d
d
a
a
c
e
a
a
b
d
c
d
c
c
d
b
c
7. c P210 x 4 = P840
8. d term endowment
59. b (Permanently restricted net assets have increased by only P120,000.)
60.
61. b (The financial aid is shown as a direct reduction to the tuition revenue so that revenues and support should total
only P780,000.)
68. c (Amounts charged to patients less contractual adjustments)
69. d
(The charity care work should not be recorded in any way because there is no expectation of collection. The
contractual adjustment is reported as a contra balance to the revenue.)
95. d (These services do not meet the criteria for donated services that are recognized.)
155. b (The charity must convey the donation to the designated beneficiary. Unless the charity was given varied powers
that allowed it to change the beneficiary, this amount
163. d (If the other information that is included contains a call for a specific action that will help accomplish the mission
of the charity and if the mailing is not directed solely to potential donors, a portion of the costs can be allocated
to program service expenses.)
164. a (Because of the time restriction, the amount spent for playground equipment remains in temporarily restricted
net assets until depreciated. The equipment was bought at the end of the year so that no depreciation was
recorded and no reclassification was made.)
Quiz-XXII
1.
c
2.
d
3.
b
4.
e
5.
c
6.
e
7.
c
8.
c
9.
b
10. d
11. d
12. a
13. d
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
b
d
a
d
c
a
a
c
d
b
d
c
d
41.
42.
43.
44.
45.
46.
47.
48.
a
b
b
a
c
c
a
b
14.
15
16.
17.
18.
19.
20.
d
b
d
a
e
c
b
34.
35
36.
37.
38.
39.
40.
a
c
a
a
d
b
d
Theories
Completion Statements
1. unconditional
2. nonreciprocal
3. unconditional
4. when received
5. conditional
6. fair value
7. market quotations, appraisals, present-value calculations
8. nonfinancial assets, specialized skills
9. fair value, asset or asset enhancement
10. collection items
11. selectively
12. unrestricted, temporarily restricted, permanently restricted
13. endowments
14. temporarily restricted
15. temporarily restricted
16. temporarily restricted, unrestricted, donor-imposed stipulations, accounting policy,
explicit donor instructions
17. expire
18. whole
19. donor-imposed restrictions, donor-imposed restrictions
20. total assets, total liabilities, total net assets (equity)
21. unrestricted, temporarily restricted, permanently restricted
22. board-designated, unrestricted
23. category
24. unrestricted
25. separately
26. natural, matrix
27. gross
28. columnar, layered
29. change
30. direct, indirect
31. permits
True or False Statements
32. True
43. True
33. False 44. False
34. False 45. False
35. True
46. False
54.
55.
56.
57.
True
False
True
False
65.
66.
67.
68.
True
False
False
True
36.
37.
38.
39.
40.
41.
42.
True
False
False
True
True
True
False
47.
48.
49.
50.
51.
52.
53,
False
False
True
False
True
False
False
Multiple Choice Theories

74. a
84. a
75. c
85. d
76. b
86. c
77. b
87. e
78. e
88. e
79. e
89. d
80. e
90. c
81. e
91. d
82. d
92. d
83. a
93. c
*contribution revenue
**incomplete data
Note for Nos.:
94.
95.
96.
97.
98.
99.
100.
101.
102.
103.
58.
59.
60.
61.
62.
63.
64.
False
False
True
True
True
True
True
e
a
b
b
d
d
d
a
b
a
104.
105.
106.
107.
108.
109.
110.
111.
112.
113.
69.
70.
71.
72.
73.
a
b
d
c
b
b
a
b
b
d
114.
115.
116.
117.
118.
119.
120.
121.
122.
123.
True
True
False
False
False
c
b
b
b
d
*
d
b
d
e
124.
125.
126.
127.
128.
129.
130.
131.
132.
133.
b
d
b
c
a
d
d
d
d
b
134.
135.
136.
137.
138.
139.
140.
141.
142.
143.
d
c
c
b
d
b
b
c
b
c
144.
145.
146.
147.
148.
149.
150.
151.
152.
c
c
a
**
c
a
b
b
c
148. (The work of the librarian does not enhance a nonfinancial asset nor does it require a specialized skill that would be
purchased if not donated.)
149. (The FASB wanted to get away from fund accounting and provide information about the private not-for-profit
organization as a whole.)

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USJR Private University Statement of Activities

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Chapter 22

Recognized in period received.

Recognized in period received. Restriction is released when expenses are incurred.

Recognized in period made.

Recorded at present value at time promise to give is received.

Endowment principal cannot be spent. Earnings are unrestricted.

Recorded at fair value when received.

Donated services of a skilled nature that would otherwise be purchased.

Not skilled services. May be footnoted.

Recognized in period received. Restriction is released when time restriction is

Recognized in period received. Restriction is released when expenses are incurred.

Recognized revenue as expenses are incurred for research project.

Permanently Restricted Net AssetsMandatory

Endowment Investments ....................................................................

(b) Cash .......................................................................................................

(c) Cash .......................................................................................................

ExpensesInstitutional Support (Provision for Uncollectible

(d) Cash .......................................................................................................

(e) Cash .......................................................................................................

State Appropriations Receivable .....................................................

Reclassifications OutTemporarily RestrictedSatisfaction

Accounts Payable ...............................................................................

ExpensesInstitutional Support Provision for Uncollectible

USJR Private University

Changes in net assets:

Institutional support ...............................................

(b) Construction in Progress .....................................................................

(c) ExpensesOperation and Maintenance of Plant

(g) Contributions Receivable...................................................................

(h) Investments ...........................................................................................

ExpensesInstitutional Support (Provision for Uncollectible

ExpensesOperation and Maintenance of Plant

USLS Private University

Changes in net assets:

Increase (decrease) in net assets .........

RevenuesTuition and Fees ...................................................... 1,500,000

ExpensesOperation and Maintenance of Plant ...........

RevenuesSales and Services of Auxiliary Enterprises500,000

RevenuesTemporarily Restricted Contributions ..................

Changes in net assets:

Total liabilities and net assets ..........................................................................................

(3) Cash ..............................................................................................................

(4) Charity Services...........................................................................................

(5) Contractual Adjustments ..........................................................................

(6) Provision for Bad Debts ..............................................................................

Contractual Adjustments ..........................................................................

Contractual Adjustments ..........................................................................

Pure Air Rehabilitation Hospital

Patient service revenues (net of $26,000

Loss from operations ..................................................

Public support and revenue:

*P49,000 + P2,000 provision for uncollectible pledges

Total net assets ..............................................................................................

Total liabilities and net assets ...................................................................................

Multiple Choice Problems

Multiple Choice Theories

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