What is the fasb standards

Reference no: EM131525947

Question: Record the following transactions on the books of Carnegie College, a private institution that follows FASB standards. The year is 2012.

1. During 2012, Carnegie received a pledge in the amount of $225,000, unrestricted as to purpose, indicating that the amount was to be paid to and used by the college in 2013.

2. Carnegie received $80,000 in cash from a donor who specified that the funds were to be used for research in voting behavior. The university did not conduct the research in 2012.

3. Carnegie conducted certain research on electrical conductivity during 2012, costing $50,000. A grant had been given in 2010 for just that purpose, but Carnegie hoped to use $30,000 of unrestricted resources for the 2012 research and keep $30,000 of the original grant for future use in research. (Hint: Follow the required procedure in this case.)

4. During 2012, Carnegie reclassified $65,000 of funds that had been given in 2011 to support unspecified activities in 2012.

5. During 2011, Carnegie received $750,000 to renovate a dormitory. During 2012, $620,000 of the funds were spent. Carnegie records all plant in the unrestricted net asset class.

Reference no: EM131525947

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