User Account

All Pages

Investment trust fund-summarize the collection of interest

Assignment Help Accounting Basics
Reference no: EM1310414

On January 1, Forrester County is holding investments for Tinsel Town valued at $500,000 in an investment pool, accounted for in an investment trust fund.  On January 1, Valley School District invests $1,500,000 in the pool. Earnings on pooled investments for the six months ended June 30 totalling $300,000 were received in cash.

Required

1) What percentage interest in the pool is held by the town and the school district?

2) (a) Show the entry in the Investment Trust Fund to record the School District’s investment in the pool.

(b) Show the entry in the Investment Trust Fund to summarize the collection of interest for the six-month period.

(c) Show the entry in the Investment Trust Fund to record the distribution of the interest earned on pooled investments, assuming that the interest will be reinvested by the town and school district.

(d) Independent of part

(e) Show the entry in the investment trust fund to record the distribution of the interest earned on pooled investments, assuming that the interest will be reinvested by the town and school district.

Reference no: EM1310414

Questions Cloud

Imagine that the mass of the seesaw is negligible : What will be the equilibrium temperature while a 238 block of copper at 230 is placed in a 133 aluminium calorimeter cup containing 831 of water at 16.0.
Fixed budget income statement by contribution margin format : Prepare a fixed budget income statement for the planned level of sales and production. Prepare a fixed budget income statement for the actual level of sales and production.
Applied behavioral analysis in sports or athletics : A brief review of the current literature regarding the implementation and advanatges of Applied Behavioral Analysis in sports or athletics.
What is her velocity relative to the surface of ice : A satellite is in a low circular orbit about the Earth (such as it just skims the surface of the Earth). How long does it take to make one revolution around Earth.
Investment trust fund-summarize the collection of interest : Demostrate the entry in the Investment Trust Fund to summarize the collection of interest for six-month period.
Illustrate what risks are inherent in such adjustments : Illustrate what adjustments are required for China to rebalance its current account. Illustrate what risks are inherent in such adjustments.
Find out the initial speed of the bullet : The bullet passes right through and emerges on the other side with a speed of 100 m/s, and the saxophone is given a speed of 4.8 m/s.
Describing off-balance-sheet assets : What do you mean by off-balance-sheet assets? Recognize the 4 major categories of off-balance-sheet business and use the suitable example to describe each category.
Biopsychosocial risk factors : Describe the biopsychosocial risk factors related with alcohol dependence.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Writing the page memorandum

Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is

  Explain the accounting alternatives

Explain the accounting alternatives that Bonanza Trading Stamps, Inc. should consider for the recognition of its revenues and related expenses.

  Determining the number of units of product

The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Given these facts, the number of units of product in the beginning inventory last year must have been:

  Ethical dilemma in business

Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.

  Trade between buyer and seller

Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?

  Impacts on the quality of accounting information

Why is measurement in the context of accounting so important

  Compute the depreciation expense

Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014

  Market price of schieble bonds

Assuming the market price of the Schieble bonds was known to be $180,000, but the market price of the warrants without the bonds cannot be determined, what are the amounts that should be allocated to the warrants and the bonds?

  Determining loss with break-even point

Tarrah Company's variable expenses are 72% of sales. The company's break-even point in sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:

  Cost recovery deduction of asset

The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.

  Journal entries to record payment

At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.

  Reported net asset balance of categories

What should be the reported net asset balance of the following categories during 2011: permanent restricted, temporarily restricted, unrestricted.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd