A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows:
Trial Balance-December 31, 2017 Debits Credits
Cash $8,500
Investments 18,000
Additions to permanent endowments $510,000
Investment income 48,000
Expenditures-subscriptions 39,500
Intergovernmental grant 8,000
Net increase in fair value of investments 2,000
Accrued interest receivable 2,000
Accounts payable $568,000 $568,000
Required:
A. Prepare any closing entries necessary at year-end.
B. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund.
C. Prepare a balance sheet for the Library Permanent Fund (Use Assigned to Library for any spendable fund balance).
Answers: 1
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A citizen group raised funds to establish an endowment for the Eastville City Library. Under the ter...
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