ni.9 A nongovernmental not-for-profit organization provided the following data in regard to $500,000 of donations receivedduring the year:Purchase of investments to be held in perpetuity at thedonor's request$100,000Future repairs to the organization's building andequipment at the donor's request250,000General operations at the discretion of the board ofdirectors100,000Specific program services as indicated by the donor50,000If the organization uses the minimum required presentation of net assets and properly reflects receipt of the donations, netassets should increase in the amount ofO$100,000 net assets without donor restrictions and $400,000 net assets with donorrestrictions.O$150,000 unrestricted, $250,000 temporarily restricted, and $100,000 permanentlyrestricted.O $100,000 net assets without donor restrictions, $300,000 temporarily restricted, and$100,000 permanently restricted.$400,000 net assets without donor restrictions and $100,000 net assets with donorrestrictions.

In non-profit accounting, net assets are classified into two categories: net assets with donor…

Answered: A nongovernmental not-for-profit…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Help me with this entry Journal entries for an Internal Service Fund The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund.1. The General Fund transferred $160,000 as a capital contribution to establish the fund.2. The Central Purchasing Fund bills $320,000 for services it provided to other funds.3. The Central Purchasing Fund incurred depreciation expense of $80,000 and paid$400,000 in operating expenses.4. The General Fund subsidized the operations of the Purchasing Fund by transferring anadditional $160,000 to the fund.For each transaction, record the entry, if any, for each Fund. If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank.
Functional expenses recorded in the general ledger of ABC, a non-governmental not-for-profit organization, are as follows: Soliciting prospective members $45,000 Printing membership benefits brochures 30,000 Soliciting membership dues 25,000 Maintaining donor list 10,000 What amount should ABC report as fund-raising expenses? A.) $10,000 B.) $35,000 C.) $70,000 D.) $110,000
1. 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, 2024 Debits Credits Cash $17,500 Investments 554,000 Additions to permanent endowments $537,000 Investment income 75,000 Expenditures—Library 57,500 Net increase in fair value of investments 17,000 Accrued interest receivable 6,500 Accounts payable 6,500 $635,500 $635,500 Required: Prepare any closing entries necessary at year-end. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. Prepare a balance sheet for the Library Permanent Fund (Use Restricted to Library for any spendable fund balance).
Record the following events that affect (1) Public University and (2) Private University: a. A private grant of $200,000 was received to be used exclusively for defraying costs of holding conferences on the topic of genes. b. By year-end, $110,000 of the grant mentioned in item (a) had been applied to the purpose stipulated. c. The grant provided that amounts not awarded by year-end are to be transferred to the endowment fund. The liability to that fund is recorded. d. An alumnus, who was a former athlete, contributed $15,000 to assist in the search for a basketball coach.
Prepare journal entries in the general fund for the following 2018 transactions that represent inflows of financial resources to Tyler City: 1. To pay the wages of part-time city maintenance employees, the Cemetery Expendable Trust Fund transfers $45,000 to the general fund. 2. A resident donates land worth $75,000 for a park. 3. The city is notified by the state that it will receive $30,000 in road assistance grants this year. 4. A fire truck with an original cost of $36,000 is sold for $9,000. 5. Sales of license stickers for park use total $5,000. The fees cover this year and next year. Security staff are paid from these fees to check for cars in the park without stickers.
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, 2020 Debits Credits Cash $ 15,000 Investments 544,000 Additions to permanent endowments $ 529,500 Investment income 67,500 Expenditures—subscriptions 52,500 Net increase in fair value of investments 14,500 Accrued interest receivable 5,250 Accounts payable 5,250 $ 616,750 $ 616,750 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…
On December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000
The following events relate to Habitat for Humanity International's activities. If appropriate, assume a discount rate of 3 percent per annum. Expenditures for house building activities are categorized as program expense. Need Part b. answer. 6. A donor contributes $15,000 in cash and signs an agreement to contribute $15,000 at the beginning of each of the next four years, to support specific Habitat for Humanity projects. a. Contribution received now Amount $ 15,000✔ Classification: Net assets without donor restrictions Amount $ x Classification: Net assets with donor restrictions Recorded? Yes b. Contributions received the next four years Recorded? Yes ◆
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
Hello my question is how the Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $2,500 of supplies inventory $49,000 state grant for snow removal $190,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Unassigned fund balance?
Journal entries for a nonprofit Fruits & Veggies, a nonprofit, conducts two types of programs: education and research. It does not use fund accounting. During 2018, the following transactions and events took place. Prepare journal entries for these transactions, identifying increases and decreases by net asset classification as appropriate. 1. Pledges amounting to $200,000 were received, to be used for any purpose designated by the trustees. Fruits & Veggies normally collects 90 percent of the amount pledged. 2. Fruits & Veggies collected $190,000 in cash on the amount pledged in the previous transaction. It wrote off the balance as uncollectible. 3. Ed Victor donated $5,000 cash in 2018, stipulating that it could be used for any purpose, but only during 2019. 4. Howard Gore donated $675,000, stipulating that the donation must be used solely to purchase a building that Fruits & Veggies could use for research. 5. Fruits & Veggies invested $20,000 of…
Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS