loader  Loading... Please wait...

Question(s) / Instruction(s):

     42.     (Identifying the net asset classifications and funds used for transactions by NFP colleges)

The following transactions occurred at a not-for-profit university. For each transactions, state the appropriate net asset classification and the fund used. (Transactions may require more than one net asset classification and more than one fund.)
          a.     The university paid its regular salaries for instruction and general administration.
          b.     The university bookstore, an auxiliary enterprise, paid its bi-weekly payroll.
          c.     The university sold bonds to finance construction of a new academic building.
          d.     The university made a transfer of funds to pay for the first year's debt service on the bonds issued in transaction c.
          e.     The university received a gift of $1,000,000, to be held in perpetuity, with the income to be used for any purpose approved by the university trustees.
          f.     The university trustees set aside $300,000 in a special fund to finance tuition loans to low-income students.

Find Similar Answers by Subject


Student Reviews

Rate and review your solution! (Please rate on a Scale of 1 - 5. Top Rating is 5.)


Expert's Answer
Download Solution:
$2.00

This solution includes:

  • Plain text
  • Cited sources when necessary
  • Attached file(s)
  • Solution Document(s)

You Recently Viewed...



Reach Us

408-538-8534

20-3582-4059

39-008-4233

+1-408-904-6494