Question
A multifund balance sheet can readily be recast so that it conforms with FASB standards. A balance sheet of Brown University, issued prior to the
A multifund balance sheet can readily be recast so that it conforms with FASB standards. A balance sheet of Brown University, issued prior to the effective date of FASB Statement No. 117, is presented below. Recast the fund balance (net asset) section of the balance sheet so that it presents the fund balances in the two categories required by ASU 2014-09. Show the balances in a single column, divided into two sections. Thus, for example, current undesignated funds should be reported in the without donor restrictions section; current restricted funds in the with donor restrictions section. Assume that the plant funds, other than the net investment in plant, are donor restricted, and make other appropriate assumptions as to the type of restriction that applies to each of the other fund balances.
AutoSave OF A ACC240 CH13 Final - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Calibri (Bo... v 11 Ever 21 Aabbccdle n Paste A A Aar A ADA IA Aalboc de Normal AaB CCDC AnBbceDee AaBb, BU X x Nn Sping Heating Hercing ? Title Dictate Styles Pane Sensitivity Editor $ 3,509 14,499 $ 2,355 Brown University Balance Sheet as of June 30 (in thousands) Total Current Funds Loan Funds Endowment Funds Plant Funds Assets Cash $110,922 $45,268 $590 $ 61,555 Investments 507.503 9,042 456.126 42.335 Accounts receivable 15.070 426 145 Notes receivable 26,000 26,000 Inventories and pre-paid expenses 5:047 5.047 Land, buildings, and equipment (less accumulated depreciation) 196,897 196,897 Due from (to) other funds 11,338 (3:326) 3.323 (11,285) Total assets 5861,439 $85,194 $23,640 $521,004 $231,601 Liabilities and fund balances Accounts payable-accrued liabilities $ 29,788 $20,836 $ 6,597 Deferred revenues 5.424 5.424 Agency accounts 10,375 10,375 Bonds payable 88.399 88,399 Total liabilities $133,986 $36.635 $ 6,597 S_90,254 Fund balances Current funds Designated $ 20,445 $20,445 Restricted 28,114 28,114 Student loan funds established by gift and grants 23,640 $23,640 Endowment and similar funds Quasi-endowment funds 59,644 $ 59,644 Restricted endowment funds 68,352 68.352 Other endowment funds 9,399 369399 Life income funds 17,012 17,012 Plant funds Unexpended 19,452 19,452 Retirement of indebtedness 6,306 6.306 Net investment in plant 15.089 115.089 Total fund balances $727453 $48,559 $23.640 $514:402 $149,842 Total liabilities and fund balances 5861.489 $85.194 $29.640 S521,004 $291.601 Page 1 of 1 O words English (United States) :) D Focus E 90%Step by Step Solution
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