In June 2016, the wealthy parents of a college sophomore pledge to donate $1.5 million to...
In June 2016, the wealthy parents of a college sophomore pledge to donate $1.5 million to the college she attends, making payments of $0.5 million at the end of each of her remaining years at the school until her expected graduation in 2019. The college applies a discount rate of 3 percent. At that rate, the present value of $1 for three periods is $2.82861. What entry, if any, would be required to recognize the pledge? What entry(ies), if any, would be required to record the receipt of the first $0.5 million at the end of year 2016? Assume that the college uses separate funds to track restricted resources and indicate in which fund each entry is made.
June 2016
Debit ____ for amount____
Credit ____ for amount _____
June 2017
Debit _____ for amount_____
Credit ______ for amount _____
Debit _____ for amount _____
Credit _____ for amount _____
Credit _____ for amount ______
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In June 2016, the wealthy parents of a college sophomore pledge
to donate $1.5 million to...
Part (b) only Casual Industries received its 2016 annual property tax bill for $24,000 on May...
Part (b) only
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debit and credit amounts Casual Industries received its 2016 annual property tax bill for $24,000 on...
debit and credit amounts
Casual Industries received its 2016 annual property tax bill for $24,000 on May 1. The taxes covered the period January December, were payable by June 30 and were paid on that date. Casual has a December 31 fiscal year end and makes annual adjusting entries. (a) Your answer is partially correct. Try again. Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when...
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Roswell College requires students to pay tuition each term before class begin. Students who have not...
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Federal Semiconductors issued 10% bonds, dated January 1, with a face amount of $770 million on...
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face amount of $770 million on January 1, 2016. The bonds sold for
$708,222,420 and mature on December 31, 2032 (20 years). For bonds
of similar risk and maturity the market yield was 11%. Interest is
paid semiannually on June 30 and December 31. Federal determines
interest at the effective rate. Federal elected the option to
report these bonds at their fair value. On December 31, 2016, the
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Part (b) only
Casual Industries received its 2016 annual property tax bill for $24,000 on May 1. The taxes covered the period January-December, were payable by June 30 and were paid on that date. Casual has a December 31 fiscal year end and makes annual adjusting entries. *(a) Your answer is correct. Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when the amount is entered. Do...
debit and credit amounts
Casual Industries received its 2016 annual property tax bill for $24,000 on May 1. The taxes covered the period January December, were payable by June 30 and were paid on that date. Casual has a December 31 fiscal year end and makes annual adjusting entries. (a) Your answer is partially correct. Try again. Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when...
Roswell College requires students to pay tuition each term before class begin. Students who have not paid their tuition are not allowed to enroll or to attend classes. Cindy Jones the accountant for the school has been asked by her boss to prepare the required journal entry for the receipt of the students' tuition payments. In addition Cindy Jones has been asked by her boss to prepare a trial balance for Roswell College at the end of the current month....
Check my wc QE 4-4 Journal Entries The Town of Quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2017 a. The balance in Deferred Inflows--Property Taxes was $65,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2016. property taxes in the amount of $8,500,000 were levied. It was...
Federal Semiconductors issued 10% bonds, dated January 1, with a
face amount of $770 million on January 1, 2016. The bonds sold for
$708,222,420 and mature on December 31, 2032 (20 years). For bonds
of similar risk and maturity the market yield was 11%. Interest is
paid semiannually on June 30 and December 31. Federal determines
interest at the effective rate. Federal elected the option to
report these bonds at their fair value. On December 31, 2016, the
fair value...
Federal Semiconductors issued 10% bonds, dated January 1, with a
face amount of $770 million on January 1, 2016. The bonds sold for
$708,222,420 and mature on December 31, 2032 (20 years). For bonds
of similar risk and maturity the market yield was 11%. Interest is
paid semiannually on June 30 and December 31. Federal determines
interest at the effective rate. Federal elected the option to
report these bonds at their fair value. On December 31, 2016, the
fair value...
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