Quiz 2

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ACCT 410 Quiz 2 – Name of Student: ___Abraham Vanega_____________ Ch 7 8 9 10 – 16 Questions

1. Several years ago a not for profit organization received a $1 million donation. The income from this donation is restricted to support program activities related to the mission of the organization. During the current year the endowment earned $40,000 of interest revenues. The organization designated $30,000 to support program activities.

* a. On its year-end statement of activities, the organization would report interest revenues of * * * _________$40,000_________________

* b. On its year-end statement of financial position, the organization would report temporarily restricted net assets of

* * _________$40,000_________________

* c. On its year-end statement of financial position, the organization would report permanently restricted net assets of:

_______$1000,000__________________

2. A city sold a piece of equipment for $8,000. The equipment had an original cost of $10,000 and now has a fair value of $5,000. Assuming that the city maintains its books and records in a manner to facilitate the preparation of the fund financial statements, what is the appropriate entry in the general fund to record this sale?

Cash $8000 Other financing Sources -Sale of Asset $8000

3. The city of Raleigh acquired a new piece of equipment, paying $1,000 cash from the general fund. Present the general fund journal entry based on the faculty that the city maintains its books and records in a manner to facilitate the preparation of fund financial statements.

Expenditures $1,000
Cash $1,000

4. As you review the accounting and spending options for a permanent endowment, what decisions and issues should be considered regarding investment gains, explaining the…...

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