Problem 6-12 Journal Entries Start with the Art Museum Statements of Financial A
ID: 2377363 • Letter: P
Question
Problem 6-12 Journal Entries
Start with the Art Museum Statements of Financial Assets, Liabilities and Net Assets balances at fiscal year-end June 30, 20X1, shown in the Putting It All Together example in Chapter 6, pages 217-222, of
Start with the Art Museum Statements of Financial Assets, Liabilities and Net Assets balances at fiscal year-end June 30, 20X1, shown in the Putting It All Together example in Chapter 6, pages 217-222, of " Today's Essenetials of Governmental and Not-For-Profit Accounting & Reporting", 1e, by Susan W. Martin and Elle West. Record the following transaction for fiscal year July 1, 20X1, to June 30, 20X2, in journal entries. Admission fees of $850,000 were received. Salaries and wages of $500,000 and $100,000 in fringe benefits were paid. The capital lease payable of $4,000 and mortgage payable of $22,000 payments were made. Utility charges of $28,000 were paid. The Gift Shop ordered and received inventory of $45,000 and had sales of $65,000. Inventory at fiscal year-end was $18,000. The phonathon yielded pledges of $300,000: 50% were paid before fiscal year end. The donor made a donation of $500,000 to be permanently invested with earnings to be used to support general operating activity ($5000 in interest was received during this fiscal year). Accounts payable were paid in full before fiscal year-end. The annual spring reception generated $70,000 in revenue and cost $15,000. Depreciation expense of $50,000 on the museum and $5000 on furniture & fixtures was recorded. Investment income of $108,000 temporarily restricted and $6000 unrestricted was received (in addition to the $5000 mentioned above in item 7). Closing entries were recorded. Prepare the basic financial statements for the Art Museum at fiscal year-end June 30, 20X2.Explanation / Answer
Project Outline
Give a brief description of the company (it can be hypothetical). Include a list and description of the products (no more than 5) and their potential attributes such as size, color, and so forth.
Material can be taken from the approved proposal submitted to your instructor.
Be sure this project is approved by the instructor.
Class Diagrams
Create class diagrams to represent the online ordering system. Class diagrams (minimum of 2 classes)
Use Case Diagrams