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Problem 12-1 Part a. Journal entries. Transaction #5 Please assume in #5 that the cash for the educational expenses came from the following sources: $2,000,000.

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Presentation on theme: "Problem 12-1 Part a. Journal entries. Transaction #5 Please assume in #5 that the cash for the educational expenses came from the following sources: $2,000,000."— Presentation transcript:

1 Problem 12-1 Part a. Journal entries

2 Transaction #5 Please assume in #5 that the cash for the educational expenses came from the following sources: $2,000,000 from restricted net assets $400,000 from unrestricted net assets

3 Transaction #9 Assume that the pledge is to be received in annual installments of $1,500,000 at the end of each of the next three years. In other words, use the PV factor for an annuity of three periods at 6% to value the amount of the pledge.

4 American Association of Freedom Statement of Activities Unrestricted Temporarily Restricted Permanently RestrictedTotal Revenues Contributions Investment Income Total Revenues Expenses Programs (education) Administration Depreciation Total Expenses Excess of revenue over expenses Resources released from restriction Increase in net assets$1,420,000 $16,429,518

5 American Association for Freedom Statement of Financial Position Assets Cash Pledges receivable 4,009,518 Investment Furniture, fixtures, and equipment 800,000 Less: Accumulation Depreciation 80,000720,000 Total Assets 16,429,518 Net Assets Unrestricted Temporarily restricted Permanently restricted Total net assets

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