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.

User Account

All Pages