Draw ledger account for solution Activity 5 G82030000481589MODULE 5 | Non-profit organisationsThe following information was obtained from the books of Golden Years Old Age Home on 30 June 20X1,the end of the financial period.On 1 July 20X0 fees amounting to R48 200 were still outstanding.On 1 July 20X0 fees paid in advance for the next financial periodwere R35 900.During the period 1 July 20X0 to 30 June 20X1 fees amounting toR1 467 390 were received.On 30 June 20X1 fees amounting to R62 930 were still outstanding.GoldenOld Age HomeYearsOn 30 June 20X1 fees paid in advance for the next financial period were R25 390.Of the outstanding fees on 1 July 20X0, R35 190 was recovered. The balance of the outstanding fees on thatdate was written off as irrecoverable.RequiredShow the necessary entries in the books of the Golden Years Old Age Home.H/W

Key Information:Outstanding fees (July 1, 20X0): R48,200.Fees paid in advance for the next financial…

Answered: Activity 5 G 8 20 30 000481589 MODULE 5…

Quickbooks Online Accounting

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Chapter4: Operating Activities: Sales And Cash Receipts

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Problem 4.11C

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Question 5 options: A local Non for Profit had the following activity in October 2022: Cash Donations $200,000 Unrestricted Pledges made during monthly phone a thon to solicit donations $15,000 Expected uncollectible pledges from monthly phone a thon to solicit donations $3,000 What is the correct amount of Contribution Revenue the non for profit should recognize in October 2022? (do not use $ signs, commas or decimals in your answer)
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Problem #2 The following information was taken from the accounts and records of the Helping Hands Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of June 30, 2018, unless otherwise noted. Unrestricted Support - Contributions $2,000,000 Unrestricted Support - Membership Dues 640,000 Unrestricted Revenues - Investment Income 80,000 Temporarily restricted gain on sale of investments 25,000 Expenses - Program Services 1,860,000 Expenses - Supporting Services 350,000 Expenses - Supporting Services 550,000 Temporarily Restricted Support - Contributions 640,000 Temporarily Restricted Revenues - Investment Income…
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Problem 1 - The American Red Cross, a not for profit entity, had the following transactions; 1/20/20 Received a $200,000 donation in support of its activities 2/4/20 Received a $150,000 Federal grant to provide supplies and aid to survivors of a recent earthquake 2/21/20 Spent $180,000 of the 1/20/20 donation aiding victims of a hurricane in Florida 2/25/20 Spent $110,000 of the 2/4/20 grant aiding survivors of the recent earthquake Required; Prepare the journal entries for the above transactions. Remember to note whether the accounts involved are restricted or unrestricted.
Problem #1 Record the following transactions for Porter Hospital, a private, nonprofit hospital: Gross patient services revenues: $25,000,000. Billed to patients. 2. Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3. Purchased equipment by issuing a 5-year note for $200,000. 4. Received cash donations restricted for a capital building addition program, $5,100,000. 5. Incurred and paid $1,700,000 of contractor billings for the capital building program.
E13.1 Reporting Various Contributions The Castile County Rescue Mission receives the following donations: 1. A donor contributes cash, with no restrictions or conditions. 2. An accountant provides services in completing and filing Form 990. 3. Volunteers provide services in staffing the local soup kitchen. 4. A donor signs an agreement promising to contribute cash in two years. 5. A donor contributes land with no restrictions as to use. 6. A donor contributes cash, specifying that it be used to support a program to teach life skills to battered women. Required Identify how each contribution is reported on the Mission’s statement of activities. The contribution either (a) increases or decreases net assets without donor restrictions, (b) increases or decreases net assets with donor restrictions, or (c) is not reported as a change in net assets. Transaction Affects on net assets 1 2 3 4 5 6
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
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For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and $80,000 in net assets that must be permanently held. Total expenses for Year 2 were $500,000 and reported under net assets without donor restrictions.…

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