Solution To Chapter 22

Chapter 22
Problem I
(1) a
Recognized in period received.
(2)
Recognized in period received. Restriction is released when expenses are

incurred.
(3)
Recognized in period made.
(4)
Recorded at present value at time promise to give is received.
(5)
Endowment principal cannot be spent. Earnings are unrestricted.
(6)
(7)
Recognized in period received. Restriction released either (1) when asset is

placed in service or (2) over its useful life.
Recognized when conditions are met.
(8)
Recorded at fair value when received.
(9)
Donated services of a skilled nature that would otherwise be purchased.
(10)
Not skilled services. May be foot noted.
(11)
Recognized in period received. Restriction is released when time restriction is

satisfied.
(12)
Recognized in period received. Restriction is released when expenses are

incurred.
(13)
Recognized revenue as expenses are incurred for research project.
(14)
Recognized in period received. Restriction is released either (1) when asset is

placed in service or (2) over useful life of asset.
(15)
a, b, or f (If collection is displayed to the public or otherwise held for exhibit, the
university is not required to recognize contributions as revenue.)
Problem II
(a) Cash.....................................................................................
RevenuesTemporarily Restricted Contributions...........
(b) Expenses.............................................................................
Cash...............................................................................
Reclassifications OutTemporarily Restricted
Satisfaction of Program Restrictions...............................
Reclassifications InUnrestricted
Satisfaction of Program Restrictions....................
(c) Reclassifications OutTemporarily Restricted
Satisfaction of Program Restrictions...............................
Reclassifications InPermanently Restricted
Satisfaction of Program Restrictions....................
200,000
200,000
110,000
110,000
110,000
110,000
90,000
90,000
Permanently Restricted Net AssetsMandatory

Transfer-Out...................................................................
Due to Endowment Fund..........................................
90,000
90,000
Note to Instructor: The following entry would be made in the endowment fund:
Due from Restricted Current Fund........................................
Permanently Restricted Net AssetsMandatory
Transfer-In.................................................................
90,000
(d) Cash.....................................................................................
RevenuesTemporarily Restricted Contributions...........
15,000
Problem III
(1) (a) Cash......................................................................................
RevenuesTemporarily Restricted Contributions.............
RevenuesPermanently Restricted Contributions...........
90,000
15,000
90,000
45,000
45,000
Endowment Investments.......................................................
Cash................................................................................
45,000
(b) Cash......................................................................................
Accounts Receivable.............................................................
Deferred Revenues................................................................
RevenuesStudent Tuition and Fees...............................
1,900,000
1,686,000
148,000
66,000
Cash......................................................................................
Deferred Revenues..........................................................
158,000
(c) Cash......................................................................................
Allowance for Uncollectible Tuition and Fees.........................
Accounts Receivable........................................................
308,000
12,000
ExpensesInstitutional Support (Provision for Uncollectible

Tuition and Fees)..............................................................
Allowance for Uncollectible Tuition and Fees..............
158,000
320,000
9,000
9,000
(d) Cash......................................................................................
RevenuesUnrestricted Investment Income...................
6,000
(e) Cash......................................................................................
State Appropriations Receivable......................................
75,000
State Appropriations Receivable............................................

RevenuesState Government Appropriations.................
40,000
Cash......................................................................................
30,000
(g) Cash......................................................................................
Investments.....................................................................
RevenuesTemporarily Restricted Gain on the Sale of
Investments...............................................................
RevenuesTemporarily Restricted Investment Income. . .
(h) ExpensesInstruction...........................................................
ExpensesResearch.............................................................
24,000
(f)
45,000
6,000
75,000
40,000
30,000
500,000
400,000
21,000
1,100
1,900
ExpensesInstitutional Support............................................
ExpensesStudent Aid.........................................................
ExpensesStudent Services.................................................
ExpensesOperation and Maintenance of Plant...................
Accounts Payable.............................................................
Cash................................................................................
1,740,000
(i)
ExpensesResearch.............................................................
Cash................................................................................
Reclassifications OutTemporarily RestrictedSatisfaction
of Program Restrictions....................................................
Reclassifications InUnrestrictedSatisfaction of
Program Restrictions..............................................
(j)
13,000
13,000
13,000
40,000
(k) Cash......................................................................................
RevenuesTemporarily Restricted Endowment Income...
7,000
Cash......................................................................................
Pledges Receivable................................................................
RevenuesUnrestricted Contributions............................
ExpensesInstitutional Support Provision for Uncollectible
Contributions...................................................................
Allowance for Uncollectible Contributions..................
60,000
13,000
Accounts Payable..................................................................
Cash................................................................................
(l)
(2)
100,000
100,000
200,000
500,000
40,000
7,000
16,000
14,000
30,000
2,000
2,000
USJR Private University

Statement of Activities
For Year Ended June 30, 20x9
Unrestricted
Total
Changes in net assets:

Revenues and gains:
Tuition and fees.......................................
P1,900,000
Contributions...........................................
150,000
Government appropriations, grants, and
contracts.............................................
Endowment income.................................
Net realized gains on investments...........
Other investment income........................
7,900
Total revenues and gains.....................
P2,106,000
Net assets released from restrictions:
Satisfaction of program restrictions.............
Total revenues and gains and other support
......................................P2,106,000
Temporarily Permanently
Restricted Restricted
P1,900,000
30,000
40,000
P 75,000
P45,000
40,000
7,000
1,100
6,000
7,000
1,100
1,900
P1,976,000
P 85,000
P45,000
13,000
P1,989,000
(13,000)
P 72,000
P45,000
Expenses and losses:

Instruction....................................................
500,000
Research......................................................
413,000
Institutional support.....................................
111,000
Student aid..................................................
100,000
Operation and maintenance of plant............
500,000
Student services..........................................
200,000
Total expenses and losses........................
P1,824,000
Increase (decrease) in net assets.................
282,000
Net assets at beginning of year.........................
577,000
Net assets at end of year...................................
859,000
P 500,000
413,000
111,000
100,000
500,000
200,000
P1,824,000
P 165,000
P 72,000
P45,000
487,000
40,000
50,000
P 652,000
P112,000
P95,000
Problem IV
(1)Journal entries:
(a) Cash......................................................................................
Bonds Payable.................................................................
20,000,000
20,000,000
Cash......................................................................................
5,000,000
5,000,000
(b) Construction in Progress........................................................

Cash................................................................................
7,000,000
7,000,000
(c) ExpensesOperation and Maintenance of Plant

(Interest Expense)...........................................................
Cash...........................................................................
(d) Building.................................................................................
Construction in Progress..................................................
7,000,000
Cash................................................................................
16,000,000
Retained PercentageLiability to Contractor...................
2,000,000
Reclassifications OutTemporarily RestrictedSatisfaction of
Plant Restrictions.............................................................
Reclassifications InUnrestrictedSatisfaction of Plant
Restrictions............................................................
5,000,000
800,000
800,000
25,000,000
5,000,000
(e) Mortgage Payable..................................................................

ExpensesOperation and Maintenance of Plant
(Interest Expense)...........................................................
Cash...........................................................................
2,800,000
(f)
2,000,000
800,000
Land......................................................................................
Building.................................................................................
Mortgage Payable............................................................
RevenuesUnrestricted Contributions............................
200,000
350,000
(g) Contributions Receivable.......................................................

200,000
90,000
460,000
200,000
ExpensesInstitutional Support (Provision for Uncollectible

Contributions)..................................................................
Allowance for Uncollectible Contributions..................
(h) Investments..........................................................................
(i)
(j)
(2)
20,000
Cash......................................................................................
RevenuesTemporarily Restricted Investment Income. . .
500,000
10,000
10,000
ExpensesOperation and Maintenance of Plant

(Depreciation Expense)...................................................
Accumulated Depreciation.........................................
25,000
25,000
USLS Private University

For Period Ended June 30, 20xx
Temporarily
Unrestricted Restricted
Total

Revenues and gains:
Contributions..........................................
P 460,000 P5,700,000
P6,160,000
Other investment earnings.....................
0
10,000
10,000
Total unrestricted revenues and gains
P 460,000 P5,710,000
Satisfaction of plant acquisition restrictions
5,000,000
0
Total revenues and gains and other support P5,460,000P
710,000
Expenses:
Operations and maintenance of plant.........
P1,625,000
Institutional support...................................
20,000
Total expenses........................................
P1,645,000
20,000
500,000
Permanently
Restricted
0 P6,170,000
(5,000,000)*
P
0 P6,170,000
P1,625,000
20,000
P1,645,000
Increase (decrease) in net assets P3,815,000

P4,525,000
P 710,000
*Note to Instructor: The reclassification amount would total P25,000 if USLSs policy is to
release the restrictions over the life of the assets rather than when placed into operation.
Problem V
(1) Closing entries:
Each asset
class is closed
separately.
RevenuesTuition and Fees........................................... 1,500,000

RevenuesGovernment Appropriations......................... 800,000
RevenuesUnrestricted Contributions........................... 265,000
RevenuesUnrestricted Other Investment Income........ 250,000
Reclassifications InUnrestrictedSatisfaction of
Program Restrictions..................................................
75,000
Reclassifications InUnrestrictedSatisfaction of Plant
Acquisition Restrictions.............................................. 250,000
Reclassifications InUnrestrictedExpiration of Time
Restrictions................................................................
50,000
Unrestricted Net Assets..................................... 305,000
ExpensesResearch..................................................
ExpensesInstruction................................................
..............................................................1,230,000
ExpensesAcademic Support....................................
ExpensesStudent Services......................................
ExpensesInstructional Support................................
ExpensesOperation and Maintenance of Plant........
ExpensesStudent Aid..............................................
RevenuesSales and Services of Auxiliary Enterprises
ExpensesAuxiliary
Enterprises.............................................................
Unrestricted Net Assets..................................
250,000
200,000
225,000
400,000
350,000
500,000
475,000
25,000
RevenuesTemporarily Restricted Contributions........... 200,000

RevenuesTemporarily Restricted Endowment
Income.......................................................................
15,000
RevenuesTemporarily Restricted Net Realized Gains
on Endowment...........................................................
25,000
Temporarily Restricted Net Assets...................... 135,000
Satisfaction of Program Restrictions......................
Expiration of Time Restrictions..............................
Satisfaction of Equipment Acquisition Restrictions.
RevenuesPermanently Restricted
Contributions.............................................................
840,000
500,000
75,000
50,000
250,000
Permanently Restricted Net Assets..............

......................................................500,000
(2)
University of Cebu
For Year Ended December 31, 20x8
Temporarily Permanently
Unrestricted Restricted Restricted
Total

Revenues and gains:
Tuition and fees.......................................... P1,500,000
P1,500,000
Contributions..............................................
265,000
965,000
Government appropriations, grants, and
contracts................................................
800,000
..................................................800,000
Investment income on endowment............
15,000
Net realized gains on endowment investments
25,000
Other investment income.......................
250,000
..................................................250,000
Sales and services of auxiliary enterprises.
500,000
.................................................. 500,000
Total revenues and gains........................ P3,315,000
P4,055,000
P200,000
P 500,000
15,000
25,000
P240,000
P 500,000

Satisfaction of program restrictions................ P 75,000
P(75,000)
P
Satisfaction of equipment acquisition restrictions
250,000 (250,000)
0
Satisfaction of time restrictions......................
50,000
(50,000)
Total net assets released from restrictions.. P 375,000 P(375,000)
P
Total revenues and gains and other support
P3,690,000 P(135,000)
500,000.........................................P4,055,000
Expenses:
Research.........................................................
840,000
Instruction......................................................
...............................................1,230,000
Academic support...........................................
..................................................250,000
Student services.............................................
..................................................200,000
Institutional support........................................
225,000
Operation and maintenance of plant..............
..................................................400,000
Student aid.....................................................
..................................................350,000
P 840,000
1,230,000
250,000
200,000
225,000
400,000
350,000
Auxiliary enterprises.......................................
475,000
.................................................. 475,000
Total expenses............................................ P3,970,000
P
0 P
0
P3,970,000
Increase (decrease) in net assets........... P(280,000) P(135,000) P 500,000 P
85,000
Net assets, January 1, 20x8................................
675,000
975,000 2,500,000
4,150,000
Net assets, December 31, 20x8................. P395,000 P840,000P3,000,000
P4,235,000
Problem VI
University of Cebu
Statement of Financial Position
December 31, 20x8
Assets:
Cash........................................................................................................
Accounts receivable.................................................................................
Contributions receivable..........................................................................
Inventory of supplies...............................................................................
Student loans receivable.........................................................................
Land, buildings, and equipment (net)......................................................
Endowment investments.........................................................................
Total assets........................................................................................
Liabilities:
Accounts payable....................................................................................
Amounts held on behalf of others............................................................
Long-term debt........................................................................................
U.S. government grants refundable.........................................................
Total liabilities....................................................................................
Net assets:
Unrestricted.............................................................................................
Temporarily restricted..............................................................................
Permanently restricted............................................................................
Total net assets..................................................................................
P4,235,000
Total liabilities and net assets........................................................................
P5,365,000
P 255,000
625,000
85,000
75,000
300,000
1,000,000
3,025,000
P5,365,000
P 220,000
250,000
560,000
100,000
P1,130,000
P 395,000
840,000
3,000,000
Problem VII
(1) Patient service revenues include charges to patients for routine services, nursing
services, and professional services.
Other operating revenues include revenues from services other than health care
provided to patients as well as from sales and services to persons other than patients.
Nonoperating revenues are primarily from gifts, grants, and investment income and
gains that are peripheral or incidental to the major operation of the hospital.
(2)
a. OO
b. N
c. PS
d. PS
e. N
f. N
g. OO
h. PS
i. OO
j.
k.
PS
N
Problem VIII
(1) Accounts Receivable...................................................................
Patient Service Revenues......................................................
1,010,000
To record billings.
1,010,000
(2) Inventory....................................................................................
Other Operating RevenuesUnrestricted (contributions)......
To record donation of drugs from doctor.
12,000
(3) Cash............................................................................................
Other Operating RevenuesUnrestricted..............................
To record cash revenues.
28,800
(4) Charity Services..........................................................................

To record charity allowance.
13,000
(5) Contractual Adjustments.............................................................

To record adjustments for Medicare charges.
68,000
(6) Provision for Bad Debts...............................................................

Allowance for Uncollectible Receivables................................
To record increase in allowance.
26,000
Problem IX
(1) Accounts Receivable...................................................................
Revenues..............................................................................
8,500,000
12,000
28,800
13,000
68,000
26,000
8,500,000
Contractual Adjustments.............................................................
Allowance for Contractual Adjustments.................................
3,700,000
3,700,000
Cash............................................................................................
Allowance for Contractual Adjustments......................................
8,500,000
4,460,000
340,000
3,700,000
Cash............................................................................................
Contractual Adjustments.......................................................
250,000
Cash......................................................................................
90,000
250,000
90,000
(2) Net patient service revenues = P4,620,000 (P8,500,000 P3,700,000 P340,000 +

P250,000 P90,000)
(3) Net cash flow from transactions with Medicare = P4,620,000 (P4,460,000 + P250,000
P90,000)
(4) Assuming the P90,000 payment back to Medicare was in settlement, the revenue
account will be closed along with the contra-revenue account Contractual
Adjustments. The net amount will appear on the financial statements.
Problem X
Pure Air Rehabilitation Hospital

For Period Ended December 31, 20x9
Unrestricted
Total
Patient service revenues (net of $26,000

contractual adjustments).............................
714,000
Other operating revenues:
Seminar income...........................................
23,000
Child day care income..................................
Parking fees.................................................
4,500
Total other operating revenue..................
42,500
Total operating revenues..................................
756,500
Operating expenses:
Nursing services...........................................
230,000
Professional fees..........................................
General and administrative..........................
Depreciation expense..................................
Interest expense..........................................
Repairs and maintenance............................
Provision for uncollectibles...........................
14,000
Total operating expenses.........................
947,000
Loss from operations........................................
(190,500)
Nonoperating revenue:
Interest income............................................
3,000
Contributions...............................................
Endowment income.....................................
Gains on sale of endowments......................
56,000
Total nonoperating revenue.....................
197,000
Change in net assets........................................
6,500
Net assets, January 1, 20X9.............................
2,305,000
Net assets, December 31, 20X9.......................
P2,311,500
Temporarily
Restricted
Permanently
Restricted
P714,000
P 23,000
15,000
4,500
15,000
P 42,500
P756,500
P230,000
340,000
150,000
90,000
13,000
110,000
14,000
340,000
150,000
90,000
13,000
110,000
P947,000
P(190,500)
3,000
P18,000
120,000
56,000
P194,000
P(187,500)
P194,000
800,000
755,000
750,000
P612,500
P949,000
P750,000
3,000
18,000
120,000
Problem XI
Requirement:
1. Prepare statement of activities for the year ended June 30, 20x8.
2. Prepare statement of financial position as of June 30, 20x8
(1)
Adventist Hospital
For Year Ended June 30, 20x8
TemporarilyPermanently
Unrestricted Restricted Restricted
Total
Public support and revenue:

Public support:
Contributions.................................................... P300,000
P315,000
Annual auction proceeds (net of P11,000 expense)
31,000
Total public support....................................... P331,000
P346,000
Revenues:
Membership dues.............................................
25,000
Program service fees........................................
30,000
Investment income..........................................
10,000
Endowment income..........................................
20,000
Total revenue.................................................
85,000
P15,000
31,000
P15,000
P25,000
30,000
10,000
P20,000
P65,000

Satisfaction of program restrictions.................... P 5,000
Total public support, revenue, and other support... P401,000
P431,000
Expenses:
Program services:
Blind children................................................... P150,000
150,000
Deaf children.................................................... 120,000
120,000
Supporting services:
P20,000
P(5,000)
P30,000
P
P
Management and general................................

51,000*
51,000
Fund raising......................................................
9,000
9,000
Total expenses....................................................... P330,000
P330,000
Change in net assets............................................. P71,000
P101,000
Net assets, July 1, 20x7.........................................
38,000
291,000
Net assets, June 30, 20x8...................................... P109,000
P392,000
P30,000
3,000
250,000
P33,000
P250,000
*P49,000 + P2,000 provision for uncollectible pledges

(2)
Adventist Hospital
Statement of Financial Position
June 30, 20x8
Assets:
Cash...................................................................................................
Pledges receivable (net of P3,000 allowance)....................................
Bequest receivable............................................................................
Accrued interest receivable................................................................
Long-term investments......................................................................
Endowment investments....................................................................
Total assets...................................................................................
Liabilities:
Accounts payable and accrued expenses...........................................
Refundable deposits...........................................................................
Total liabilities...............................................................................
Net assets:
Unrestricted.......................................................................................
Temporarily restricted........................................................................
Permanently restricted.......................................................................
Total net assets............................................................................
Total liabilities and net assets..................................................................
Multiple Choice Problems
P 40,000
9,000
5,000
1,000
140,000
250,000
P445,000
P 51,000
2,000
P 53,000
P109,000
33,000
250,000
P392,000
P445,000
1.
2.
3.
4.
5.
6.
7.
8.
9.
10
.
11
.
12
.
13
.
14
.
15
16
.
17
.
18
.
19
.
20
.
b
a
b
c
b
b
b
c
d
21
.
22
.
23
.
24
.
25
.
26
.
27
.
28
.
29
.
30
.
31
.
32
.
33
.
34
.
35
36
.
37
.
38
.
39
.
40
.
a
d
a
c
d
b
d
a
c
a
b
b
b
c
d
a
b
a
41
.
42
.
43
.
44
.
45
.
46
.
47
.
48
.
49
.
50
.
51
.
52
.
53
.
54
.
55
61.
81.
62.
82.
63.
83.
64.
84.
65.
85.
66.
86.
67.
87.
68.
88.
69.
89.
70.
90.
71.
91.
72.
92.
73.
93.
74.
94.
75
95
56
.
57
.
58
.
59
.
60
.
76.
96.
77.
97.
78.
98.
79.
99.
80.
100
.
101
.
102
.
103
.
104
.
105
.
106
.
107
.
108
.
109
.
110
.
111
.
112
.
113
.
114
.
115
.
116
.
117
.
118
.
119
.
120
.
d
a
b
d
b
a
a
b
d
a
b
c
d
b
c
c
c
b
d
d
121
.
122
.
123
.
124
.
125
.
126
.
127
.
128
.
129
.
130
.
131
.
132
.
133
.
134
.
135
.
136
.
137
.
138
.
139
.
140
.
c
a
c
c
c
c
c
a
c
b
b
c
b
a
d
a
c
d
b
b
141
.
142
.
143
.
144
.
145
.
146
.
147
.
148
.
149
.
150
.
151
.
152
.
153
.
154
.
155
.
156
.
157
.
158
.
159
.
160
.
c
b
d
a
d
c
b
c
a
c
d
e
d
b
d
b
b
c
161
.
162
.
163
.
164
.
165
.
166
.
167
.
168
.
169
.
170
.
171
.
172
.
173
.
174
.
175
.
176
.
177
.
178
.
7.
d
d
a
a
c
e
a
a
b
d
c
d
c
c
d
b
c
b
a
c P210 x 4 = P840
8. d term endowment
59. b (Permanently restricted net assets have increased by only P120,000.)
60.
61. b (The financial aid is shown as a direct reduction to the tuition revenue so that
revenues and support should total only P780,000.)
68. c (Amounts charged to patients less contractual adjustments)
69. d (The charity care work should not be recorded in any way because there is no
expectation of collection.
The contractual adjustment is reported as a contra
balance to the revenue.)
95. d (These services do not meet the criteria for donated services that are recognized.)
155. b (The charity must convey the donation to the designated beneficiary. Unless the
charity was given varied powers that allowed it to change the beneficiary, this
amount
163. d (If the other information that is included contains a call for a specific action that will
help accomplish the mission of the charity and if the mailing is not directed solely to
potential donors, a portion of the costs can be allocated to program service

expenses.)
164. a(Because of the time restriction, the amount spent for playground equipment
remains in temporarily restricted net assets until depreciated. The equipment was
bought at the end of the year so that no depreciation was recorded and no
reclassification was made.)
Theories
Completion Statements
1. unconditional
2. nonreciprocal
3. unconditional
4. when received
5. conditional
6. fair value
7. market quotations, appraisals, present-value calculations
8. nonfinancial assets, specialized skills
9. fair value, asset or asset enhancement
10. collection items
11. selectively
12. unrestricted, temporarily restricted, permanently restricted
13. endowments
14. temporarily restricted
15. temporarily restricted
16. temporarily restricted, unrestricted, donor-imposed stipulations, accounting policy,
explicit donor instructions
17. expire
18. whole
19. donor-imposed restrictions, donor-imposed restrictions
20. total assets, total liabilities, total net assets (equity)
21. unrestricted, temporarily restricted, permanently restricted
22. board-designated, unrestricted
23. category
24. unrestricted
25. separately
26. natural, matrix
27. gross
28. columnar, layered
29. change
30. direct, indirect
31. permits
True or False Statements

32. True 43. True
54.
33. Fals
44. False
55.
e
True
False
65.
66.
True
False
34.
35.
36.
37.
38.
39.
40.
41.
42.
Fals
e
True
True
Fals
e
Fals
e
True
True
True
Fals
e
45.
False
56.
True
67.
False
46.
47.
48.
False
False
False
57.
58.
59.
False
False
False
68.
69.
70.
True
True
True
49.
True
60.
True
71.
False
50.
51.
52.
53,
False
True
False
False
61.
62.
63.
64.
True
True
True
True
72.
73.
False
False
Theories
a
94.
95.
96.
97.
98.
99.
100
.
101
.
102
.
103
.
104
.
105
.
106
.
107
.
108
.
109
.
110
.
111
.
112
.
113
.
Multiple Choice
74 a
84
.
.
75 c
85
.
.
76 b
86
.
.
77 b
87
.
.
78 e
88
.
.
79 e
89
.
.
80 e
90
.
.
81 e
91
.
.
82 d
92
.
.
83 a
93
.
.
Note for Nos.:
d
d
c
a
b
a
a
b
d
c
b
b
a
b
b
d
114
.
115
.
116
.
117
.
118
.
119
.
120
.
121
.
122
.
123
.
c
b
b
b
d
b
d
b
d
e
124
.
125
.
126
.
127
.
128
.
129
.
130
.
131
.
132
.
133
.
134.
135.
136.
137.
138.
139.
140.
141.
142.
143.
144
.
145
.
146
.
147
.
148
.
149
.
150
.
151
.
c
c
a
c
a
b
b
c
149.(The work of the librarian does not enhance a nonfinancial asset nor does it require a specialized skill that
would be purchased if not donated.)
150.(The FASB wanted to get away from fund accounting and provide information about the private not-for-profit
organization as a whole.)

Solution To Chapter 22

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Solution To Chapter 22

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Chapter 22

Recognized in period received. Restriction is released when expenses are

Recognized in period made.

Recorded at present value at time promise to give is received.

Endowment principal cannot be spent. Earnings are unrestricted.

Recognized in period received. Restriction released either (1) when asset is

Recorded at fair value when received.

Donated services of a skilled nature that would otherwise be purchased.

Not skilled services. May be foot noted.

Recognized in period received. Restriction is released when time restriction is

Recognized in period received. Restriction is released when expenses are

Recognized revenue as expenses are incurred for research project.

Recognized in period received. Restriction is released either (1) when asset is

Permanently Restricted Net AssetsMandatory

ExpensesInstitutional Support (Provision for Uncollectible

State Appropriations Receivable............................................

USJR Private University

Changes in net assets:

Expenses and losses:

(b) Construction in Progress........................................................

(c) ExpensesOperation and Maintenance of Plant

(e) Mortgage Payable..................................................................

(g) Contributions Receivable.......................................................

ExpensesInstitutional Support (Provision for Uncollectible

ExpensesOperation and Maintenance of Plant

USLS Private University

Changes in net assets:

Increase (decrease) in net assets P3,815,000

RevenuesTuition and Fees........................................... 1,500,000

RevenuesTemporarily Restricted Contributions........... 200,000

Permanently Restricted Net Assets..............

Changes in net assets:

Net assets released from restrictions:

(4) Charity Services..........................................................................

(5) Contractual Adjustments.............................................................

(6) Provision for Bad Debts...............................................................

(2) Net patient service revenues = P4,620,000 (P8,500,000 P3,700,000 P340,000 +

Pure Air Rehabilitation Hospital

Patient service revenues (net of $26,000

Public support and revenue:

Net assets released from restrictions:

Management and general................................

*P49,000 + P2,000 provision for uncollectible pledges

potential donors, a portion of the costs can be allocated to program service

True or False Statements

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