75. During current year, a voluntary health and wel-fare organization receives $300,000 in unrestrictedpledges. Of this amount, $100,000 has been desig-nated by donors for use next year to support opera-tions. If 15% of the unrestricted pledges are expectedto be uncollectible, what amount of unrestricted sup-port should the organization recognize in its current-year financial statements?a. $300,000b. $270,000c. $200,000d. $170,000

A financial statement that details the amounts of cash and cash equivalents that enter and leave a…

5. During current year, a voluntary health and are organization receives $300,000 in unrestri ledges. Of this amount, $100,000 has been de ated by donors for use next year to support op ons. If 15% of the unrestricted pledges are expe be uncollectible, what amount of unrestricted ort should the organization recognize in its curn ear financial statements? $300,000 $270,000 $200,000

5. During current year, a voluntary health and are organization receives $300,000 in unrestri ledges. Of this amount, $100,000 has been de ated by donors for use next year to support op ons. If 15% of the unrestricted pledges are expe be uncollectible, what amount of unrestricted ort should the organization recognize in its curn ear financial statements? $300,000 $270,000 $200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Coats for Kids organizatlon had total support during 2020 as follows: United Way Support $ 40,000 Grants from the state 30,000 Contributlons from Individuals 420,000 Of the $420,000 recelved from Individuals, $370,000 came from 5 contributors, each of whom gave $74,000; the other $50,000 came from small, separate Individual donations. Based on the Public Support Test, Coats for Kids would be considered which type of organızation for 2020? Multiple Choice Governmental Entity Unassociated Foundation Public Charity Private Foundation
During the current year, a voluntary health and welfare organization receives $800,000 in unrestricted pledges. Of this amount, $300,000 has been designated by donors for use next year to support operations in the pharmacy. what amount of unrestricted support should the organizations recognize in its current-year financial statements? A.) $800,000 B.) $700,000 C.) $500,000 D.) $400,000
The Helpful Hands Society, formed in January 2020, undertook a fundraising campaign in the summer of 2020. The NFPO was able to raise $450,000 in pledges. The Society expects to collect at least 80 percent of these pledges. As of December 31, 2020, the society collected $125,000 in pledges from the summer campaign. Which of the following amounts is the value of net pledge receivable at December 31, 2020? $0 $125,000 $360,000 $235,000
The University is given a gift of $500000 for the construction of a School of Management building. The University invests the gift into an account for future use. The University receives 8.00% on the money for 7 years then the rate drops to 6.40%. If the building is constructed 23 years after the gift was received, how much is in the fund at that time? S Do not use dollar signs or commas in your answer. Include two decimals. in your answer.
10-15. Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2019, the organization had the following account balances: [See attached image] The following took place during 2020: 1. Additional supplies were purchased on account in the amount of $16,050.2. Unconditional (and unrestricted) pledges of support were received totaling $95,000. In light of a declining economy, 4 percent is expected to be uncollectible. The remainder is expected to be collected in the current year.3. Supplies used for animal care amounted to $17,200.4. Payments made on accounts payable amounted to $17,100.5. Cash collected from pledges totaled $90,500.6. Salaries were paid in the amount $47,500. Included in this amount is the accrued wages payable at the end of 2019. (The portion of wages expense attributable to administrative expense is $15,000 and fund-raising expense is $2,000. The remainder is for animal care.)7.…
The following selected transactions occurred for a nongovernmental, not-for-profit organization. 1. Received a contribution of stock to establish an endowment fund. The income from the endowment is unrestricted. The donor had acquired the stock for $23 about 20 years earlier. Its estimated fair value when donated was $250. 2. Pledges receivable at year end were $100, all from pledges received during the year. The pledges are unrestricted and 5% of the pledges are estimated to be uncollectible. The pledges expect to be collected early next year. For questions 3-5, assume that the organization has adopted a policy that restrictions on donations made for capital purposes are met when the capital item is purchased. A cash gift of $200 was received restricted for the purchase of equipment. Equipment of $80 was purchased from the gift restricted for this purpose. Depreciation expense for the year on the equipment purchased is $10. Required: Prepare the journal entries for the above…
Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded. Debit cash $100,000; credit refundable advance $100,000 Debit pledge receivable $100,000; credit contribution revenue with donor restrictions $100,000 Debit pledge receivable $100,000; credit contribution revenue without donor restrictions $100,000 Debit pledge receivable $100,000; credit refundable advance $100,000
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