Hints
Chapter 12
12-1
a.Do unrestricted balances total $195,178; do temporarily restricted balances total $162,876?
12-2
a.Do total unrestricted assets equal $273,200? Do total restricted assets equal $4,000. Do total unrestricted fund balances (including net investment in plant) equal $181,700? Do total restricted fund balances equal $4,000?
12-4
a.Have the conditions for recognition been satisfied?
b.In what type of fund should the pledge and the related revenues be recognized?
c.What value should be placed upon the stock?
d.Are the revenues restricted or unrestricted; permanently or only temporarily restricted?
e.In which fund are all expenses recognized? From which fund must the assets be released?
f.Do not-for-profits charge depreciation? In which type of fund?
12-6
a.Is this transaction really a contribution? If it is not, then in which type of fund should it be recorded. Should revenue from this grant be recognized when the contract is signed or should it be delayed until the association has performed its promised services?
b.How does this transaction differ from the previous one? Is it a contribution? Are the resources received restricted or unrestricted? In which type of fund must all expenditures be recorded? From which type of funds must the resources be released for expenditure?
12-7
a.Were the reportable amounts $378,000, $372,000 and $372,000 for each of the three years? Were the reimbursable amounts $399,000, $363,000 and $360,000?
b.Did you account for the difference between cash received and revenue recognized as “deferred reimbursement revenue”?
12-8
a.Is the net increase in unrestricted fund balance $3.6 million? Is that in temporarily restricted fund balance $2.6 million? Are total unrestricted assets $7.6 million? Are total temporarily restricted assets $2.6 million?
12-10
b. Do your statements for 2002 indicate the following amounts:
Temporarily Permanently
Unrestricted Restricted Restricted
Total revenues$676,607$215,280
Total expenses 900,085
Resources released from
restriction 210,442 (210,442)
Total current assets 243,790 81,124$17,136
Total noncurrent assets 271,427
Total current liabilities 120,052
Total noncurrent liabilities 392,479 13,323
Net assets 2,686 67,801 17,136
12-12
a.
Temporarily
Restricted Restricted
Total revenue$1,694,782$730,743
Resources released from
restrictions 656,330 (656,330)
Total expenses 2,370,868
Fund balance, end of year 48,940 51,013
12-13
b.
Temporarily
Restricted Restricted
Total revenues 1,451,856 26,570
Resources released from restrictions 48,514 (48,514)
Total expenses 1,333,906
Total assets$296,146226,285
Net assets balance
Unrestricted 69,809 (96,655)
Temporarily restricted 26,570 48,514