30 May ACC 380 Week 4 Assignment Government Wide Statements, Net Assets, and Journals
Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting computations and explanations.
Part One.
Review the financial information pertaining to the City of South Pittsburgh in problem 8-10 on page 257 of your text. Prepare, in journal form, worksheet adjustments for each of the situations outlined.
Part Two:
Review the financial information pertaining to Southern State University in problem 9-5 on pages 294 and 295 of your text. Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012.
Part Three:
Review the financial transactions pertaining to the Cancer Research Center in problem 10-8 on pages 326 and 327.
1. On the books of Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5% on an annual basis. The appropriate discount factor is 4.33.
2. Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.
3. Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.
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