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Sagan University, a government university, had no endowments prior to September 1, 2011. The following transactions took place during the fiscal year ended August 31, 2012:

At the beginning of the year, a cash donation of $900,000 was received to establish Endowment X, and another donation of $600,000, also in cash, was received for the purpose of establishing Endowment Y. The income from these endowments is restricted for specific purposes. It was decided to invest this money immediately; to pool the investments of both endowments; and to share earnings, including any gains or losses on sales of investments, at the end of the year based on the ratio of the original contributions of each endowment.

Securities with a par value of $1,000,000 were purchased at a premium of $10,000.

Securities with a par value of $191,500 were acquired at a discount of $2,000; accrued interest at date of purchase amounted to $500.

The university trustees voted to pool the investments of a new endowment, Endowment Z, with the investments of Endowments X and Y under the same conditions as applied to the latter two endowments. The investments of Endowment Z at the date it joined the pool at midyear amounted to $290,000 at book value and $300,000 at market value. (Hereafter, the investment pool earnings are to be shared 9:6:3.)

Cash dividends received from the pooled investments during the year amounted to $70,000, and interest receipts were $5,500.

Premiums of $500 and discounts of $100 were amortized.

Securities carried at $30,000 were sold at a gain of $2,400.

Each endowment was credited with its share of the investment earnings for the year (see transactions 1 and 4).

A provision of Endowment Y is that a minimum of $75,000 each year, whether from earnings or principal or both, is to be made available for unrestricted uses.

An apartment complex comprising land, buildings, and equipment valued at $800,000 was donated to the university, distributed as follows: land, $80,000; buildings, $500,000; equipment, $220,000. The donor stipulated that an endowment (designated as Endowment N) should be established and that the income there from should be used for a restricted operating purpose.

Unrestricted resources of $150,000 were set aside by the board as a quasi-endowment (or fund functioning as an endowment) and was designated Endowment O.

A trust fund in the amount of $350,000 (cash) was set up by a donor with the stipulation that the income was to go to the university to be used for general purposes. This fund was designated Endowment P.

Prepare the necessary journal entries for Sagan University for the 2011

The following is from the financial statements of Exquisite Ensembles: 2020 2019 2018 Net sales $1,260,000 $1,020,000 $850,000 Accounts receivable (Dec 31) 92,800 88,000 84.200 Calculate Exquisite Ensembles' accounts receivable turnover for 2019 and 2020. Compare the two results and give a possible explanation for any significant change. Calculations: 2019 accounts receivable turnover:Which of the following contracts is an EXCEPTION to the privity of contract rule? Select one: Q a. A contract for the sale of a vehicle. O b. A contract for the sale of an article of clothing. c. A life insurance contract. O d. A contract for a painter to paint your house.you are producing an Organization Chart for a CM Contract, in your organizational arrangements; how would you explain the following? 1. With whom would the Owner have Privity of Contract with? (5) 2. With whom would the AE/Consultant have Privity of Contract with? (3) 3. With whom would the Sub-Consultant have Privity of Contract with? (3 4. With whom would the Contractor have Privity of Contract with? 5. With whom would the Sub-Contractor have Privity of Contract with? 6. With whom would the Supplier/Vendor have Privity of Contracts with? What does the CM do in the CM Contract? In fact, what are his her responsibilities? For the toolbar, press ALT F10 (PC] or ALT + FN F10 [Mac).Harry buys a toaster. Sally, who is visiting Harry, uses the toaster. Unfortunately, the toaster explodes and Sally is severely burned. Sally sues the manufacturer of the toaster. More than likely Sally will () a. prevail because she is in privity of contract with the manufacturer. [) b. prevail because she is not in privity of contract with the manufacturer. O c. prevail despite the fact she is not in privity of contract. O d. prevail because she is not in privity of contract with the manufacturer