PAYMENT FOR ENTIRE PROJECT!!!!
Project: Government and Not-for-Profit Accounting Portfolio
Your Portfolio Project includes four distinct questions. You will provide specific answers to the questions that follow. Apply what you have learned in this course to your answers to these questions. You will have two deliverables: (1) an Excel spreadsheet and (2) a 6-page Word document combining Problems #2, #3, and #4 not including title and reference pages.
Problem #1
The following information pertains to Northern State University, a government-owned university, for the month of March, 20X5.
- During the month, the university received an unrestricted appropriation of $4,000,000 from the state.
- The university billed tuition and fees totaling $3,400,000 and provided $280,000 in scholarship waivers.
- An alumnus donated $900,000 in cash, with $200,000 earmarked for the construction of a new library.
- Equipment for the student computer labs was purchased for cash in the amount of $485,000.
- Interest of $32,000 on bonds payable was paid.
- Investment income of $49,000 was earned and collected.
- The university collected $2,485,000 of the tuition and fees billed earlier.
- Refunds of $97,200 were made for tuition and fees.
- General expenses of 3,976,000 related to the administration of academic programs were paid.
- Accrued liabilities of $16,800 were paid.
- Month end entries included the following: Depreciation – $74,000; Allowance for doubtful accounts – 17,800; accrued interest earned on investments – $1,460.
Deliverable 1:
- In an Excel Spreadsheet prepare journal entries for each of the foregoing (Problem #1) transactions. Label each entry clearly and use Excel formulas for all calculated numbers.
Problems 2-4 will be submitted together in one 6-page Word document.
Problem #2
Indicate whether each of the following is a Proprietary or Budget account for federal agencies and explain why each would be classified as Proprietary or Budget accounts.
- Accounts payable
- Accumulated depreciation
- Commitments
- Cumulative results of operations
- Disbursements in transit
- Fund balance with treasury
- Office materials and supplies
- Undelivered orders
- Unexpended appropriations
- Other appropriations realized
Problem #2 Requirements:
- 2 pages in length
- Ensure your responses are well-written.
- Be sure to follow the formatting guidelines
- Include at least 2 credible references
Problem #3
Congress established the Fruited Plains Lands Preservation Commission (a fictional entity), the main function of which is to encourage farmers, ranchers, and similar types of landowners to take specified conservation measures.
- The Commission is governed by a seven-person board, the members of which are appointed by the President, subject to the approval of Congress. The Commission is funded through the normal appropriation process. Should the Commission be considered a federal reporting entity, and if so, should it be a “consolidation” entity or merely a “disclosure” entity?
- The entity maintains both budget accounts and proprietary accounts. What is the distinction between the two types of accounts?
- In a recent year, the Commission received appropriations of $110 million but spent only $90 million. Assuming the appropriation does not lapse, how would the unspent $20 million be reported on the Commission’s year-end balance sheet?
- To educate the public on the importance of wildlife preservation, the Commission received a legally binding pledge of $2.5 million from a private foundation. Of this amount, only $800,000 was received during the year. The balance is expected to be received in the following year. How much of the pledge should be recognized as revenue in the year it is made?
Problem #3 Requirements:
- 2 pages in length.
- Ensure your responses are well-written.
- Be sure to follow the formatting guidelines
- Include at least 2 credible references.
Problem #4
Aurora Community Hospital (fictitious name) is a not-for-profit hospital.
Below is a list of possible effects for each transaction and the possible effect on revenue:
- Patient service revenue
- Contractual adjustments
- Other revenue (exchange)
- Other revenue (non-exchange)
- No revenue
For the following transactions or events, match the letter above to illustrate the possible effects the transaction would have on revenue. Then provide a detailed rationale for the matches.
- The hospital provided medical care valued at $96,000 for homeless citizens.
- The hospital received a $15,000 federal grant to provide immunizations to children.
- A pharmaceutical firm donated recently approved drugs valued at $19,000. The hospital uses a similar type of drug in its operations.
- Received a $10 co-pay from a patient for an outpatient visit. Billed $800 to insurance.
- Geezer Health Insurance paid $625 as the final payment on the $800 billed in the previous transaction.
- Gift shop sales amounted to $3,200.
- A local civic group provided labor to manage the hospital’s information desk. The labor was valued at $24,000.
- Patient accounts of $1,800 were written off.
- The hospital received $900 for CPR training provided to the city police department.
- A grateful patient donated $1,000 for unrestricted use by the hospital.
Problem #4 Requirements:
- 2 pages in length.
- Ensure your responses are well-written.
- Be sure to follow the formatting guidelines o
- Include at least 2 credible references
Deliverable 2:
- 6-page Word document not including cover and reference pages that addresses Problems 2-4. Be sure to label each problem clearly within your paper.
